US Dollar Remains Weak. Durable Goods Data Could Offer Support.

By Pete Southern in Currency Articles | April 24, 2015 10:07 |

The Pound Sterling held onto gains against the US Dollar but gave up some ground against the Euro on Friday. Weaker-than-forecast UK retail sales data had weighed on the Pound but more soft data out of the US enabled the currency to advance. With a lack of market moving domestic data due, the Pound will likely be influenced by the May 7 general election and events occurring elsewhere.

US Dollar

The US Dollar remained weaker against the majority of its most traded peers after data showed that the number of Americans filing for unemployment benefits rose last week. A separate report also showed that US new home sales tumbled by 11.4% last month, suggesting that the nation’s housing market continues to struggle. The currency could receive support later in the session if the latest US Durable Goods data comes in positively.

The Euro

The Euro remains under heavy pressure against its peers as economists expect no deal to be reached between Greece and its creditors at today’s meeting in Riga. The single currency is expected to come under more pressure as talk of a ‘Grexit’ has intensified. The leader of the biggest political group in the EU said that a ‘Grexit’ is now a realistic option.

Australian Dollar

The ‘Aussie’ moved higher as it took advantage of the weakened US Dollar and falling New Zealand Dollar. The Australian markets are closed today for the ANZAC Day Holiday.

New Zealand Dollar

The New Zealand Dollar is expected to see muted trading today due to the closure of Australian and New Zealand markets for the ANZAC Day bank holiday.

Canadian Dollar

The ‘Loonie’ weakened against its peers as oil prices eased from the previous session’s 2015 high. Prices had risen after Saudi Arabia and its Arab allies resumed airstrikes in Yemen despite declaring its military operations as finished the day before. The ‘Loonie’ was also weakened by the signs of a slowing US economy.

South African Rand

The South African Rand strengthened against the US Dollar but remained weaker against the Pound. Weaker –than-expected US data allowed emerging market currencies to advance against the ‘Greenback’ but domestic concerns over electricity supplies and xenophobic violence kept the Rand down against other peers.

Pete Southern About Pete Southern
Pete Southern is an active trader, chartist and writer for market blogs. He is currently technical analysis contributor and admin at this here blog.

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