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US Dollar Steady Ahead of Key Data Releases

On Thursday, the US dollar is trading steady and holding on to its gains from the previous session, helping it strengthen by around 1% from the multi-month low it touched on Tuesday. At the time of writing, the US dollar index DXY is trading around 92.93.

The dollar gained as investors moved away from the Euro after the ECB hinted at possible intervention on the rise of the common currency. On Tuesday, the European Central Bank’s chief economist, Philip Lane, stated that the EUR/USD rate affects the monetary policy, which could signal that the bank could step in and act against soon.

Commodity currencies like the AUD and NZD have also dipped slightly lower against the US dollar while the JPY is returning to normal levels as markets absorb the news about PM Shinzo Abe stepping down. Even the GBP has weakened slightly against the greenback but has picked up a bit from the previous session’s lows.

Later today, major forex pairs could see some movement on the release of PMI figures from Asia, Europe and the US, which would reveal the pace of economic recovery in the wake of the ongoing coronavirus crisis. Closing out this week will be the key NFP figures which will be in focus to drive significant moves in the US dollar.

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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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