Dollar Traders Shrug off Fed Tapering Concerns

Barbara Zigah

The US Dollar remained close to milestone lows during the Asian trading session on Friday.

Federal ReserveAnalysts say the greenback is headed to record a weekly loss despite the markets' dismissal of the Federal Reserve's recent comments on tapering. Earlier in the week, the latest Fed minutes showed that some members of the Federal Open Market Committee believe that the asset purchase pace might need to be adjusted if the US economy continues to show improvement. Outside of the US, other currencies continue to gain positive momentum as their respective nations recover from the economic repercussions of the Covid-19 pandemic.

In Tokyo trading as of 10:47 am, the EUR/USD was trading higher at $1.2232, a gain of 0.0376%; the pair has ranged from a low of $1.22168 to a peak of $1.223978. The GBP/USD was lower at $1.418, down 0.0656%, off the session peak of $1.41975. The USD/JPY was higher at 108.8360 Yen, up 0.07%; in today's session, the pair has ranged from 108.728 Yen at the low end to 108.904 Yen at the high end.

EU PMI Reports in Focus

Later today, markets will be watching for the release of PMI reports in the Eurozone. Chief among them is the PMI report for the EU's largest economy, Germany. Analysts recently polled have predicted that the preliminary reading for the May Manufacturing Sector PMI will come in at 65.9, down from 66.2. The PMI for the Services Sector is expected to show an improvement at 52, above the 49.9 of the previous reading. Finally, analysts expect the Composite PMI to rise to 57.1, an improvement of last month's 55.8. 

Barbara Zigah

After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.

Did you like what you read? Let us know what you think!

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

0 User comments

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

Read more
Add new comment
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Sample Dynamic Content Placeholder dfp-placeholder