Forex Market Update : Epic Research Singapore

The U.S. dollar on Wednesday spiraled lower against its major and emerging-market rivals after the Federal Reserve cut its outlook for the number of interest-rate hikes in 2016.

The ICE U.S. Dollar index DXY, -0.05% a measure of the buck’s strength against a basket of six rival currencies, was up 0.4% at 97.01.

The dollar weakened to ¥112.57 USDJPY, +0.11% compared with ¥113.02 late Tuesday in New York. The euro strengthened to EURUSD, -0.0891%  $1.1217, compared with $1.1107 Tuesday. The pound GBPUSD, +0.0351%  surged to $1.4248, compared with $1.4155 Tuesday.

Among emerging market currencies, the South African rand USDZAR, +0.0185% Russian ruble USDRUB, +0.2192%  and Mexican peso USDMXN, +0.0477%  were among the best performers against the dollar.

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Forex Market Update : Epic Research Singapore

The dollar edged higher against the euro on Monday as investors wagered that the Federal Reserve might point to a possible interest-rate increase in June during its coming meeting, amid a parade of important central-bank decisions this week.

The euro EURUSD, +0.0450%  traded at $1.1098 late Monday in New York, compared with $1.1163 late Friday in New York. The British pound GBPUSD, -0.1538%  traded at $1.4302 late Monday, compared with $1.4382 Friday.

The dollar USDJPY, -0.12%  traded at ¥113.79 late Monday in New York, compared with ¥113.81 late Friday, as investors awaited the Bank of Japan decision on Tuesday.

The ICE U.S. Dollar index DXY, -0.02% a measure of the buck’s strength against a basket of six rivals, rose 0.5% to 96.6650.

In other currency trading, Egypt’s central bank on Monday devalued its currency and said it would introduce a more flexible exchange-rate policy. The new official rate is 8.85 pounds USDEGP, -0.0134%  per dollar. The move highlights the diverging path of central bank’s compared with the Fed, which has said it hopes to normalize interest rates from an ultraloose levels in the aftermath of the Great Recession.

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Forex Market Update : Epic Research Singapore

In a volatile trading day, the euro logged its strongest daily gain against the dollar since early December as a single comment from European Central Bank President Mario Draghi overshadowed a blast from the central bank’s bazooka.

The shared currency EURUSD, -0.1252%  peaked at $1.1218, its highest level since Feb. 15, reversing a sharp drop that followed the firing of the ECB’s “bazooka—a comprehensive expansion of its stimulus measures, which included several interest-rate cuts and a €20 billion expansion of the central bank’s monthly bond purchases, among others.

The shared currency bought $1.1182 late Thursday in New York, compared with $1.0986 late Wednesday, a 1.8% daily gain.

The ICE U.S. Dollar index DXY, +0.08% a measure of the dollar’s strength against a basket of rival currencies, fell 1% to 96.2300.

The euro’s strength spilled over to the pound, pushing the British currency GBPUSD, -0.0420% up 0.5% against the dollar. The pound traded at $1.4279 late Thursday in New York, compared with $1.4203 late Wednesday.

In other currency trading, the dollar bought USDJPY, +0.22% ¥113.16 late Thursday, compared with ¥113.19 late Wednesday as it unwound strong gains that followed a better-than-expected reading on new jobless claims last week.

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Forex Market Update : Epic Research Singapore

The greenback USDJPY, +0.02% weakened to a one-week low of ¥112.64 late Tuesday in New York, compared with ¥113.38 late Monday in New York.

Elsewhere, crude-oil prices CLJ6, +0.03%  slid Tuesday a day after logging their highest settlement of the year as investors began to doubt the likelihood of a production freeze. The slide weighed on U.S. stocks DJIA, -0.64%

China’s oil imports actually surged in February even as other imports dropped sharply.

The euro EURUSD, -0.3451%  weakened slightly to $1.1011 as investors showed reluctance to place large bets on the shared currency ahead of Thursday’s meeting of the European Central Bank, analysts said. The shared currency traded at $1.1022 late Monday.

Elsewhere, the pound weakened after a testy exchange between Bank of England Governor Mark Carney and euroskeptics in the U.K. Parliament. The British currency GBPUSD, -0.2040% traded at $1.4215 Tuesday, compared with $1.4262.

