DAILY CURRENCY UPDATE
Broadly weaker dollar falls against Swiss franc
The broadly weaker dollar fell to more than one-week lows against the Swiss franc on Thursday, a day after the Federal Reserve indicated that rates would remain on hold despite the improving U.S. economic outlook, and after the Swiss National Bank kept monetary policy unchanged.
USD/CHF was down 0.35% to 0.8924, the lowest level since June 9, from 0.8953 late Wednesday.
The pair was likely to find support at 0.8910 and resistance at 0.9000.
At the conclusion of its two-day meeting on Wednesday, the Fed cut its bond purchases by another $10 billion a month, to $35 billion, saying there was "sufficient underlying strength" in the U.S. economy to continue tapering.
The drop in the dollar came after Fed Chair Janet Yellen gave no indication of when interest rates could start to rise.
AUD/USD edges higher after Fed statement
The Australian dollar edged higher against its U.S. counterpart on Thursday, as demand for the greenback weakened after the Federal Reserve indicated that interest rates will remain low for a considerable time after the bank’s asset purchase program ends.
AUD/USD hit 0.9419 during late Asian trade, the pair's highest since June 13; the pair subsequently consolidated at 0.9423, adding 0.19%.
The pair was likely to find support at 0.9323, Wednesday's low and resistance at 0.9461, the high of April 10.
The Aussie was higher against the New Zealand dollar, with AUD/NZD rising 0.26% to 1.0799.
NZD/USD slips lower after N.Z. GDP report
The New Zealand dollar slipped lower against its U.S. counterpart on Thursdsy, but remained within close distance of a six-week high after data showed that the New Zealand economy grew at a slower rate than expected in the last quarter.
NZD/USD hit 0.8706 during late Asian trade, the session low; the pair subsequently consolidated at 0.8726, easing 0.07%.
The pair was likely to find support at 0.8642, the low of June 17 and resistance at 0.8780, the high of May 6.
Official data earlier showed that New Zealand's gross domestic product rose by 1% in the first quarter, compared to expectations for an expansion of 1.2%. For the fourth quarter of 2013, New Zealand's GDP was revised up to an expansion of 1% from a previously estimated growth rate of 0.9%.
But the greenback remained under pressure after the Federal Reserve indicated that interest rates will remain low for a considerable time after the bank’s asset purchase program ends.
Dollar lower against euro, yen after Fed statement
The dollar was lower against the euro and the yen on Thursday after the Federal Reserve indicated that interest rates will remain low for a considerable time after the bank’s asset purchase program ends.
EUR/USD was up 0.17% to 1.3617 from 1.3543 late Wednesday.
The pair was likely to find support at 1.3550 and resistance at 1.3670.
At the conclusion of its two-day meeting on Wednesday, the Fed cut its bond purchases by another $10 billion a month, to $35 billion, saying there was "sufficient underlying strength" in the U.S. economy to continue tapering.
Broadly weaker dollar falls against Swiss franc
The broadly weaker dollar fell to more than one-week lows against the Swiss franc on Thursday, a day after the Federal Reserve indicated that rates would remain on hold despite the improving U.S. economic outlook, and after the Swiss National Bank kept monetary policy unchanged.
USD/CHF was down 0.35% to 0.8924, the lowest level since June 9, from 0.8953 late Wednesday.
The pair was likely to find support at 0.8910 and resistance at 0.9000.
At the conclusion of its two-day meeting on Wednesday, the Fed cut its bond purchases by another $10 billion a month, to $35 billion, saying there was "sufficient underlying strength" in the U.S. economy to continue tapering.
The drop in the dollar came after Fed Chair Janet Yellen gave no indication of when interest rates could start to rise.
AUD/USD edges higher after Fed statement
The Australian dollar edged higher against its U.S. counterpart on Thursday, as demand for the greenback weakened after the Federal Reserve indicated that interest rates will remain low for a considerable time after the bank’s asset purchase program ends.
AUD/USD hit 0.9419 during late Asian trade, the pair's highest since June 13; the pair subsequently consolidated at 0.9423, adding 0.19%.
The pair was likely to find support at 0.9323, Wednesday's low and resistance at 0.9461, the high of April 10.
The Aussie was higher against the New Zealand dollar, with AUD/NZD rising 0.26% to 1.0799.
NZD/USD slips lower after N.Z. GDP report
The New Zealand dollar slipped lower against its U.S. counterpart on Thursdsy, but remained within close distance of a six-week high after data showed that the New Zealand economy grew at a slower rate than expected in the last quarter.
NZD/USD hit 0.8706 during late Asian trade, the session low; the pair subsequently consolidated at 0.8726, easing 0.07%.
The pair was likely to find support at 0.8642, the low of June 17 and resistance at 0.8780, the high of May 6.
Official data earlier showed that New Zealand's gross domestic product rose by 1% in the first quarter, compared to expectations for an expansion of 1.2%. For the fourth quarter of 2013, New Zealand's GDP was revised up to an expansion of 1% from a previously estimated growth rate of 0.9%.
But the greenback remained under pressure after the Federal Reserve indicated that interest rates will remain low for a considerable time after the bank’s asset purchase program ends.
Dollar lower against euro, yen after Fed statement
The dollar was lower against the euro and the yen on Thursday after the Federal Reserve indicated that interest rates will remain low for a considerable time after the bank’s asset purchase program ends.
EUR/USD was up 0.17% to 1.3617 from 1.3543 late Wednesday.
The pair was likely to find support at 1.3550 and resistance at 1.3670.
At the conclusion of its two-day meeting on Wednesday, the Fed cut its bond purchases by another $10 billion a month, to $35 billion, saying there was "sufficient underlying strength" in the U.S. economy to continue tapering.
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