Dollar mercilessly marches ahead, euro falls on weak business morale

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Dollar mercilessly marches ahead, euro falls on weak business morale

On Wednesday, the 24th of April 2019, the American Dollar had extended gains against a gauge of six major currencies on an average, while the dollar index had closed the day 0.47 percent higher to 98.05, breaching a critical resistance level.

Over Wednesday’s currency market, there had been a bloodbath of six major currencies against an upbeat American dollar, supported well by splashing US economic data. During the Asia-Pacific trading hours, the Australian dollar alongside New Zealand dollar were muddled in the mud, after Austrian consumer price index had widely missed analysts’ forecast.

Later during the morning European trading hours, euro fell against the US Dollar after data had revealed a surprise decline of German business morale amid a German yield curve hovering again in a negative territory. At the late-European trading hours, the Great Britain Pound was heavily plummeted after a British media report had revealed that the UK PM May had again been pressurized by the anti-Brexiteers, while Labor party leaders had been quoted saying that the PM May was nowhere near to deliver an acceptable amended deal to British Parliament and the talks with opposition Labor party had botched to bear fruits.

In the wake of a much-weaker data across the world, the dollar index, measured against a basket of six major currencies, had breached its highest level since June 2017 on Wednesday (April 24th). Adding that there had been some kinds of concerns related to persistent weakness in growth, a chief investment strategist at State Street Advisors in Boston, Michael Arone said, “You’re seeing a transition, at least for today”.

Citing statistics, at Wednesday’s (April 24th) market closure, euro lost 0.60 percent to 1.1155 against American dollar, while Japanese Yen was down by 0.17 percent to 112.05. Aussies and Kiwis, both were heavily plunged, and Australian dollar had closed the day down by 1.22 percent to $0.7011.

Meanwhile, the GBP/USD pair shed 0.23 percent to $1.2901 after release of a negative Brexit headline on British media, while Canadian dollar was plunged 0.45 percent to $1.3490 after Bank of Canada had kept its interest rate unchanged to 1.75 percent.