Sun, May 28, 2023

The U.S. Dollar Edged Up Against the Aussie and Kiwi

The U.S. dollar edged up against the Aussie and Kiwi

The dollar climbed up on Friday, supported by strong U.S. jobs data and firmer global demand for safe-havens amid concerns about the coronavirus recovery.

However, moves were modest in the Asian session as investors awaited Chinese trade data. They expect the data to show a rise in industrial output and a solid rebound in retail sales.

The dollar was firm against the risk-sensitive Australian and New Zealand dollars. The Aussie was subdued after the central bank governor emphasized the difficulties of the economic recovery in testimony before parliament.

On Friday, the Aussie declined by 0.2% to $0.7138, settling in to a range around that level after lowering from an 18-month high hit a week ago.

The New Zealand dollar was under pressure at $0.6537. The country faces a fresh coronavirus outbreak, and the central bank made some dovish comments during last week.  

How did the Euro and the Sterling Fare?


The Euro hovered above $1.18. On the other hand, the pound was slightly weaker at $1.3059. However, other majors traded mostly flat. Westpac FX analyst Imre Speizer stated that risk sentiment is slowing down. But it’s too early to say that dollar’s downtrend is over. Still, it’s got potential.

Preliminary European employment and GDP numbers were due on Friday, as well as U.S. retail sales figures. Traders will likely focus on any signs of divergence between the U.S. and European recoveries for a while.

In the United States, the weekly number of applications for unemployment benefits fell below one million on Friday. Since the start of the pandemic, 963,000 claims came in below expectations for 1.1 million for the first time.

However, some 30 million Americans are still out of work, while an aid package to keep the stimulus flowing in the economy remains stalled in Congress. The dollar remained lower by 0.1% against a basket of currencies during the last week.

Meanwhile, the Japanese yen tumbled down as a jump in U.S. yields has attracted flows from Japan. The yen lowered at 106.95 against the greenback on Friday.



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