Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Dollar slips lower but remains broadly supported

Published 05/26/2016, 05:44 AM
Updated 05/26/2016, 05:44 AM
© Reuters.  Dollar edges slightly lower vs. rivals amid profit-taking

Investing.com - The dollar slipped lower against the other major currencies on Thursday, as investors locked in profits from the greenback’s recent rally to two-month highs and awaited the release of U.S. jobless claims and durable goods orders data later in the day.

USD/JPY edged down 0.17% to 109.99.

The greenback continued to be underpinned by expectations that the Federal Reserve could raise interest rates in the near term after last week’s April Fed meeting minutes flagged a possible rate hike if the economy continues to improve.

However, investors remained cautious as G7 leaders held a summit meeting in Japan, amid persistent concerns over the strength of the global economy.

The G7 leaders were expected to reiterate their previous commitment to stability in the foreign exchange market.

EUR/USD rose 0.22% to 1.1178, pulling away from Tuesday’s two-month lows of 1.1132.

The euro gained ground after Greece and its creditors reached a deal on Wednesday to unlock €10 billion in bailout funds and trigger work on debt relief, easing concerns over another euro zone debt crisis.

The dollar was steady against the pound and the Swiss franc, with GBP/USD at 1.4701 and with USD/CHF at 0.9911.

The U.K. Office of National Statistics said on Thursday that gross domestic product growth slowed to 0.4% in the three months to March, in line with the preliminary estimate, from 0.6% in the previous quarter.

The annual rate of growth was revised down to 2.0% from 2.1% initially.

The Australian dollar edged higher, with AUD/USD up 0.11% at 0.7205, while NZD/USD slipped 0.27% to 0.6722.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

The Australian Bureau of Statistics said earlier Wednesday that private capital expenditure declined by 5.2% in the first quarter, compared to expectations for a 3.0% drop.

Elsewhere, USD/CAD fell 0.31% to trade at 1.2980, the lowest since May 18.

The commodity currencies found support as oil prices continued to rise after the U.S. Energy Information Administration said on Wednesday that crude oil inventories fell by 4.2 million barrels last week.

The data came a day after the American Petroleum Institute reported a supply drop of 5.2 million barrels.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.18% at 95.23, still close to Wednesday’s two-month highs of 95.66.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.