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Forex Market Update : Epic Research Singapore

The euro broke above $1.10 on Monday as traders trimmed bets against the shared currency, hoping to avoid the type of brutal short squeeze that followed the European Central Bank’s December meeting when it meets again later this week.

The shared currency EURUSD, +0.0908% recently traded at $1.1016 late Monday in New York, little-changed from its late-Friday level, but off a session low of $1.0935 reached early in the day.

ECB President Mario Draghi has repeatedly hinted that the central bank would again expand its easing measures at its March meeting, which is set for Thursday.

Meanwhile, the dollar USDJPY, -0.50%  edged lower against the yen Monday, retreating back below the ¥114 level after pushing higher for most of last week. The buck traded at ¥113.31 late Monday, compared with ¥113.71 late Friday in New York.

In other currency trading, the dollar was broadly mixed against its G-10 and emerging-market rivals.

The ICE U.S. Dollar index DXY, -0.07% a measure of the currency’s strength against a basket of six rival currencies, was down 0.3% at 97.0710.

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Forex Market Update : Epic Research Singapore

The dollar weakened against its main rivals Thursday as more evidence emerged that the largest constituent of the U.S. economy is in the midst of a troubling slowdown.

The euro EURUSD, -0.1552%  traded at $1.0962 late Thursday in New York, up from $1.0870 late Wednesday in New York. The dollar USDJPY, -0.09%   traded at ¥113.56 late Thursday, compared with ¥113.61 late Wednesday. The pound GBPUSD, -0.0917%  traded at $1.4171 Thursday, compared with $1.4082 Wednesday.

The ICE U.S. Dollar index DXY, +0.04% a measure of the dollar’s strength against a basket of six rival currencies, was down 0.6% at 97.5860

In other currency trading, the Australian dollar hit a new 2016 high against its U.S. rival as the global crude-oil benchmark LCOK6, +0.51%  traded above $37 a barrel. Wednesday’s stronger-than-expected reading on Australia’s fourth quarter economic growth was also helping to support its currency.

Against the U.S. dollar, the Aussie AUDUSD, +0.1224%  advanced to 73.76 cents, its strongest since December 2015, compared with 72.92 cents late Wednesday.

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Forex Market Update : Epic Research Singapore

The dollar edged lower against its main rivals Wednesday afternoon as a slight risk-averse bias drifted back into the market.

The dollar traded at $1.0870 EURUSD, -0.0736% compared with $1.0868 late Tuesday.

The ICE U.S. Dollar index DXY, +0.05% a measure of the dollar’s strength against a basket of currencies, was up 0.1% at 998.4900.

The U.S. currency USDJPY, +0.35%  fared even worse against the yen. It recently traded at ¥113.36, compared with ¥113.91 late Tuesday in New York.

The British pound GBPUSD, -0.0071%  also gained on the dollar, trading at $1.4073, compared with $1.3957.

In other currencies, the Australian dollar climbed against the U.S. dollar following stronger-than-expected economic growth there during the fourth quarter. The Aussie AUDUSD, +0.1919% recently traded at 72.92 cents, compared with 72.11 cents.

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Forex Market Update : Epic Research Singapore

The dollar declined further against the yen Monday after U.S. manufacturing activity deteriorated in February, stoking fears about a recession.

A gauge of Chicago-area manufacturing activity retreated below 50, the dividing line between expansion and contraction, while a survey of Dallas-area activity came in much weaker than expected.

The dollar began weakening against its Japanese rival during the Asia trading day after the People’s Bank of China (PBOC) guided its currency, the yuan, lower for a fifth straight session. The move revived fears that China could trigger a round of competitive currency devaluations just days after the Group of 20 (G-20) leading finance officials condemned such actions.


The dollar USDJPY, -0.34% traded at ¥112.80 late Monday in New York, compared with ¥113.98 late Friday in New York. The pound GBPUSD, +0.1006%   traded at $1.3922 Monday, compared with $1.3836

Yuan USDCNY, -0.1953%   traded in China’s onshore market stood at 6.55 to the dollar from 6.54 at the close of trading on Friday.

