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Weekly roundup: US dollar sinks as investors shy away from currency

currency-newsWeekly roundup: US dollar sinks as investors shy away from currency
The US dollar closed the session lower against the majority of its peers last week as investors became increasingly dovish towards the currency.

The US dollar initially gained at the start of last week’s session as reports over the possibility of China either slowing of halting its purchase of US Treasury Bonds were refuted by China’s foreign exchange regulator.

USD struggled to hold on to its gains as the week went on however, with the currency beginning to lose ground by Wednesday despite US wholesale inventories data outpacing expectations.

The US dollar saw the majority of its losses on Friday with USD/EUR falling to a three-year low and GBP/USD climbing to its highest levels since the Brexit referendum.

USD’s losses at the tail end of the week were largely driven by data showing a dip in inflation and slowing retail sales in December.

Given USD’s increasing sensitivity to negative data, this week could see the US dollar tumble even further should any of the upcoming economic reports disappoint.

Particular focus is also likely to be paid to a number of speeches from Federal Reserve policy makers this week as investors look to see whether the bank is still on track to hike rates three times in 2018.
Currencies Direct

Currencies Direct

Currencies Direct is one of Europe's leading non-bank providers of currency exchange and international payment services. Since we were formed in 1996, we've maintained our focus on providing innovative foreign exchange and international currency transfer services to corporations of all sizes, online sellers and private individuals. We have also expanded our services to provide dynamic and pioneering "business to business" solutions to help companies, tier 2/3 banks and other non-bank financial institutions to process their international payments. Our headquarters are in the City of London (United Kingdom) and we have operations in continental Europe, Africa, Asia, and the United States. Currencies Direct is jointly owned by private equity firms Palamon Capital Partners and Corsair Capital.

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