USD is down for a second day and attention is drawn to Mario Draghi’s comments

Free $50 Forex No-Deposit Bonus

USD fell on the European market on Thursday against a basket of global currencies, extending losses for the second day in a row, as growing concerns about trade tensions between the United States and China, as well as the rise of the euro ahead of comments by ECB governor Mario Draghi, The timing of the end of the monetary stimulus program in Europe, and overshadows the impact of the decision to raise US interest rates for the second time this year, and the most hawkish statement to the Federal Reserve.

USD index fell more than 0.2% at 11:22 GMT, trading at 93.28 points, the opening level of 93.51 points, the highest at 93.57 and the lowest at 93.18.

Index ended yesterday’s trading down 0.3%, the first loss in four days, reflecting the decline of the US currency against a basket of currencies, especially against the euro, following the results of the Federal Reserve meeting.

USD Index

USD Index


US President Donald Trump is scheduled to meet with his top trade advisers on Thursday to determine whether the implementation of new tariffs on Chinese goods will be activated.

Euro rose for the second day in a row against the US dollar, ahead of comments by European Central Bank chief Mario Draghi by 12:30 GMT after the European Monetary Policy Committee meeting. The announcements are expected to include the announcement of the timing of the end of the monetary stimulus program for the European economy.

The US Federal Reserve raised US interest rates by a quarter percentage point to 2.0%, the second increase in interest rates this year, as well as the strength of the labor market, the acceleration of strong economic activity in the country, And raise inflation expectations above target this year until 2020.

US monetary policy makers raised expectations of an interest rate hike in 2018 to four times three times the previous forecast, targeting a 2.5 percent target by the end of this year, and reiterated its expectations for a rate hike in 2019 three times.

Later in the day, investors are looking for important data from the US on monthly retail sales in May, which provides strong evidence on the path of US economic growth in the second quarter, after growing less-than-expected in the first quarter of this year. Retail sales One of the most important indicators of measuring consumer spending, which represents more than 70% of the value of GDP.

Retail sales are expected to rise by 0.4% in May from 0.3% in April. Retail sales excluding auto sales are expected to rise by 0.5% from a 0.3% rise in the previous reading .

 

Copyright © 2018. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. FXDailyReport.com will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.