Fed’s minutes have raised hope of US Dollar to regain its value. Its prices are seeing positive movements against other major currencies.
ForexMinute.com – With Feds announcing to continue the tapering of its monthly bond-purchasing programs this Wednesday, US Dollar has shown a decent recovery against other major currencies. The greenback is further supported by the Fed’s decision to keep its interest rates between 0.00 and 0.25% as before.
Meanwhile here is the Thursday report of the US Dollar against other major currencies as per the time of the writing.
The currency pair is currently trading at 0.8264 after hitting its two-week lowest 0.8240 during late Asian trade – showing a marginal rise of 0.01%. The fall although is the ripple effect of China’s HSBC manufacturing index, which fell from January’s 49.5 to 48.3 this month – the seventh month lowest. It subsequently affected the NZD/USD pair with China being the second major export partner of New Zealand.
The pair is expected to find support at February 7’s low 0.8210 and the resistance at 0.8342, Wednesday’s high.
The China’s PMI also affected Australian dollar price against the greenback, with the pair AUD/USD hitting 0.8955, retreating only 0.49% from the reading of late Asian trade 0.8934. This one is the one-week lowest. The pair is expected to find support at February 5’s low 0.8873 and the resistance at September 18’s high 0.9080.
China is the biggest exporter of the Australia.
The pair EUR/USD has been better than those of NZD/USD and AUD/USD, unaffected by the China’s PMI. The currency pair is right now at its 8-weeks high, trading at 1.3750, but meanwhile also losing 0.24% with previously being traded at 1.693.
After the Fed’s tapering program announcement, pound has dropped slightly against the dollar with being closing at 1.6700 last night. At the time of writing, the GBP/USD currency pair is currently seeing a further drop, reaching 1.6681. The pair is likely to find support at 1.6620. There are although no fresh data to be released that concerns GBP, but few events are expected on the USD side, including the Core CPI and Unemployment claims, followed by the Philly Fed Manufacturing Index.
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