Dollar extends downward spiral, on track for smallest return in six years

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Dollar extends downward spiral, on track for smallest return in six years

Earlier in the Asia-Pacific trading hours on Tuesday, the 31st of December 2019, the American Dollar had dwindled to nearly three-week low against safe-haven Japanese Yen in a thin-volume trading day ahead of a New Year Eve, as investors’ seemed to be betting on banking profits by selling off the American currency, while a revived optimism of global growth had prodded investors to favour riskier commodities and currencies.

Aside from that, the US Dollar index (DXY), measured against a basket of six major currencies on an average, had been down for the fifth straight session in a row after easing 0.28 per cent to 96.73 on Monday’s (December 30th) market closure, while this report was being prepared, December 31st, early European trading hours, US Dollar was down by 0.18 per cent to 108.67 against the Japanese Yen and 0.17 per cent against the Swiss France to $0.9677.

Besides, Euro was up by 0.07 per cent to $1.1206 against the American currency and the British currency soared 0.02 per cent to $1.3115, while the crude oil sensitive Canadian Dollar gained 0.16 per cent to $1.3047 against the US Dollar as crude oil futures’ prices were hovering near their three-month peak.

Aside from that, China-export oriented Australian Dollar and New Zealand Dollar gained 0.19 per cent and 0.03 per cent to $0.7007 and $0.6728 respectively against the US Dollar ahead of a signing ceremony of an interim trade deal between Washington and Beijing, while the Australian dollar had breached its critical psychological resistance level $0.7000 against the US Dollar greenback for the first Since July 23rd this year, remarking further upwards momentum ahead with China predicting an extension of its Industrial profit gains for second consecutive month on December.