Fundamentals continue to deteriorate underneath European financials; but rate expectations keep the market focused. Can NFPs finally score a EURUSD reversal; or will EURJPY move unfettered
NEW YORK: The US dollar lost value against the euro on Thursday as the European common currency drew buyers on rising hopes of an interest rate hike in the eurozone next week.
A new month begins and it is not uncommon for trends to reverse at the beginning of a new month. Something just happened in the AUDJPY that has happened just 2 other times in the previous 10 years!
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The IMF says the US dollar’s share of official foreign-exchange reserves in most member nations ended last year at a near record low.
As noted earlier in a separate report that the EUR/GBP pair had been trending to the downside starting in the middle of January, “following commentary by the European Central Bank that interest rates are likely to rise as soon as the next meeting in April, the pair immediately reversed course and began its push towards fresh yearly highs.”
By its very definition, fiat money is something created out of thin air: the word “fiat” is Latin for “let it be done” (as in, by decree). But the convenience that such a currency system offers central bankers is paid at the expense of savers.
Continued Japanese Yen and US Dollar declines have been met with fairly aggressive crowd buying, giving contrarian signal to sell into USD and JPY declines.
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