Greenback out of vogue on a number of counts - FXStreet

Ross J Burland FXStreet

Valeria Bednarik, chief analyst at FXStreet noted that the American dollar edged lower this Thursday, as following the vague statement of the US Federal Reserve, the Bank of Japan decided to stay path, with Kuroda saying they need more time to assess the effects of negative rates.

Key Quotes:

"The EUR/USD pair, despite reaching a fresh weekly high of 1.1367, was unable to benefit much, as data coming from both shores of the Atlantic, resulted mixed. In Germany, unemployment fell by 16,000 and wages grew during April, but harmonized inflation fell into negative territory, down 0.3% monthly basis, and by 0.1% compared to a year before.

US data was also mixed as the advanced GDP for Q1 showed the economy grew at an annualized rate of 0.5% against the 0.7% expected, the slowest pace in two years, underlying the slowdown suffered by the US economy since the last quarter of 2015. Core CPE on the other hand, jumped to 2.1% during the quarter, which could heighten expectations that the Fed could act sooner than expected, particularly if the economy gives some signs of further recovery.

Having advanced for a fourth consecutive day, the EUR/USD pair has broken above the 1.1315 Fibonacci level early Asia, and retracements towards the level during the next sessions attracted buying interest."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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