Market movements are expected to slow down today (Friday) continuing until next week's trading as the market and banks go on a temporary holiday in conjunction with the Christmas celebrations.
But ending Thursday's trading, the US dollar was seen to continue to depreciate and move weaker against most other major currencies in the market.
Commodity currencies such as the Australian dollar, New Zealand dollar and Canadian dollar continued to show strengthening heading into the weekend.
While safe-haven currencies such as the US dollar, Japanese Yen and Swiss franc have depreciated due to market risk-on sentiment has prompted investors to shift towards riskier and higher-return investments.
The Canadian dollar received support by the release of Canadian Gross Domestic Product (GDP) data for October in last night’s New York session which met forecasts to rise to 0.8% from 0.2% previously.
Also published with the data is the price index and personal spending of consumers in the United States (US) as well as several other data readings.
Overall, although the data readings were published with positive figures, they still failed to provide support for the strengthening of the US dollar.
Investors remained focused on market sentiment recovering from the risk of Omicron’s contagion concerns ahead of expectations of a recovery to global economic growth.
While the US dollar is forecast to remain weak for the near term, price movements are likely to be more risky and volatile with most major banks still closed next week.
