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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