Mon, August 15, 2022

FX Market: the USD’s Recovery | Wibest

Wibest – fx market: US dollar bills.

Traders in the FX market were slightly relieved as the US dollar regained some of its strength in yesterday’s trading.

The greenback recently started off the week on a negative note. The US dollar slowly made headway on Wednesday’s trading as investors regain their risk appetite.

The US dollar index recovered, moving up 0.11%, or 0.11 points, in yesterday’s sessions. And the US dollar index futures for September 19 went up 0.16%, or 0.153 points, in Wednesday’s trading.

The development in the United States and China trade war continues to be the focus of the greenback’s gains.

Just this Monday, US President Donald Trump said that Chinese officials have called Washington. Trump claimed that Beijing is offering to resume trade talks between both parties.

But the Chinese government said on Tuesday that they were not aware of the phone call that Trump claimed.

The tension between the two largest economies escalated last week after both sides announced that they will enforce fresh tariffs. The plan involves a new round of sanctions that will affect US and Chinese goods worth billions of dollars.

In another news, US treasury yields fell to 1.526%, creating what the FX market calls an “inverted yield curve.”

FX Market Pairs

Wibest – fx market: A close up of a US dollar bill.

The greenback also traded flat against major currencies in yesterday’s sessions.

The euro to US dollar exchange pair recorded a 0.0001 point, or 0.01% movement. The pair only reached ranges between $1.1083 to $1.1098 in Wednesday’s trading.

And the CNY/USD trading pair was recorded inching up 0.03% but recorded a 0.000-point movement. The CNY/USD only hit levels from $0.1395 to $0.1397.

Meanwhile, the greenback slightly edged above the Japanese yen. The USD/JPY gained 0.06%, or 0.07 points, in yesterday’s session. The pair reached ranges between ¥105.66 to ¥105.90 in Wednesday’s trading.

On a positive note, the US dollar got the upper hand against the UK’s pound sterling. The GBP to USD contracted by 0.77% or 0.00924points in sessions.

The GBP/USD trading pair extended its losses from $1.2157 to $1.2292 as Brexit related news continues to weigh on pound traders.


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