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US Dollar Climbs Higher Despite Weak Economic Data Releases

Forex markets appear to be trading cautious before the upcoming Thanksgiving weekend, hesitant to make big moves, as they wait for more developments on the trade war front. The greenback is climbing higher early on Wednesday, with the US dollar index DXY trading at around 98.33 at the time of writing.

According to official statements by both governments, negotiations between the US and China trade teams are making positive developments and moving towards the final stages. Trump’s comments hinted at the possibility of a phase one trade deal being signed before the end of this year.

For now, markets are trading somewhat optimistic in expectations that the trade deal would be signed in time to avoid the next round of tariff hikes which are due to come into effect on December 15. With the trade war in focus, weak economic data releases from the US this week have failed to dent this optimism and affect the US dollar.

In the previous trading session, the greenback had weakened following the release of disappointing economic data from the US. Consumer confidence slid lower for the fourth straight month during November while new home sales also posted a surprising decline for October.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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