Disappointing GDP data continues to put broad pressure on the US Dollar which was down against the Japanese Yen and the common currency Euro in Tuesday trading. The Japanese Yen touched at 3 week peak and pushed past the 102 mark, the first occurrence of that price since the Japanese government announced a massive fiscal spending package of some ¥13.5 trillion. Analysts blame the Dollar’s softness on a combination of dismal data and a less hawkish Federal Reserve that now seems to have pushed back further a possible rate hike.
As reported at 10:52 am (BST) in London, the EUR/USD was up 0.291% to trade at $1.1199; the pair has ranged from a low of $1.153 to a high of $1.1207 in today’s trade. The USD/JPY is down 0.64% at 101.695 Yen; the daily low was set at 101.45 Yen while the high was at 102.81 Yen.
Data Continues to Predict Dismal Outlook
The US Dollar Index, which FX traders use to assess the relative strength of the greenback against a weighted basket of peers, fell to 95.430 .DXY, down 0.30%. Last week, the Index hit 95.384 .DXY, the largest decline in 3-months. The latest manufacturing data from the US is said to be a factor in the Dollar’s weakness; the ISM had reported July activity fell to 52.6, falling short of expectations.