By: DailyForex.com
Though recovering now, the US Dollar continues to be shaky and earlier struck a 7-week trough as concerns grow over a perceived protectionist stance by the US President. Yesterday, President Trump gave the green light to begin construction on a wall to separate the southern border of the United States and Mexico in an effort to stop illegal immigration. He also said he is ready to impose curbs to immigration protocols. Though the president has made a number of decisions perceived as “business friendly” his other plans have been nothing but divisive and are creating jitters in global markets.
As reported at 10:15 am (GMT) in London, the US Dollar Index was trading at 100.18 .DXY, a gain of 0.15%. The USD/JPY pair was trading at 114.242 Yen, a gain of 0.82%; earlier the pair hit a low of 113.070 Yen while the session peak was at 113.8000 Yen. The EUR/USD was trading at $1.0722, down 0.25%; today’s range is from a low of $1.0717 to a peak of $1.0765.
GDP Figures Fail to Lift Pound
Despite better than expected growth data, the Pound Sterling remains under some pressure against the US Dollar. The Office of National Statistics reported that preliminary Q4 figures showed a flat 0.6% growth (quarter-over-quarter basis) against expectations of a decline to 0.5%. The GBP/USD was trading at $1.2617, down 0.16% and not too far off the session low of $1.2624.