Forex Market Update : Epic Research Singapore

The dollar traded higher against some rivals, but extended its decline against the euro, after a spate of strong U.S. data supported the idea that the slump in first-quarter economic growth was transitory—increasing the likelihood that Federal Reserve policy makers might raise interest rates in June.

The dollar showed a notable lack of consistency in its trading Thursday, said Kathy Lien, managing director of FX strategy for BK Asset Management. It traded higher against the yen, pound, Canadian dollar CADUSD, -0.17%  and Australian dollar AUDUSD, -0.16% while tumbling against the euro, Swiss franc USDCHF, +0.20%  and the New Zealand dollar NZDUSD, -0.41%  .

The dollar USDJPY, +0.27% traded around ¥119.40 Thursday after rising to its highest level in a week. It traded around ¥119.05 late Wednesday in New York. The pound GBPUSD, -0.05%  weakened to $1.5357, compared with $1.5428 Wednesday.

The euro EURUSD, -0.12%  traded at $1.1225, just below a session high that marked its highest level since late February. It traded at $1.1117 late Wednesday.

The WSJ Dollar Index BUXX, +0.14% a measure of the dollar’s strength against a basket of major currencies, was flat at 0.06%. The ICE U.S. Dollar Index DXY, +0.11% a measure of the dollar’s strength against a basket of six rivals, was down 0.5% to 94.7450.

Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg