Dollar fell against other major currencies

Dollar fell against other major currencies

By: Oliver Miller | Where To Trade | On:Monday, 28 November 2016
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   On Monday, the Dollar fell against other major currencies, as investors tried to build up their acquisitions after Greenbacks' rally in the after-election weeks. The dollar lost ground as investors decided that the currency might be risky in the future.

The U.S. dollar index went downhill at 100.93, down by 0.53%. Just on Thursday, the dollar index had a record high of 102.07, the best result since April of 2003.

Powered by strong expectation of fiscal spending increases and future tax cuts by Donald Trump's administration, the USD had a spectacular up road that led to record highs. The Greenback was also lifted by expectation of a rate hike by Federal Reserve next month.

On Friday, when markets in U.S.A. had a half day, due to the Thanksgiving holiday,the dollar went lower, influenced by traders that took advantage.

OPEC meeting is generally seen as a risky event, and the dollar selling went on another downhill on Monday. 

Oil prices took one for the team, as investors encountered doubts over whether oil exporters will be able to reach an agreement or not.  Investors also took into consideration this week's economic data in USA, like ISM manufacturing data, or November's nonfarm payrolls.

This way, the Greenback was down against the Yen by 1%, the USD/JPY pair reaching 111.85. On Friday, the same pair rose to its eight-month high. 

The Yen stand its high ground against other currencies too. In the EUR/JPY pair, the euro was down 0.43%, and GBP/JPY pair, the pound lost 0.89%.

The Euro had a gained against the dollar. In the EUR/USD pair, the euro rose 0.72%. 

Dollar was down against the Swiss franc too, USD/CHF pair closed at 1.0090, dollar down by 0.51%.

 

Oliver Miller

Oliver Miller

"Patience is the key for success"

Oliver Miller is one of the best financial analyst with 18 years of online trading experience

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