This website uses cookies to ensure you get the best experience on our website

Blog

Date:
01st Feb 2021
Author:
CryptoAltum News Team

USD Remains Weak, Falls after GDP Release, A Volatile week incoming?

On Friday, the greenback's losses were broader, unwinding gains of Thursday, but were not as terrible. Overly, the capital market has adopted a cautionary stance, even though currencies held fairly well compared to the volatility in the stock market. Specifically, there were limited losses in the Euro and GBP pairs. Simultaneously, the JPY rose to its strongest level in two months as traders unwinding their positions on the greenback offered support for the Yen. 


Details: 

This week, the focus will be on the USD. Indeed, the greenback remains in range with fleeting gains that are quickly reversed. However, with several manufacturing data and NFP set for release on Friday, traders are closely monitoring how this will affect the currencies market and specifically the effect on the USD. A positive NFP release and confidence in the labor market would trigger USDX advances towards $91.


Impact on the USD: 

Neutral. The USDX may likely remain in range though volatility could spike from Wednesday ahead of Friday. The Euro, CAD, NZD, and AUD are relatively steady due to improving conditions in their respective economies. However, a retracement from spot levels could be on the offing if gains in the USD are extended.


More market news over on our Blog


Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.
  • Copyright Excel Innovations Ltd (CryptoAltum) 2020