The greenback resumed its recent losing streak and fell to a 2-month low against majority of its peers on Thursday due partly to falling U.S. Treasury yields and on concerns over the pace of tapering from the Federal Reserve after Wednesday's U.S. CPI data.  
Reuters reported the number of Americans filing new claims for unemployment benefits unexpectedly rose in the first week of January amid raging COVID-19 infections, but remained at a level consistent with rapidly tightening labor market conditions. Initial claims for state unemployment benefits increased 23,000 to a seasonally adjusted 230,000 for the week ended Jan. 8, the Labor Department said on Thursday. Economists polled by Reuters had forecast 200,000 applications for the latest week.  
Versus the Japanese yen, dollar met renewed selling at 114.70 at Asian open and weakened to 114.37 in early European morning. The pair then ratcheted lower to a 3-week low at 114.01 in New York on usd's weakness together with active cross-buying in jpy.  
The single currency traded sideways inside a narrow range in Asia before rising to 1.1478 in early European morning on usd's continued weakness. The pair then edged higher to a fresh 7-week peak at 1.1481 in New York morning before easing on profit-taking.  
The British pound tracked euro's movements and gained in European morning to 1.3746 after trading sideways in Asia. The pair then edged up to a 2-month peak at 1.3749 in Europe before retreating to 1.3702 in New York afternoon on cross-selling of sterling especially vs euro before stabilising.  
Data to be released on Friday:  
Japan corporate goods price, China exports, imports, trade balance, U.K. GDP, industrial output, manufacturing output, construction output, trade balance, France budget balance, CPI, EU trade balance, import prices, export prices, retail sales, industrial production, capacity utilization, manufacturing output, business inventories and University of Michigan sentiment.

Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.

Feed news

Latest Forex Analysis

Latest Forex Analysis

Editors’ Picks

EUR/USD extends slide to 1.1300 as dollar gathers strength

EUR/USD continues to stretch lower and tests 1.1300 handle ahead of the American session. The greenback outperforms its major rivals as safe-haven flows dominate the financial markets. Investors await Markit's preliminary US Manufacturing and Services PMI data. 


GBP/USD tests 1.3500 on risk aversion, weak UK data

GBP/USD continues to edge lower and trades at its weakest level in more than two weeks near 1.3500. The data from the UK revealed that the private sector's business activity expanded at a softer pace in early January than it did in December.


Gold holds near $1840 ahead of key Fed meeting as geopolitical worries rise

Gold is holding near $1840 despite the stronger USD on a heightened safe-haven bid amid geopolitical concerns. What is expected to be a very hawkish Fed meeting will test gold’s resilience this week.

Gold News

Crypto carnage continues to unfold

Bitcoin price has witnessed a massive crash over the past week, undoing the gains seen since July 25. Ethereum, Ripple and other altcoins have followed suit, experiencing an even worse crash. 

Read more

Nvidia extends losses after Bitcoin’s overnight flash crash

NVDA investors are getting used to seeing the colour red after a year in 2021 when all they saw was green. On Friday, shares of NVDA fell by 3.21%.

Read more