Boris and Kathy Forex Weekly – 31/7/2017 – Crosses
July 30, 2017 11:08 pm
Boris and Kathy Forex Weekly – 31/7/2017 – Crosses We’ve drawn to a close another brutal week for the U.S. dollar. The greenback experienced losses against all of the major currencies except for the Swiss Franc, which bucked the trend, completely broke down and experienced its weakest one week performance in more than 8 months (more on that later). Although the dollar only experienced modest declines on a percentage basis, these small changes mask the bigger story, which is that greenback dropped to 2 year lows against the euro, sterling, Australian, Canadian and New Zealand dollars. Friday’s U.S. GDP report sealed the dollar’s fate with weaker than expected growth sending the currency tumbling. The U.S. economy expanded by only 2.6% in the second quarter slightly less than the 2.7% consensus forecast. While this is a significant acceleration from last quarter’s levels investors honed in on the downward revision to Q1 growth, the headline miss and the dramatic slowdown in price growth. Even the uptick in personal consumption or the positive revision to the July University of Michigan consumer sentiment index failed to help the greenback.
Boris and Kathy Forex Weekly – 31/7/2017 – Crosses
We’ve drawn to a close another brutal week for the U.S. dollar. The greenback experienced losses against all of the major currencies except for the Swiss Franc, which bucked the trend, completely broke down and experienced its weakest one week performance in more than 8 months (more on that later). Although the dollar only experienced modest declines on a percentage basis, these small changes mask the bigger story, which is that greenback dropped to 2 year lows against the euro, sterling, Australian, Canadian and New Zealand dollars. Friday’s U.S. GDP report sealed the dollar’s fate with weaker than expected growth sending the currency tumbling. The U.S. economy expanded by only 2.6% in the second quarter slightly less than the 2.7% consensus forecast. While this is a significant acceleration from last quarter’s levels investors honed in on the downward revision to Q1 growth, the headline miss and the dramatic slowdown in price growth. Even the uptick in personal consumption or the positive revision to the July University of Michigan consumer sentiment index failed to help the greenback.
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