US dollar slides at Asian trading on Thursday

Posted 18 July, 2019

The US dollar posted weakening during the Asian trading on Thursday. At the same time, demand for safe-haven assets improved which pushed Japanese yen and franc up.

According to the market data, the euro-to-US dollar exchange rate was recorded at $1.1240 at the trading session, compared to $1.1224 recorded a day before. The American currency has lost grounds vs the Japanese yen too. The rate was at 107.73 (107.95 earlier).

Another safe-haven currency Swiss franc also rose against the greenback today. The US dollar-to-franc rate dropped to $0.9858 ($0,9875 earlier). The pound sterling was priced at $1.2461, while the previous session was closed near $1.2433.

The US dollar was reportedly depressed by weak housing market data and persisting fears caused by a long-lasting standoff between Washington and Beijing.

The housing report showed that new houses construction decreased in June by 0.9% m-o-m to 1.253 million in terms of annual volume. There are reports that the main decline came from the multi-family homebuilding segment, while single-family homebuilding segment remained strong, which indicated a healthy real estate market on slow price rise and cheap mortgage.

However, construction permits in June dipped by 6.1% m-o-m in the USA to 1.22 million. 

The US Federal Reserve released a regional review of Beige Book in the middle of the week, saying that the economic growth was still modest in mid-May-early-July. 

Speaking about the hot-button, the US President Donald Trump said that the countries [the USA and China] had a hard and long path in trade talks ahead. As a result, the tensions about another escalation of the conflict are rising affecting yield of state bonds.

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