But the dollar managed to hold on to its gains against the euro even after the weak U.S. data, with the shared currency EURUSD, +0.1380%  trading at $1.0889 late Monday, compared with $1.0932 late Friday in New York.

Meanwhile, the ICE U.S. Dollar index DXY, -0.02% a measure of the buck’s strength against a basket of six currencies, was up 0.1% to 98.2230.

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Forex Market Update : Epic Research Singapore

The dollar surged against its main rivals Friday and logged its first weekly gain out of four against the Japanese yen after a raft of economic data challenged the idea the U.S. is tipping toward recession.

Stronger economic reports might embolden select Federal Reserve policy makers who believe the group should be open to raising interest rates at the Fed’s next meeting in March, lifting the appeal of dollar-denominated assets.

In reaction, the dollar USDJPY, +0.88%  traded at ¥113.88 late Friday in New York, compared with ¥112.94 late Thursday in New York. It was up 1.1% on the week, but remains down 5.6% since the beginning of the year.


Meanwhile, the U.S. currency clinched its second straight weekly gain against the euro EURUSD, -0.7805% which fell to $1.0931 late Friday from $1.1024 Thursday. The pound GBPUSD, -0.6446% traded at $1.3854 late Friday, a new seven year low, compared with $1.3977 Thursday.

The ICE U.S. Dollar index DXY, +0.66% a measure of the dollar’s strength against a basket of six rivals, was up 0.9% at 98.1470.

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Forex Market Update : Epic Research Singapore

The dollar strengthened against the yen Thursday after official U.S. data showed factories did brisk business in January, confirming earlier signs that manufacturing has begun to recover after a disappointing fourth quarter.

The greenback USDJPY, -0.08%  traded at ¥112.80 late Thursday in New York, from ¥111.95 late Wednesday in New York, reversing a drop from earlier in the day. The euro EURUSD, +0.2995%  traded at $1.1039 Thursday, compared with $1.1014 Wednesday.

The ICE U.S. Dollar index DXY, -0.20% a measure of the dollar’s strength against a basket of currencies, was down 0.1% at 97.4080 after rising earlier in the session

After dropping to a seven-year low earlier in the week, the pound GBPUSD, +0.1504% recovered Thursday as fears about the U.K. exiting the eurozone waned. The British currency was up slightly against both the euro and the dollar, recently trading at $1.3978 and 78.89 pence to the euro. It traded at $1.3926 and 79.10 pence late Wednesday.

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Forex Market Update : Epic Research Singapore

The dollar pared its decline against the euro and yen Wednesday as oil prices rebounded and helped revive demand for risky assets like stocks.

The ICE U.S. dollar index DXY, +0.05% a measure of the buck’s strength against a basket of six rivals, was flat at 97.4840 late Wednesday in New York. The index declined steadily as the session wore on after briefly touching a three-week high around 7 a.m. Eastern.

The euro was down 0.1% at $1.1008 late Wednesday in New York EURUSD, +0.0817% compared with $1.1016 late Tuesday. The dollar USDJPY, +0.12%  strengthened 0.1% to ¥112.05, from ¥111.9720 Tuesday.

The pound GBPUSD, +0.0287%  fell to a seven-year low early in the session, but trimmed its decline to $1.3942 by late Wednesday, compared with $1.4009 late Tuesday.

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Forex Market Update : Epic Research Singapore

The dollar climbed on Monday, helped by the British pound’s decline on heightened “Brexit” worries and the yen’s drop amid a further rally by Tokyo stocks.

The ICE U.S. Dollar index DXY, -0.14% —a measure of the buck’s strength against a basket of six rival currencies—jumped 0.8% to 97.3700, maintaining gains despite a weak reading from the Markit U.S. manufacturing purchasing managers index, which declined to 51 in the February flash estimate, its lowest level since 2012.

The pound GBPUSD, -0.2615%  plunged to $1.4058, its lowest level in seven years and its largest daily drop since 2009, on heightened fears the U.K. will leave the European Union after London Mayor Boris Johnson came out in favor of a so-called Brexit. The U.K. currency traded at $1.4149 late Monday in New York, compared with $1.4406 late Friday.

