Here is what you need to know on Thursday, December 28:
The US Dollar (USD) continued to weaken against its rivals mid-week, with the USD Index dropping to its lowest level in five months below 101.00. Early Thursday, the USD stays on the back foot as investors await weekly Initial Jobless Claims and Goods Trade Balance data for November.
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 Swiss Franc.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | -0.85% | -0.81% | -0.58% | -0.78% | -1.14% | -0.80% | -1.98% | |
| EUR | 0.94% | 0.07% | 0.38% | 0.13% | -0.27% | 0.14% | -1.02% | |
| GBP | 0.93% | -0.12% | 0.49% | 0.04% | -0.36% | 0.19% | -1.28% | |
| CAD | 0.58% | -0.58% | -0.27% | -0.45% | -0.55% | -0.06% | -1.52% | |
| AUD | 0.77% | -0.13% | -0.05% | 0.19% | -0.39% | 0.02% | -1.36% | |
| JPY | 1.13% | 0.30% | 0.14% | 0.82% | 0.42% | 0.53% | -0.97% | |
| NZD | 0.79% | -0.11% | 0.01% | 0.20% | -0.02% | -0.42% | -1.11% | |
| CHF | 2.12% | 0.99% | 0.97% | 1.52% | 1.40% | 0.95% | 1.17% |
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).
The benchmark 10-year US Treasury bond yield turned south and lost more than 2% in the American session on Wednesday, causing the USD to come under selling pressure. In the European morning, the 10-year yield holds steady near 3.8%. Meanwhile, US stock index futures trade marginally higher on the day after Wall Street's main indexes registered small gains.
In the early Asian session, the data from Japan revealed that Retail Trade increased by 5.3% on a yearly basis in November. This reading followed the 4.1% growth recorded in October and surpassed the market expectation for an expansion of 5%. Other data showed that Industrial production contracted by 0.9% on a monthly basis in November. In an interview with Japanese public broadcaster NHK on Wednesday, Bank of Japan (BoJ) Governor Kazuo Ueda said that the possibility of ending negative rates next year is "not zero." Following a bullish start to the day, USD/JPY pushed lower and closed deep in negative territory on Wednesday. The pair continued to stretch lower early Thursday and slumped to a multi-month low below 141.00.
EUR/USD gathered bullish momentum and climbed to its highest level since late July above 1.1100.
GBP/USD took advantage of the broad-based USD weakness and rose above 1.2800 for the first time in nearly five months.
USD/CAD dropped to the 1.3170 area but recovered toward 1.3200 and settled there. Crude Oil prices declined on Wednesday, with the barrel of West Texas Intermediate (WTI) losing 2%, making it difficult for the commodity-sensitive Canadian Dollar to outperform the USD.
After moving sideways slightly below $2,070 in the first half of the day on Wednesday, Gold regained its traction and rose above $2,080, closing the fifth consecutive day in positive territory. XAU/USD continues to stretch higher and was last seen trading at around $2,085.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD climbs to daily highs near 1.0770 on Dollar selling
EUR/USD manages to regain extra upside traction on the back of the renewed sell-off in the Greenback, reaching fresh daily highs in the 1.0770 region, or. two-day peaks.
GBP/USD hovers around 1.2500 post-BoE
GBP/USD alternates gains with losses around the 1.2500 neighbourhood amidst extra weakness in the Dollar, while market participants continue to digest the BoE event.
Gold improves to multi-day highs past $2,330
XAU/USD now gathers fresh steam and advances to the highest level in many sessions north of the $2,330 mark per troy ounce on the back of further selling pressure hurting the Greenback as well as mixed US yields.
Solana meme coins TREMP, BODEN rise after Donald Trump’s pro-crypto stance
Solana-based meme coins TREMP and BODEN post nearly 125% and 7% gains on Thursday. Former US President Donald Trump says his campaign will likely accept crypto donations.
Bank of England inches one step closer to a summer rate cut
The Bank of England is undoubtedly turning more optimistic, but it’s keeping its options open amid some uncertainty surrounding the near-term inflation numbers. We still narrowly expect the first rate cut in August.