American Dollar gains after dovish ECB report

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American Dollar gains after dovish ECB report

On Tuesday, the 16th of April 2019, five of six major currencies had fallen against American Dollar, while the US Dollar Index had posted a marginal gain of 0.09 percent to 96.94 against a basket of six major currencies on an average.

The Erudite Euro fell below its critical psychological level at 1.13 upon arrival of a report that a “significant minority” of ECB policymakers thought that the bank’s economic projections were too optimistic to reach, while the Australian dollar fell following downbeat comments from Reserve Bank of Australian (RBA).

Addressing to another round of dovish comment from ECB policymakers, a global head of currency strategy at Brown Brothers Harriman in New York, Win Thin said, “It’s yet another dovish take. I think they are pushing back against the euro strengthening.

It’s one of the few levers they have left”, and investors would be looking forward to Thursday’s (April 17th) Purchasing Managers Index for the service and manufacturing sectors on Europe for directions and signs of growth over the region.

Sterling also soured after a Guardian Newspaper report had revealed that the latest talks between UK PM Theresa May and Opposition Labor party leader Corbyn had paused for an indefinite period. Citing statistics, at Tuesday’s (April 16th) market closure, US dollar gained 0.11 percent to $1.1294 against euro, while USD/CHF pair posted a decent gain of 0.24 percent to 1.0062.

Besides, USD/GBP pair had plunged by 0.29 percent to 1.3059, while USD scored slight profit against Canadian dollar to 1.3370. Meanwhile, Japanese Yen had managed to end the day almost flatlined, up by 0.04 percent against US Dollar to 111.98, since critical minors such as NOK/USD and SEK/USD pairs, both tallied decent gains, ending the day 0.16 and 0.21 percent higher respectively.