The yen USDJPY, -0.61%  dropped against the dollar, which gained to ¥112.81 late Monday, from ¥112.65 late Friday in New York.

In other currency-pair trading, the euro EURUSD, +0.1088%  was at $1.1027 late Friday, down 1.1% from $1.1133, weighed down by Brexit worries and a weaker-than-expected preliminary reading on business activity.

Rising oil prices CLJ6, -1.23% helped support resource-linked currencies like the Canadian dollar CADUSD, -0.0729%  and Norwegian krone USDNOK, +0.0686% against the buck. The Russian ruble USDRUB, -0.05%  also soared thanks to its close correlation with the price of oil.

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Forex Market Update : Epic Research Singapore

The dollar extended its decline against the yen Friday, logging its worst three-week stretch against the Japanese currency since June 2013.

Nervous investors seeking shelter in the world’s third-largest economy have pushed the dollar down 7.1% vs. the yen since the beginning of the month, as concerns about global growth and market volatility linger.

The euro also strengthened against the dollar Friday but failed to unwind a sharp drop from earlier in the week. It finished the week down 1.1% against the greenback, snapping a two-week winning streak.

The euro EURUSD, +0.1980%  traded at $1.1135 late Friday in New York, compared with $1.1114 late Thursday; the dollar traded USDJPY, -0.56% at ¥112.57 Friday, compared with ¥113.09 late Thursday in New York.

The ICE U.S. Dollar index DXY, -0.26% a measure of the dollar’s strength against a basket of six rival currencies, was down 0.3% at 96.6340.

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Forex Market Update : Epic Research Singapore

The U.S. dollar gained against the euro on Thursday as price swings in crude-oil futures continued to dictate the direction for currency markets.

On Thursday, the dollar EURUSD, +0.1440%  appreciated against the euro, which fell to $1.1101 in late trade in New York from $1.1124 late Wednesday.

“Euro has been used as a funding currency, so when oil prices rally euro falls, as happened today,” said Neil Mellor, chief currency strategist at BNY Mellon.

However, the buck USDJPY, -0.31%  edged lower against the yen, trading at ¥113.24 late in New York, compared with ¥114.13 late Wednesday in New York.

“The Japanese yen strengthened sharply over the past several weeks and it was a one-off flow due to flight to safety. It would take greater confidence for the dollar to recover to ¥115-¥116 levels,” Mellor said.

The ICE Dollar Index DXY, -0.09% a measure of the dollar against a basket of major currencies, was up 0.1% at 96.88.

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Forex Market Update : Epic Research Singapore

The dollar rose against most other major currencies on Monday, particularly strengthening versus the yen, as reduced risk sentiment prompted investors to sell the haven Japanese currency.

The greenback USDJPY, +0.20% advanced to ¥114.12 after trading at ¥113.29 late Friday in New York.

Investor sentiment has turned positive after a rally in commodities and banking shares that elevated European markets and U.S. stocks Friday. The positive mood has translated into a sharp recovery for Japan’s benchmark Nikkei Stock Average NIK, +0.90% which ended up 7.2%.

In other currency-pair trading, the euro EURUSD, +0.0090%  dropped against the dollar to exchange hands at $1.1175 from $1.1255 late Friday in New York.

The pound GBPUSD, +0.0139%  also fell, trading at $1.4472, down from $1.4504.

The ICE dollar index DXY, +0.06% a measure of the dollar against a basket of major currencies, rose 0.6% to 96.541.

The WSJ Dollar Index BUXX, -0.04% rose 0.3% to 89.24.

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Forex Market Update : Epic Research Singapore

The U.S. dollar firmed against the euro and yen Friday after better-than-expected retail sales suggested consumer spending—the biggest driver of the economy—was stronger than expected in January.

However, the greenback’s Friday gains didn’t prevent it from posting its second straight weekly decline against major rivals against the backdrop of panicky global stock markets, and doubt that the Federal Reserve will raise rates in 2016.

The ICE Dollar Index DXY, +0.38% a measure of the dollar against a basket of major currencies, was up 0.4% at 95.97, but was down 1% over the week.

