US dollar trims gains at Thursday trading

Posted 13 June, 2019

The US dollar rates have been sliding vs the majors during the Thursday trading. 

This morning the US Dollar index was recorded near 96.907.

According to the market data, the euro has gained positions against the greenback coming to $1.13, while the mid-week session was closed at $1.1288.

The US dollar also weakened against the Japanese yen. Today, the rate was at 108.33, compared to 108.50 recorded a day before. 

The pound sterling improved positions in the morning to $1.2690 but then slackened to some $1.2680.

At the same time, the Australian currency weakened against its America counterpart to some $0.6913 ($0.6928 earlier).

The economic data released in the USA showed that consumer prices rose by 0.1% m-o-m and 1.8% y-o-y in May. At the same time, the forecasts were at 0.1% and 1.9% respectively. The inflation rate was 0.3% m-o-m and 2% y-o-y over the period under review.

The market is still focused on the US-China trade conflict. 

In particular, the Chinese vice prime minister noted that Beijing might take measures to boost economy and maintain financial liquidity especially facing increasing American pressure.

There are rumours that China can revise its money supply and crediting as well as reduce interest rates to offset economic downturn risks in case of the conflict escalation.

Meanwhile in Australia, the labour market report failed to come in line with the expectations in terms of the unemployment rates in May. Specifically, the rate remained at 5.2% in May, though it was expected a decline to 5.1%. In this situation, the Reserve Bank of Australia will reduce the interest rates further citing the labour market development as the key driver for this policy. This means that the interest rate will keep decreasing until the unemployment rate starts going down.

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