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Dollar On-Track to Snap 4-Week Winning Streak as EUR/USD Gains

Discussion in 'Technical Analysis' started by TraderSmith, May 11, 2018.

  1. TraderSmith


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    Forex News Feed - Dollar On-Track to Snap 4-Week Winning Streak as EUR/USD Gains

    The dollar fell closely its rivals approaching Friday as traders appeared to have the same opinion on profit in gloss to its recent rally, though gains in the euro limited upside press minister to on.

    The U.S. dollar index, which trial the greenback's strength to the side of a trade-weighted basket of six major currencies, fell by 0.26% to 92.33.

    Upbeat economic data did little to maintain sentiment in the dollar, which remained in this area the order of track to p.s. its first weekly slump in four weeks despite hitting a year-to-date high of 93.26 upon Wednesday.

    Michigans preliminary consumer expectations rose to a reading of 89.5 for May, though consumer sentiment is rose to a reading of 98.8, beating economists predict.

    Some analysts warned earlier this week the run-occurring in the dollar would come sedated pressure as there was limited room for the subsidiary update.

    ING said it remained convinced that by the decrease of the year - and into 2019 structural forces will drive the dollar to levels weaker than where it currently trades.

    The divergence in the middle of US grow and captivation rates compared to the land of the world one of the reasons for recent dollar rally was nearing its peak, the bank warned.

    GBP/USD rose 0.18% to $1.3544 as it continued to pare some of its losses, which had followed the Bank of England's dovish explanation upon Thursday.

    EUR/USD rose 0.30% to $1.1952, though USD/JPY 0.12% to Y109.26.

    USD/CAD fell 0.10% as weaker Canadian labor freshen and falling oil prices supported the pair.
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