Currency Market Analysis

Jun 08, 2017 | Currency Market Analysis

Global Themes

USD at October lows ahead of “Super” Thursday

The US dollar climbed from eight-month lows ahead of three major market events tonight.

The greatest focus is likely to be on former FBI director James Comey who provides testimony to Congress at midnight.

Comey’s sacking set-off a selldown in the US dollar as fears of a political scandal gripped Washington DC.

The testimony could unleash further concerns and the may see the USD could see volatility.

Aussie climbs

In other markets, the euro and the British pound were both higher.

The Japanese yen fell from six-week highs.

The Australian dollar was stronger after a better than expected reading from March-quarter economic growth. GDP climbed 0.3% over the quarter with an annual rate of 1.7%.

ECB, election

From Europe, two major events can drive volatility.

The European Central Bank meet as markets look ahead to the ECB’s stimulus end-date. The ECB’s money-printing program is due to end in December.

From the UK, general election results are due from 5.00am tomorrow.

Both events could generate volatility in their respective currencies.

Get the daily currency market analysis in your Inbox

Published five days a week, this newsletter provides day-to-day trends and activities affecting the market in easy-to-understand snapshots.