Ongoing Greek debt talks sidelined currency investors on Thursday, demonstrating their unwillingness to take bold positions as deadlines for a deal come and go, leaving the euro unchanged against the greenback.
Even upbeat U.S. economic data did little to help the dollar advance. U.S. consumer spending recorded its largest increase in nearly six years on strong demand for automobiles and other big-ticket items, bolstering evidence of gathering growth momentum in the second quarter.
“Watching Greek headlines. That’s kind of holding markets back,” said Vassili Serebriakov, currency strategist at BNP Paribas in New York. “This week we have seen appetite to start rebuilding dollar long positions,” he said. “Markets are feeling more confident that U.S. data is rebounding and the dollar will do well.”
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