The U.S. currency declined for a second day against major peers on Thursday after an unexpected drop in durable goods orders yesterday. That added to its worst slide in more than three years last week, when the Federal Reserve cut projections for interest rates and indicated the path to policy normalization would depend on the state of the recovery.
U.S. economic indicators are undershooting economists’ estimates by the most in six years, according to the Bloomberg Economic Surprise Index. The spread between the measure and a gauge of dollar strength remains near the widest on record after the currency peaked earlier this month. HSBC Holdings Plc says that suggests the greenback has further to fall.
“The dollar bull run is starting to turn,” said Dominic Bunning, a senior currency strategist at the HSBC in Hong Kong. “It’s already clear that U.S. data is underperforming expectations, and has been for the past couple of months,” which may keep the Fed on a very slow path to raising rates, he said.
Recommended Content
Editors’ Picks
AUD/USD keeps the red below 0.6400 as Middle East war fears mount
AUD/USD is keeping heavy losses below 0.6400, as risk-aversion persists following the news that Israel retaliated with missile strikes on a site in Iran. Fears of the Israel-Iran strife translating into a wider regional conflict are weighing on the higher-yielding Aussie Dollar.
USD/JPY recovers above 154.00 despite Israel-Iran escalation
USD/JPY is recovering ground above 154.00 after falling hard on confirmation of reports of an Israeli missile strike on Iran, implying that an open conflict is underway and could only spread into a wider Middle East war. Safe-haven Japanese Yen jumped, helped by BoJ Governor Ueda's comments.
Gold price pares gains below $2,400, geopolitical risks lend support
Gold price is paring gains to trade back below $2,400 early Friday, Iran's downplaying of Israel's attack has paused the Gold price rally but the upside remains supported amid mounting fears over a potential wider Middle East regional conflict.
WTI surges to $85.00 amid Israel-Iran tensions
Western Texas Intermediate, the US crude oil benchmark, is trading around $85.00 on Friday. The black gold gains traction on the day amid the escalating tension between Israel and Iran after a US official confirmed that Israeli missiles had hit a site in Iran.
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu, WIF token’s show of strength was not just influenced by Bitcoin price reclaiming above $63,000.