This week was marked by the talks about the possible quantitative easing by the US Federal Reserve, the talks which were further fueled by the unexpectedly poor report about the US employment. In such environment the dollar has no choice but to go down.
The unexpected cut of 95,000 jobs by the US employers added the incentive for the Fed to start next round of the bonds purchases to stimulate the US economy. The price of the US currency dropped as the traders expect the inflow of new dollars into the economy. The analysts speak about interesting effect all this talks about the easing may have: when the actual quantitative easing occur it won’t cause much impact on the dollar price. The stimulus simply already priced in, so there’s no reason for the dollar to react even more.
The dollar fell for the fourth straight week against the Swiss franc, the euro and the pound. Against the yen it dropped for the third consecutive week, going below the 82 yen-per-dollar level for the first time since 1995. The greenback declined for the sixth week against the Canadian dollar for the seventh week versus the Australian dollar.
USD/CHF opened at 0.9753 and closed at 0.9638 this week after declining to 0.9554. USD/CAD went down from 1.0194 to 1.0112. AUD/USD rose to 0.9859 after opening at 0.9725 and falling to the weekly low of 0.9541.
If you want to comment on the US dollar’s recent action or have any questions regarding this currency, please, feel free to reply below.
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