FXNet Market News – USD Mixed Against Other Currencies

July 20, 2016

Commodity Currencies Unchanged.

FXNet Market News – USD Mixed Against Other Currencies

This article is originally referred from FXNet Market News

Commodity currencies were unchanged as gains remained limited due to global growth concerns which continue to weigh on sentiment.

AUD/USD was unchanged at 0.7507, while NZD/USD was 0.14 percent higher at 0.7065.

The currencies were supported by higher oil prices following the American Petroleum Institute (API) report which showed a decrease in crude stockpiles. Oil prices affect the Aussie and New Zealand dollar which are highly affected by the country’s oil import.

The US dollar was 0.2 percent lower than its Japanese counterpart, trading at 105.96 yen, after hitting its highest level against the yen on Tuesday at 106.53.

Analysts expect easing from the Bank of Japan (BoJ), “If the BOJ doesn’t take action, the dollar/yen can fall back to 100 again” said Kaneo Ogino, director at foreign exchange research firm Global info Co in Tokyo. “But now the focus has also shifted to the possibility of a US interest hike”.

The euro was 0.1 percent lower than the US dollar at 1.1013 dollars after hitting a three week low of 1.0995 dollars.

The European Central Bank (ECB) will be having a policy meeting on Thursday, its last one before an eight week-summer break. Analyst don’t expect any new changes to be announced after this meeting.

The US dollar index which measures the greenback against a basket of six major currencies was at a four month high of 97.11.

Original Source: FXNet Market News

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