Dollar Up While British Pound Down Seven Days Straight
The US dollar has been on an upward path for some time, due largely to other global currency fluctuations rather than building strength on its on merit. In fact, the data following the dollar is rather remiss as the us economy has seen marked declines in manufacturing activity and the housing market plummeted to a four and a half year low this June. However, ample gains in USDJPY came as the result of risk trends, AUSUSD corrected after and earlier rally, and NZDUSD collapsed following the decision on the RBNZ rate.
The GBPUSD has seen dark days over the past week with its seventh closing at less than 1.7000, the longest streak of losses since January ’13. The NZD also dropped considerably following the RBNZ interest rate decision.
The Japanese Yen saw further inflation following the release of June’s consumer inflation figures. The pacific island nation’s economy looks to be on its way to recover well from deflationary rut that has lasted decades.
The Russian ruble also gave ground following a fresh expansion of sanctions from the EU.
In commodities, gold fell in its fourth consecutive showing, while yields rose following the interest in the dollar as anti-currency demand waned.