The greenback USDJPY, +0.74%  rose to ¥113.26 in recent trade, compared with ¥112.29 late Thursday in New York. The euro traded at EURUSD, -0.6093%  $1.1255, compared with $1.1316 Thursday.

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Forex Market Update : Epic Research Singapore

The dollar tumbled Monday to its weakest level against the yen since late 2014, as plunging oil prices dragged global stocks lower, helping to support haven assets like the Japanese currency and U.S. Treasurys.

The dollar USDJPY, -0.98% traded as low as ¥115.54 late Monday in New York after falling to its weakest level against the dollar since November 2014 earlier in the session. The buck traded at ¥116.82 late Friday in New York.


The euro strengthened to $1.1200 late Monday, up from $1.1160 Friday. However, the pound GBPUSD, -0.0208%  weakened to $1.4430 from $1.4503 Friday.

The ICE U.S. Dollar index DXY, -0.23% a measure of the dollar’s strength against a basket of six rival currencies, fell 0.5% to 96.6010.

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Forex Market Update : Epic Research Singapore

The dollar came under renewed pressure Thursday, building on Wednesday’s rout on concerns about the strength of the U.S. economy and fading expectations that the Federal Reserve will deliver more interest-rate increases this year.

The euro EURUSD, -0.1427%  traded at $1.1211, up from $1.1109 late Wednesday in New York and topping the $1.12 level for the first time since October. The euro rose earlier in the day, despite a speech by European Central Bank President Mario Draghi that emphasized the “risks” surrounding a “wait-and-see” approach to embarking on further monetary stimulus.

The U.S. currency USDJPY, +0.04% rose as high as ¥118.24 in Asian trade before slipping, trading at ¥116.78 in late New York trade. That was down from ¥117.72 late Wednesday, and well below the ¥119.00-line seen before the Bank of Japan’s surprise decision last Friday to implement negative interest rates.

The ICE dollar index DXY, +0.07% a measure of the currency against a basket of major rivals, fell 0.8% to 96.539. The WSJ Dollar Index BUXX, +0.11% a measure of the dollar against a wider basket, fell 0.7% to 89.31 and saw its biggest two-day percentage decline since March 2009..

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Forex Market Update : Epic Research Singapore

The dollar on Wednesday logged its largest one-day drop versus the euro since early December, after a disappointing reading on U.S. service-sector activity was seen putting Federal Reserve interest-rate increases on hold.

The ICE U.S. Dollar index DXY, +0.09% a measure of the dollar’s strength against a basket of six currencies, fell to a session low of 96.8900, its weakest level since early November and what amounted to a daily drop of more than 2% before paring its decline to 97.9500, a drop of 1.7% on the day.

The euro EURUSD, -0.2071%  traded at $1.1108 late Wednesday in New York, compared with $1.0925 late Tuesday in New York. It was the euro’s largest daily gain versus the buck since the European Central Bank unveiled a smaller-than-expected expansion of its stimulus measures on Dec. 3.

The dollar USDJPY, +0.14%  weakened to ¥117.78 Wednesday, compared with ¥119.80 Tuesday. The pound GBPUSD, -0.1370%  traded at $1.4603, compared with $1.4403 late Tuesday.

Meanwhile, oil prices rebounded, helping to support several resource-linked currencies, including the Russian ruble USDRUB, +0.00%  and Canadian dollar USDCAD, -0.2685% against the buck.

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Forex Market Update : Epic Research Singapore

The dollar edged lower against the euro and yen Tuesday as oil prices moved lower and the bump in risk appetite that followed the Bank of Japan’s surprise interest-rate cut faded.

The U.S. currency USDJPY, -0.26%  fell to ¥119.96 late Tuesday in New York, compared with ¥120.61 late Monday in New York—its biggest daily decline against the yen in more than two weeks.

The euro EURUSD, +0.0458%  strengthened to $1.0922 late Tuesday, compared with $1.0924 Monday. The pound GBPUSD, +0.0000%  traded at $1.4399 Tuesday, compared with $1.4423 Monday.

The ICE U.S. Dollar index DXY, +0.01% a measure of the dollar’s strength against a basket of six rival currencies, declined 0.2% to 98.8210.

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