Dollar slowed down in its rally

Dollar slowed down in its rally

By: Simon Furman | Where To Trade | On:Wednesday, 04 January 2017
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   The American dollar went down after its rally against other currencies on Wednesday. This happened due to investors that took profit from Greenback's rally on Tuesday, hitting its 14-year high once again.
The U.S. dollar index went down by 0.17%, reaching 102.94.

  The dollar index hit record highs on Tuesday, reaching 103.81, setting a new record from 2002,  after the manufacturing index's data release that showed that the sector rose to its biggest level since December 2015. 

  The Greenback was also supported by expectation on a higher rate interest from the Federal Reserve in 2017. The Federal Reserve has already increased interest rates in December 2016, for the first time in 2016.

  Investors are waiting now for Friday, when US will publish the non-farm payrolls data for the month of December. This might influence the Federal Reserve when deciding the future rate hiking. 

 

Simon Furman

Simon Furman

Think Global - Act Local

Simon Furman is one of the best financial analyst with 27 years of trading experience

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