Dollar Steadies as Quarter Ends

Friday, 30 March 2018 2:29

The US Dollar remained steady during Asian trading on Friday, though analysts caution that, ahead of a new quarter which begins next week, the greenback will likely have run out of steam. The US Dollar Index, a measure of the greenback’s strength against a weighted basket of peers, had been up about 0.8% for the week and had struck a 1-week high on improved sentiment. Analysts say that quarter-end flows also helped provide the greenback with a boost but that boost may disappear as the second quarter begins. In fact, they caution that there are still a great many challenges facing the Dollar, including trade issues and the relative health of the American economy.

As reported at 10:01 am (JST) in Tokyo, the EUR/USD was trading at $1.2301, down 0.003%; the pair has ranged from a $1.22901 to a peak of $1.23089. The GBP/USD was trading lower at $1.4016, down 0.10% and moving a few pips off the session low of $1.4013. The USD/JPY was trading at 106.302 Yen, down 0.17%; the pair has ranged from a session low of 106.232 Yen to a peak of 106.537 Yen.

Data to Drive Yen

With few exceptions, most major financial markets are closed for the Good Friday holiday tomorrow, and many, with the key exception of the United States, will remain closed on Monday for the Easter Monday holiday. Over the weekend, the only major data release will be PMI reports from China which will be released tomorrow. Then, on Sunday, Tankan surveys for Japan’s first quarter will be released for the large manufacturing and non-manufacturing sectors.

Barbara Zigah is a freelance journalist living in Ghana, who specializes in Forex-related content; her online work has appeared in the IB Times, NASDAQ, Benzinga, and Seeking Alpha.

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