USD Struggles, Economic Data Become Market Focus!
The US dollar struggled to find support to rise in the European session as the market's focus now shifted to the release of economic data from Europe and the United States.The giant currency is seen to have managed to erase some of the losses recorded following the Federal Reserve's (Fed) policy decision but is still hovering around a 7-week low.In the New York session, investors will be treated to the release of manufacturing and services PMI data and US durable goods orders.This may be able to act as a driving force for greenback dollar trading towards the end of this week's trading.In addition, European currencies are also the focus of investors with the release of manufacturing and services PMI data for the European Zone and the UK.The euro traded flat in line with the US dollar. The euro previously after failing to continue its 5-day streak of gains, whileThe pound traded little changed after the newly published UK retail sales data showed a stronger reading in February with an increase of 1.2%.Looking at commodity currency movements, the Aussie and New Zealand dollars remain traded at around the same price against the US dollar.The dollar loonie was also flat with investors now awaiting the release of Canadian retail sales data in the upcoming New York session.The yen remained strong even though the latest reading of national core inflation showed a decline to 3.1% year-on-year in March, compared to the previous 4.2%.
The US dollar struggled to find support to rise in the European session as the market's focus now shifted to the release of economic data from Europe and the United States.
The giant currency is seen to have managed to erase some of the losses recorded following the Federal Reserve's (Fed) policy decision but is still hovering around a 7-week low.
In the New York session, investors will be treated to the release of manufacturing and services PMI data and US durable goods orders.
This may be able to act as a driving force for greenback dollar trading towards the end of this week's trading.
In addition, European currencies are also the focus of investors with the release of manufacturing and services PMI data for the European Zone and the UK.
The euro traded flat in line with the US dollar. The euro previously after failing to continue its 5-day streak of gains, while
The pound traded little changed after the newly published UK retail sales data showed a stronger reading in February with an increase of 1.2%.
Looking at commodity currency movements, the Aussie and New Zealand dollars remain traded at around the same price against the US dollar.
The dollar loonie was also flat with investors now awaiting the release of Canadian retail sales data in the upcoming New York session.
The yen remained strong even though the latest reading of national core inflation showed a decline to 3.1% year-on-year in March, compared to the previous 4.2%.
