USD Back Strong? This Is What Happened At The European Session - Kakiforex.com - Financial Market Media No. 1 in the World USD Back Strong? This Is What Happened At The European Session USD Back Strong? This Is What Happened At The European Session

June 8, 2021

USD Back Strong? This Is What Happened At The European Session

 The US dollar continued to strengthen in the European session, registering modest gains against most major currencies.


The dollar index, which measures the strength of the greenback against six major currencies, traded up around 90.12.


Despite the increase, however, frustration over NFP employment data readings that fell short of market expectations in May, continued to weigh on the currency’s trading.


This has left the market divided over whether the Federal Reserve (Fed) will discuss monetary policy tightening at its policy meeting to be held on June 15 & 16.



The main focus of the market is now targeted at the publication of US inflation data which is expected to show a higher increase in May, following the strong gains recorded in the previous month.


Meanwhile, the euro weakened slightly with market focus also focused on the European Central Bank's (ECB) policy meeting on Thursday which is expected to continue with the current loose monetary policy.


The pound also depreciated, amid renewed pressure between the UK and the European Union (EU) over the Northern Ireland issue. The two sides will meet on Wednesday to find a way out of the dispute.


As for Asian currencies, the Aussie and New Zealand dollars also recorded depreciation but the decline was insignificant causing prices to continue to move around the same level.