The Dollar has been seen improving in the majority of its currency pair ups in the early trades of Wednesday as the upbeat economic data of the US supported the surge in the third interest rate hike from the Federal Reserve for the current year.
The US Dollar Index has successfully maintained the recent bull domination, pulling up the dollar to a better position in its latest trades. With a 0.24% gain at the time of writing, the candle is still having a strong performance and bears will have a hard time dominating such index.
The relative strength index of the dollar is has halted its indications on the 30’s region as it pulled itself up to the 40’s region. It is currently at 45.32.
Its Coppock curve however, failed to mirror the performance above. The dollar index plunged down below the negative region and is currently at -0.23. A hold on buy would be much preferred with the performances above.
The US Dollar saw its improvements once the Commerce Department revealed the US Economy’s development in which had posted an annualized result of 3.0% for the second quarter. The said data has exceed the expectation of just 2.6%
As for the Job Data of the US Private Sector, it has been reported that it garnered a larger-than-forecast of 237,000 jobs for the month of August which is deemed the be the largest development in five months.
The US Dollar against the Japanese Yen saw a surge at about 0.45% to 110.17 in which was believed to be an act of recovery from the preceding falls 108.26 in the recent four-and-a-half month lows.
As for its Swiss Franc pair up, the pair was seen at the levels of 0.9587 which is a 0.33% upsurge. It is also above its two-year channel of just 0.9428.
The Yen and Swiss pair ups are historically hyped in such times where geopolitical tensions are prevalent. Also, the market turbulence also can support the hype as these nations have large existing account excesses.
For the EUR/USD, the pair unfortunately declined by 0/43% to 1.1920. This has halted its bullish trend from the highs 1.2069 which was believed to be the one of the best level since the 2nd of January 2015.
It is also expected that the European Central Bank will shortly publicize its plans to narrow its bond-purchasing stimulus platform in which have pulled up the euro by 13% against the dollar in the current year.
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