Forecasts
Forex Guides
Members

EUR/USD Update – Dollar Set for Weekly Drop on China Stability Signs; Yen



Good day forex traders and readers.

It is almost the end of the trading week and the EUR/USD is generally bullish for the week. It tested the region of 1.34 as expected and has since eased to the current levels of 1.3380. It is likely that we see minimal volatility unless unexpected developments happen.

One of the main reason for this bullish move is probably the weakening of the US dollar against most currencies. Furthermore the economic data from the Euro Zone this week is generally encouraging, prompting increased investors’ confidence in the Euro Zone.

Read more about it in the Bloomberg report below :

Dollar Set for Weekly Drop Versus Peers on China Stability Signs

By Neal Armstrong & Candice Zachariahs – 2013-08-09T11:21:22Z The dollar headed for a weekly decline against all its major counterparts as reports showing the economies of China , Europe and the U.K. are stabilizing damped demand for the relative safety of the U.S. currency.

Norway’s krone rose the most in five weeks versus the euro after inflation unexpectedly accelerated in July. Australia ’s dollar strengthened for a fifth day versus the greenback as China’s industrial production expanded more in July than analysts predicted, boosting the outlook for the South Pacific nation’s exports. The euro was 0.1 percent from a seven-week high versus the dollar before a report next week that economists said will show the region returned to growth last quarter.

“Better-than-expected data in the euro zone and the U.K. has been adding to the tailwinds for the euro and pound versus the dollar,” said Valentin Marinov , head of European, Group-of-10 currency strategy at Citigroup Inc. in London . “We could be close to dollar weakness bottoming out with the key trigger being more positive U.S. data. The second half of the year is likely to be much better than the first half.”

The dollar fell 0.2 percent to 96.51 yen at 7:07 a.m. in New York, having dropped 2.5 percent this week, the most since the period ended June 14. The U.S. currency was little changed at $1.3377 per euro after depreciating to $1.34 yesterday, the weakest since June 19. The euro fell 0.2 percent to 129.11 yen.

The Bloomberg U.S. Dollar Index, which tracks the greenback against 10 major peers, fell 0.1 percent to 1,016.36 after dropping to 1,015.49 yesterday, also the lowest since June 19. The gauge has declined 1.2 percent this week. China Production

China’s industrial production rose 9.7 percent from a year […]

Invest In Yourself And Get Premium Analysis
Less than 20 cents a day
Major Currency Pairs Analysis
Forex Sentiment Analysis
Understand The Market
10 days money back guarantee

View Subscription Options

Would you like to connect?
Get notifications on new forecasts and articles.

Sign up to our emailing list and get your FREE Stop Losing and Start Winning in Forex Checklist!

Trending Forex Articles

  • EUR/USD Update – Dollar Set for Weekly Drop on China Stability Signs; Yen
  • EUR/USD Gold CorrelationEUR/USD Update – Dollar Set for Weekly Drop on China Stability Signs; Yen
  • EUR/USD Update – Dollar Set for Weekly Drop on China Stability Signs; Yen
  • EUR/USD Update – Dollar Set for Weekly Drop on China Stability Signs; Yen
  • EUR/USD Update – Dollar Set for Weekly Drop on China Stability Signs; Yen
  • EUR/USD Update – Dollar Set for Weekly Drop on China Stability Signs; Yen
TheGeekKnows