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Home » News & Updates » Forex Market Hours: US Dollar Index hits 2 weeks highs after Consumer Price Index report is announced

Forex Market Hours: US Dollar Index hits 2 weeks highs after Consumer Price Index report is announced

US Dollar Index hits 2 weeks highs

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On Friday, 19, 2016, Greenbacks continued the pace of its growth against major currencies after the release of positive United States Inflation data during Forex market hours. Furthermore, the report showed that US economy is on a path to recovery, and strength of economy has improved which boosted the confidence of investors in dollars related to Forex currency trading.
Moreover, data indicated that the Consumer Price Index (CPI) was almost smooth in month of January however, it was expected that CPI might fall by 0.1% in January since in the previous month CPI was down by 0.1%. Year-on-Year, CPI had increased by 1.4% in the last month.

Furthermore, if we take a closer look at core CPI which does not include food and energy, it increased by 0.3% in the month January. Nevertheless, it was anticipated that core CPI would raise by 0.1% as compared to last month since CPI had already increased by 0.2%.

Japanese Yen gained almost 0.23% against the US Dollar, after the announcement was made by Energy Information Administration a day earlier during the Forex market hours that crude oil inventories have increased by more than two million barrels, to a new height of 504.1 million barrels. Moreover, on Friday it was also seen that oil prices downward trended had began again with USD/JYP pair traded at 112.99.

The single currency that is Euro lost 0.32% against its major rival in Forex currency trading, with EUR/USD pair to trade at 1.1067. Moreover, US Dollar also gained value against British Pound and Swiss Franc by 0.60% and 0.19% respectively. GBP/USD pair traded at 1.4250 and USD/CHF pair traded at 0.9947.
David Cameron, Prime Minster, United Kingdom said on Friday that there is still no deal related to reform packages. Market sentiments towards British Pound still remained uncertain as dialogue regarding United Kingdom’s EU membership continued in Brussels.

In addition to, a report that was published during Forex market hours in UK showed that public sector net borrowing declined by 11.81 billion in the month of January. Moreover, Britain’s National Statistics report also showed that retail sales have increased by 2.3% even though it was expected that retail sales figure would increase by 1.5%. The retail sales grew more than 0.8% in the month January, and core retail sales also increased by 2.3% as compared to expectation of 0.7%.
US dollar also gained against the loonies, after a report was released that showed Canadian retail sales went down by almost 2.2% in the month of December.

Meanwhile, US dollar also gained value against the Australian, New Zealand, and Canadian Dollar. Greenbacks gained almost 0.92% against the Australian Dollar to trade at 0.7091. On the other hand, New Zealand Dollar got weaker against the US Dollar to trade at 0.6590. US dollar gained against the loonies, after a report was released that showed Canadian retail sales went down by almost 2.2% in the month of December.

US dollar index which measures the relative strength of dollar against the six major currency pairs was up by 0.29% and it was at 97.11.

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