Dollar Lifted by Safe Haven Demand – 12 June 2020

0 8

Wall Street closed decidedly lower on Thursday, with equity markets in Asia following suit, as a result; the Nikkei 225 was down 2.43% as of 10:15 am.

US Dollar higherIn Asian trade on Friday, the US Dollar is being pushed higher along with other safe haven currencies amid growing speculation that a swift recovery is unlikely for the global economy. Analysts blame the repercussions of the pandemic spurred on by the Coronavirus pandemic which is wreaking havoc on a large basis. The Japanese Yen and Swiss Franc gained ground against the greenback, striking a 1-month and 3-month high, respectively. Wall Street closed decidedly lower on Thursday, with equity markets in Asia following suit, as a result; the Nikkei 225 was down 2.43% as of 10:15 am.

At the same time, in Asian trade, the USD/JPY was trading at 106.7670 Yen, a loss of 0.03% and moving off the session trough of 106.582 Yen. The GBP/USD was lower at $1.2554, down 0.35% while the EUR/USD was trading at $1.1282, a loss of 0.0903%. The USD/CHF is higher at 0.9447 Swiss Francs, up 0.05% and off the session trough of 0.94250 Swiss Francs.

Advertising

Great trading opportunities, don’t wait to take advantage of this pair!

Trade Now !

Later on Friday, the UK Office of National Statistics will be releasing data on GDP, as well as industrial and manufacturing production for the month of April. A recent poll shows that analysts expect the UK’s GDP reading to come in at -18.4%, a sharp decline from the previous reading of -5.8%. The forecast for industrial production (month-over-month) is -15%, against the previous reading of -4.2%, while manufacturing production for the same period is likely to be -15.8%, from -4.6%. The Eurozone will also have data on industrial production released by Eurostat; analysts expect that the April figure will be -20% on a seasonally adjusted basis.

Leave A Reply

Your email address will not be published.