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Dollar Traded Stronger Against Competitors


The greenback rose against other currencies on Friday, after Federal Reserve’s Chairwoman, Janet Yellen hinted the probability of an interest rate increase before the year ends.

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The US dollar gains after Fed representative, Janet Yellen stated in her speech on Thursday that she anticipated the central bank to start increasing interest rates later this year, as long as the inflation holds steady and the US economy is capable to raise employment.

Yellen mentioned that nearly all of her associates will probably agree with the target range increase in the Federal Funds Rate within the year. Her statement is opposing her previous stance on the issue in the previous week when the Federal Open Market Committee said that only 13 to 17 of its members are willing to boost interest rates before the end of the year.

Since July, Yellen hasn’t personally involved herself in the issue of interest rate increase.

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The FOMC decided on Thursday to maintain the current level of its benchmark Federal Funds Rate between 0 and 0.25 percent. The Federal Funds Rate is used by banks to lend to other associations on overnight loans.

The Federal Reserve simultaneously reduced its average inflation forecast to 0.3 percent for the year end, while decreasing forecasts for inflation by the end of next year to 1.7 percent.

On the other hand, China distracted the international financial markets, as they move to devalue the yuan in an attempt to vitalize its weakening economy. According to the preliminary reading of China’s manufacturing activity in September, the Asian country’s factory output slid to its lowest level in over six years.

The US dollar index, which measures the strength of the US currency against other major currencies climbed to 96.318, bouncing back from a low of 95.458 on Thursday.

The data from the US Department of Labor showed that the total of individuals filing for initial unemployment claims in the previous week has been boosted by 3,000 to 267,000, below expectations for a 7,000 hike.

In addition, the US Commerce Department reported that the number of durable goods orders plunged by 2.0 percent in the previous month, in line with forecasts.

Meanwhile, the EUR/USD pair fell 0.59 percent to 1.1167, from a high of 1.1296 in the previous trading session. The euro lost in five of the recent six sessions against the US currency and is down by over 1.6 percent for the month.

Elsewhere in the currency market, the yen traded weaker against the greenback as the USD/JPY pair jumped 0.32 percent at 120.44.

According to official reports on Friday, Tokyo’s consumer price index dropped at an annual rate of 0.1 percent in September, better than expectations for a decline of 0.2 percent. While Japan’s corporate services price index surged 0.7 percent, higher than the 0.5 percent forecast.

 

Most Traded Currency Pairs

Currency is a generally acknowledge form of money such as coins and notes which is distributed by the government and used within the economy. Most commonly used in exchange for goods and services. Basically, currency serves as the ground for trading.

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In the foreign exchange market, the value of a certain currency is measured by its contrast to another currency. Forex trading involves buying one currency while selling another; however, the pair can be viewed as a single instrument.

  • EUR/USD – is the pair of the world’s most traded US currency and second most well-known European Union currency. This currency pair where the euro is known as the base currency and the dollar as the quote is the most actively traded pair in the forex market. The main aspect affecting the course of the euro and dollar pair is the parallel strength of both the US and Europe’s economy.
  • USD/JPY – this pair offers low spreads and great liquidity. For new forex traders, trading this currency pair can be an excellent starting point. 
  • GBP/USD – the British currency and the US dollar pair is acknowledged in the forex market as one of the most liquid pair. The most significant deciding factor between the GBP and USD is the dependent strength of both economies.

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