November 18, 2021

This Currency Stole The Opportunity To Shine Amidst The Gloom Of The USD

 The greenback continued its lifeless movement in the European session, providing an opportunity for several major currencies to record gains.

Entering the European session, the dollar index was seen continuing to move around 95.75 against six other major currencies.

Among the factors seen to slow down the US dollar's rise was the benchmark 10 -year US bond yield which remained below the 1.60% level after declining nearly 3% in the previous session.

The decline gave the yen a chance to wipe out its weekly losses, but remained traded at a 4 -and -a -half -month low against the USD.

US unemployment claims data will be the only factor that investors will focus on in the New York session.

In today's trading session, the kiwi dollar was seen shining brighter after a survey by the Central Bank of New Zealand (RBNZ) showed short -term inflation is expected to increase in the fourth quarter.

This indirectly supports the view to see the RBNZ implement more tightening in the future.

Meanwhile, the pound continued to find support from strong readings in UK inflation data that rose to a 10 -year high in October, adding to the pressure on the Bank of England (BOE) to raise its interest rates.