Did Donald Trump’s speech give USD weakness overnight?

August 10, 2016

USD had weakened overnight with declining US Productivity Data,,, or Donald Trump speech?

Did Donald Trump’s speech give USD weakness overnight?

This article is originally referred from FXNet Fundamental Analysis

The Asia session started today with a weakened dollar, as speculation that the Feds would take a very cautious approach on interest rate hikes. This naturally spurred bond markets and we saw gold push back towards its 1 week high, currently trading just above 1,350. Other notable gainers were EUR past the 1.115 level (+0.45%) and AUD above 0.77 (+0.44%).

During the same USD weakness overnight, we had a Donald Trump give a speech in North Carolina – which may be purely coincidence. Despite early intraday fragility, USD is still within its weekly range against these pairs, so something to watch as the day unfolds.

GBP has also recovered some of its weekly losses, at one stage trading below 1.30 in the small hours of today. With the help from the US Feds, we have bounced back past the 1.3060 mark.

The day ahead brings very little data out of Europe, and besides a 10yr note US auction, most eyes will be focusing on the RBNZ interest rate decision tonight, 21:00 GMT time.

Original Source: FXNet Fundamental Analysis

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