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Recent Gains of the US Dollar Appear to be Slipping Away
Abstract：The US dollar is struggling to maintain recent gains as investors turn to other currencies. Housing starts in the US declined in March, but the Federal Reserve is still expected to hike rates. The pound has benefited from robust pay growth figures, while the euro and Canadian dollar have seen mixed results. The predicted ranges for important currency pairs are provided.
Daily Currency Update
As investors turn to other currencies, the US dollar (USD) has been finding it difficult to hold onto its recent gains. Despite two days of significant gains versus its main competitors, the US dollar's stability has declined as the good news from China has allayed worries about a probable global economic downturn. Currently, the dollar index (DXY) is trading at about 101.820.
According to US data released today, housing starts declined 0.8% in March compared to the revised total of 7.3% in February. This figure was much lower than the 0.4% rise predicted by the market. Despite this, there is a 90% chance that the Federal Reserve will hike rates by 25 basis points.
On the other side, the UK's Office for National Statistics has released robust pay growth numbers, indicating a 5.9% rise in average salaries for the three months ending in February. Earnings and labor cost statistics were above market estimates, and labor expenses rose by 6.6% as well. Because of this, the pound (GBP) has benefited from the market's general upbeat sentiment, which is eroding the US dollar's status as a safe-haven currency.
Key Movers
The Eurozone Zentrum für Europäische Wirtschaftsforschung (ZEW) economic confidence index showed a decrease to 6.4 from 10.0 the previous day, poorer than the analyst's projected 13.0. The euro/dollar (EUR/USD) pair also fell. German ZEW economic confidence index dropped significantly in April, coming in at 4.1 instead of the anticipated 15.3 following the previous reading of 13.0.
At this time, the Canadian dollar (CAD) was trading at roughly 1.33950 vs the US dollar, maintaining relatively stable. Today's emphasis was on the latest current Canadian data, which revealed that inflation had decreased to its lowest level in 19 months. The Consumer Price Index (CPI) fell from 5.2% in February to 4.3% in March, as predicted by the market. The central bank has declared its willingness to implement more tightening measures in order to reduce inflation to its target of 2%, and it expects it to fall to roughly 3% by mid-year. The most recent selling pressure is lowering the price of oil, which is presently trading at $80.890 a barrel.
The following is the predicted ranges for the important currency pairs:
EUR/USD: 1.0912 – 1.098 ▲
GBP/USD: 1.2354 – 1.2448 ▲
AUD/USD: 0.669 – 0.6744 ▲
USD/CAD: 1.3361 – 1.341 ▼
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Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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