Dollar Edges Lower Trend Points

Dollar Edges Lower Trend Points candlestick trading

FxPremiere.com – The dollar handed back some gains in early European trading Wednesday as bond yields edged off highs, but remained in demand as fiscal stimulus and an aggressive vaccine rollout are seen prompting a strong U.S. economic recovery.

Dollar Edges Lower Ahead

At 3:15 AM ET (0815 GMT), the US Dollar Index, which tracks the greenback against a basket of six other currencies, was down 0.1% at 93.240, having earlier hit a new 4-month high at 93.472.

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USD/JPY rose 0.4% at 110.74 and EUR/USD rose 0.1% to 1.1726. GBP/USD was up 0.1% at 1.3746, after U.K. GDP increased by 1.3% between October and December last year from the previous three-month period, compared with an earlier estimate of 1.0% growth, while the risk-sensitive AUD/USD rose 0.2% to 0.7610.

The trickle lower in the dollar comes as U.S. yields struggled to hold onto the new highs, with the benchmark 10-year.

Dollar Edges Lower Brexit

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Ahead of that comes the ADP nonfarm employment data for March, due later Wednesday.

This U.S. economic strength is one of the reasons the International Monetary Fund will upgrade its forecast for global economic growth next week, managing Director Kristalina Georgieva said on Tuesday, from January’s projections of 5.5%.

Elsewhere, USD/CNY fell 0.2% to 6.5577, after the China’s manufacturing Purchasing Managers’ Index for March came in at 51.9, higher than February’s 50.6 reading. The non-manufacturing PMI was 56.6, surpassing its February reading of 51.4.

The Caixin manufacturing and services PMIs, which look at the private sector, are due later in the week.

Dollar Edges Lower Trend Points

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