Forex Today: US Dollar consolidates losses as focus shifts to US data


Here is what you need to know on Tuesday, February 27:

The US Dollar struggles to stay resilient against its major rivals early Tuesday. The US Dollar Index, which closed in negative territory on Monday, stays on the back foot below 104.00 as investors await January Durable Goods Orders and Conference Board's Consumer Confidence Index data for February. The US economic docket will also feature Housing Price Index for December, alongside Richmond Fed and Dallas Fed Manufacturing Indexes for February.

The benchmark 10-year US Treasury bond yield recovered modestly on Monday and major equity indexes in the US registered small losses. Early Tuesday, the 10-year yield holds steady slightly below 4.3% and US stock index futures trade marginally lower. Durable Goods Orders are forecast to decline by 4.8% in January after staying unchanged in December. Federal Reserve Vice Chair for Supervision Michael Barr will deliver a speech on risks of counterfeit credit later in the day.

US Dollar price this week

The table below shows the percentage change of US Dollar (USD) against listed major currencies this week. US Dollar was the weakest against the Euro.

  USD EUR GBP CAD AUD JPY NZD CHF
USD   -0.26% -0.05% -0.04% 0.26% 0.00% 0.32% -0.17%
EUR 0.26%   0.20% 0.22% 0.51% 0.26% 0.58% 0.10%
GBP 0.06% -0.20%   0.02% 0.31% 0.06% 0.38% -0.09%
CAD 0.04% -0.22% -0.01%   0.32% 0.04% 0.37% -0.13%
AUD -0.28% -0.52% -0.33% -0.31%   -0.26% 0.06% -0.42%
JPY 0.00% -0.26% -0.01% -0.04% 0.27%   0.33% -0.18%
NZD -0.33% -0.58% -0.37% -0.37% -0.06% -0.32%   -0.49%
CHF 0.15% -0.10% 0.09% 0.12% 0.42% 0.15% 0.48%  

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).

 

During the Asian trading hours, the data from Japan showed that the National Consumer Price Index (CPI) rose 2.2% on a yearly basis in January, down from the 2.6% increase recorded in December. USD/JPY largely ignored this data and extended its sideways grind at around 105.50. 

Japanese Yen remains supported by reviving BoJ pivot bets, US data in focus.

EUR/USD gained 0.3% and registered its highest daily close since early February. The pair seems to have stabilized at around 1.0850 in the European morning on Tuesday. European Central Bank (ECB) will publish Private Loans and M3 Money Supply data for January.

AUD/USD lost nearly 0.4% and snapped an 8-day winning streak on Monday. After touching a weekly low of 0.6525 in the Asian session, the pair staged a rebound and was last seen trading marginally higher on the day at around 0.6550.

Australian Dollar improves to a major level amid a stable US Dollar.

GBP/USD extended its near-term uptrend and touched 1.2700 before correcting lower on Monday. In the European morning on Tuesday, the pair trades in a tight channel above 1.2650. Bank of England (BoE) Deputy Governor for Markets and Banking, Dave Ramsden, is scheduled to speak later in the day.

Gold spent the first day of the week moving sideways in a narrow band at around $2,030 before posting small losses. XAU/USD stays calm slightly above $2,030 early Tuesday.

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