Tue. Sep 29th, 2020

Fxtriangle | Market analysis | Managed trading

Fxtriangle will make Fx trading look easy.

Dollar waits as traders turn to ECB

1 min read

The dollar held on to small overnight gains on Tuesday as investors weighed whether an accommodative turn from the European Central Bank later this week could hit the euro, while the pound nursed losses due to Brexit  uncertainty.

In thin holiday trade the greenback had edged 0.2% higher against a basket of currencies and rose by roughly the same margin against the euro to $1.1816.

Moves early in the Asian day were modest, but had the dollar back under gentle pressure as risk appetite appeared to return to equity markets.

The Australian dollar rose 0.1% to $0.7280 and the New Zealand dollar also lifted very slightly from overnight lows hit following a Sunday statement from the central bank which again raised the prospect of negative rates.

The main focus this week is on the European Central Bank’s policy decision on Thursday.

Most analysts don’t expect a change in the bank’s policy stance but are looking to the message on its inflation forecasts and whether it seems concerned by the euro’s strength.

The meeting comes after the euro marked a two-year high just above $1.20 at the beginning of the month, until comments about its level from ECB chief economist Philip Lane knocked it lower.

Leave a Reply

Forex trading and any instruments related to Foreign Exchange Market are Speculative and carry substantial risk of loss of either partial equity or the entire deposit amount. Leverage adds up to the risk, before considering to invest in this venture, you should first consider your financial position and may seek the help of an independent financial advisor. FXtriangle dis-recommends the usage of loan instruments to trade in this market as it can hamper financial position. Please do not invest the money that you cannot afford to lose. FXtriangle provides all its services throughout the Globe Excluding (Nigeria, British Virgin Island & the Islamic Republic of Iran) and also provides limited service in some jurisdictions where investment in Overseas markets / Fx Exchanges are prohibited by Law If you are not sure to contact us before using any of our services. FXtriangle acts as an Independent Corporate Financial Advisor and connects you to various overseas exchanges and cannot be held liable for any financial damage occurring through their side. All of our partnered institutions are regulated in various jurisdictions.FXtriangle conducts an independent background check before partnering with any institutions to fulfill your investment objectives smoothly. The usage of our Business name, Logo or any trademark in any financial forum, website, review website, complaint arena, Billboards without our written permission will attract lawsuits.