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Forex Today: US dollar falls to near 2-month low on weak data

Forex Today: US dollar falls to near 2-month low on weak data

The US dollar weakened solidly yesterday, trading at a 2-month low against the euro, Swiss franc, British pound and New Zealand dollar.

➡️ The US dollar weakened significantly over the past day, with the US dollar index hitting a 7-week low. Several major currencies also hit long-term highs against the dollar, especially in Europe, especially currency pairs GBP/USD , ANDUR/USD , NZD/USD And USD/CHF . The dollar's fall is believed to have been triggered by yesterday's lower-than-expected US consumption data, as well as last Friday's lower-than-expected Core PCE Index data, which is a key indicator of inflation for the Federal Reserve. Markets now expect the Fed to start cutting rates at its September meeting.

➡️ In the Forex market, the strongest major currency since the Tokyo open is the British pound, while the Australian dollar is the weakest major currency. The Japanese yen remains relatively weak, with hard currencies advancing against it throughout the day in particular the NZ crossD/JPY , previously trading at a new 17-year high price. Looking for long trades in European currencies against the yen could be a good strategy today.

➡️ Although the Indian government, led by Prime Minister Narendra Modi, has been re-elected for a third consecutive term, the size of its majority is significantly smaller than initially expected, leading India's Nifty 50 stock index and the Indian rupee to give up much of their recent gains, spiking sharply the USD/INR currency pair.

➡️ The precious metal silver bounced higher after testing the key support level at $29.85 yesterday. Trend traders will still be interested in the Long side.

➡️ US Trailing Manufacturing PMI and ISM Manufacturing PMI data released yesterday were weaker than expected, suggesting a cooling of the US economy.

➡️ Japanese Finance Minister Suzuki admitted that the Bank of Japan intervened to support the yen, claiming success now that the weakening US dollar has caused it to fall significantly the USD/JPY currency pair.

➡️ Swiss CPI data released today is expected to show inflation holding steady at a monthly rate of 0.3%.

 

Credit by DailyForex.com

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