By CountingPips.com
The US dollar took a pause from its recent uptrend against the other major foreign currencies in forex market trading. At the New York close of Wednesday’s trading session, the American currency had registered losses for the day against just about all the other major currencies except for the euro.
The dollar fell against the British pound sterling, Japanese yen, Swiss franc, Canadian dollar, Australian dollar and the New Zealand dollar. Meanwhile, the euro declined for a second straight day against the dollar to close at the lowest level since April 3rd as the EUR/USD slides further away from the major 1.3000 level.
The American currency has mostly been on a strong uptrend versus many of the majors over the last week with some currencies like the Australian dollar, New Zealand dollar and the Swiss franc seeing swift and sharp declines. The USD is also trading at the highest level against the Japanese yen since 2008.
Elsewhere in the financial markets, the Dow Jones industrial average saw a rise of just over 60 points to close above the 15,275 level on Wednesday while the NASDAQ rose by nine points and the S&P 500 gained by a little over eight points.
The benchmark 10 year treasury bond was lower with the current yield level coming in at 1.94. Gold fell today and trades around the 1391.50 level while crude oil was down and trades at the 94.21 level.
Forex Chart: AUD/USD
The Australian dollar, on Wednesday, stopped its sharp downtrend that had lasted approximately the last seven trading days. The AUD/USD finished the day modestly higher than it began after touching the lowest level for this currency pair since June 2012. Any further correction higher in this pair would likely see the major psychological level of 1.0000 as a strong resistance level.
Thursday’s economic releases include:
Euro zone consumer price index
United States consumer price index
United States jobless claims weekly
United States housing starts and building permits
United States Philadelphia fed survey
Written by Zac Storella, CountingPips Forex Blog & Currency Research
