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In the week ended, the US dollar traded flat against its major currencies peers.
The US dollar gained territory against the sterling pound after UK general election results. The Tory party lost majority, though Prime Minister May already formed government with the Democratic Unionist party (DUP) from Northern Ireland.
The US dollar lost ground against the yen until the middle of the week and demand surged when the currency pair exchange rate was ready to test levels below the 109 mark.
The European Central Bank did not announce any policy changes on last Thursday meeting. Officials expressed more confidence in the eurozone economy. Mr. Draghi disappointed those who had predicted he would indicate how long quantitative easing will last beyond December. The Central Bank revised lower its inflation forecasts to 1.5% in 2017 (vs prior 1.7%), to 1.3% in 2018 (vs prior 1.6%) and to 1.6% in 2019 (vs prior 1.7%).
It has been a flat trading week for me. I’ve opened only 4 positions. I took some profit with a long GBP/USD position opened at 1.2645 and closed at 1.2715 on Friday. I triggered the stop loss in a long USD/JPY position. I thought reasonable this previous stop loss triggering, taking into account the possibility of the currency pair exchange rate dipping below the 109 mark. I had a long USD/JPY pending order below the previous mentioned mark, however that scenario did not materialize.
I’ve been also inflicted with losses in a short NZD/USD position. Though I’ve opened a new position with the same direction, but with a higher amount. This previous order is still open through the weekend. I hope that in the following week, as markets reconnect with the possibility of the Fed lifting interest rates by 25 bp, the US dollar will likely claim some of the lost territory against the kiwi.
The US dollar gained territory against the sterling pound after UK general election results. The Tory party lost majority, though Prime Minister May already formed government with the Democratic Unionist party (DUP) from Northern Ireland.
The US dollar lost ground against the yen until the middle of the week and demand surged when the currency pair exchange rate was ready to test levels below the 109 mark.
The European Central Bank did not announce any policy changes on last Thursday meeting. Officials expressed more confidence in the eurozone economy. Mr. Draghi disappointed those who had predicted he would indicate how long quantitative easing will last beyond December. The Central Bank revised lower its inflation forecasts to 1.5% in 2017 (vs prior 1.7%), to 1.3% in 2018 (vs prior 1.6%) and to 1.6% in 2019 (vs prior 1.7%).
It has been a flat trading week for me. I’ve opened only 4 positions. I took some profit with a long GBP/USD position opened at 1.2645 and closed at 1.2715 on Friday. I triggered the stop loss in a long USD/JPY position. I thought reasonable this previous stop loss triggering, taking into account the possibility of the currency pair exchange rate dipping below the 109 mark. I had a long USD/JPY pending order below the previous mentioned mark, however that scenario did not materialize.
I’ve been also inflicted with losses in a short NZD/USD position. Though I’ve opened a new position with the same direction, but with a higher amount. This previous order is still open through the weekend. I hope that in the following week, as markets reconnect with the possibility of the Fed lifting interest rates by 25 bp, the US dollar will likely claim some of the lost territory against the kiwi.
