The United States will publish ISM manufacturing PMI on April 1, at 17:00 MT time.
Evergreen buck is intact after dismal data
Information is not investment advice
On Thursday, the major US currency rebounded from its unexpected dive following dismal economic data that sparked fears about the strength of the American economy and also backed the Fed’s intention to leave rates on hold in the nearer future.
Evaluating the purchasing potential of the key US currency against its primary rivals the USD index dived to 96.239 following the data prior to reviving to 96.391.
Without volatile items, new orders for durable goods tumbled suddenly in December. Meanwhile, business activity in the mid-Atlantic region demonstrated its outcome since May 2016, as follows from the Philadelphia Fed's monthly poll.
The data actually backs the Fed’s intention to stay patient with regards to interest rate lifts because it weighs surge headwinds, as minutes uncovered on Wednesday disclosed.
Besides this, investors were also awaiting developments on the US-China trade clash, with the world’s two leading economies reported to have already outlined commitments in such areas as services, intellectual property rights, agriculture and currency barriers to trade.
Versus its Japanese counterpart, the evergreen buck inched down. The currency pair USD/JPY declined by 0.17% hitting 110.65. Japan’s currency is normally sought by market participants as a safe haven in hard times.
In addition to this, the common currency rebounded from earlier maximums. The currency pair EUR/USD added 0.08% concluding the trading session at 1.1344 after the ECB told that near-term surge will be most probably weaker than anticipated.
As for the UK currency, it was intact. The currency pair GBP/USD showed 1.3048.
Aside from that, the currency pair AUD/USD dived by 1% reaching 0.7086 after Westpac bank forecast that the Reserve Bank of Australia would have rates cut twice this year. NZD/USD dipped by 0.6% hitting 0.6809.
Canada will publish the monthly GDP growth on Tuesday, at 15:30 MT time.
The British pound has increased in value over the course of the past week in line with an ongoing improvement in investor sentiment.
The country has come through the worst and is recovering now.
Moody’s downgraded the country to ‘junk’ status on Friday.
The US economy has been hit hard by the coronavirus outbreak.