The euro touched a seven-week high against the dollar on Wednesday, with the greenback struggling in the wake of more soft economic data and news that foreign investors had been heavy sellers of U.S. assets. The euro rose as high as $1.37735 during Asian trading, its strongest level since January 2, and was last trading flat at $1.3757, with equity markets offering investors little direction.
Tuesday’s New York manufacturing and U.S. housing data were the latest numbers out of the United States to disappoint investors, increasing pressure on the dollar.
The numbers bolstered the case for the Federal Reserve to be patient in its tapering of its huge bond-buying programme, ahead of Wednesday’s release of minutes from its January policy meeting when it opted to trim asset buying by another $10 billion.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015