Easy Forex Daily Currency Update

Easy Forex Daily Currency Update

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The U.S. dollar turned out to be under strain thoughout North American trading because of softer than envisioned economic data plus a rally in oil prices. The Swiss franc was the worst G10 performer as a result of technical stress and rumoured central bank intervention. The New Zealand dollar was the top gainer.

The U.S. dollar is acting as though all information that is not incredibly beneficial is a discouragement. This really is evidence that sentiment in terms of a U.S. recovery has grown overly favorable. Thursday’s U.S. financial data was merely slightly worse than envisioned even so the USD slumped. Durable goods orders dropped 1.3% as opposed to -0.5% estimated but the key line on capital products requests had been better-than-forecast when an upward revision to October’s results are factored in. Housing data continues to let down with new home sales at a 290K annualized tempo in comparison to expectations of a 300K reading. Weekly jobless claims ended up being exactly in-line with estimations as was the last revising to the December University of Michigan consumer sentiment survey.

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USD/JPY slipped lesser during the entire Asia-Pacific session and a quick rally at the beginning of North American trading was wiped out by the economic data. The result turned out to be the largest one-day slide in the pair since December.

The only foreign currency to conduct even worse compared to the USD had been the Swiss franc. The CHF has been doing a long-term rally and hit record highs up against the euro and pound sterling earlier this week. The sharp fall in the franc on Thursday seemed to be curious considering there was no news to back it up. Rumours circulated about probable Swiss National Bank intervention however year-end profit taking caused by overbought environments can be a far more possible reason.

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The commodity currencies had been close to the top of the G10 complex together with JPY in an uncommon pattern. The intermarket dynamics would have suggested a lower day for NZD, AUD and CAD on account of largely reduced commodity price and stocks. This displays the flow motivated design of the market around year-end. Additionally, the lone commodity to put in a strong day was crude oil since it climbed to a two-year high yet the Canadian dollar was the laggard of the commodity currency set.

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