Toptenforex.com – The dollar trimmed gains and held steady against the other majors currencies in quiet trade on Friday, as investors seemed to have digested Donald Trump’s shock election on Wednesday and even saw some advantages for the U.S. economy.

26/03/ 2015. REUTERS/Gary Cameron
26/03/ 2015. REUTERS/Gary Cameron

EUR/USD slid 0.30% to 1.0863. The pair jumped to a high of 1.1298 on Wednesday, the highest since September 8, before tumbling to 1.0902.

The dollar found support as investors began to think that a Trump presidency may not be as bad for financial markets as initially expected.

Market participants were especially hoping to see Trump’s policies boost spending and inflation.

 

 

The greenback was also boosted after the U.S. Department of Labor said on Thursday that initial jobless claims decreased by 11,000 to 254,000 in the week ending November 5. Analysts had expected jobless claims to drop by 5,000 to 260,000 last week.

The Mexican peso continued to tumble, with MXN/USD down 1.44% at fresh record lows of 0.0479.

In a press conference on Wednesday, Mexican central bank officials said they were watching market volatility but refrained from any measures to stem the peso’s decline.

Elsewhere, GBP/USD advanced 0.85% to 1.2657, the highest since October 6.

The pound found some support as a number of British lawmakers said they are prepared to vote against Brexit negotiations after U.K. judges ruled that the government needed parliamentary approval to begin its departure process from the EU.

USD/JPY retreated 0.49% to 106.31, just off Thursday’s more than three-month high of 106.94, while USD/CHF held steady at 0.9873.

The Australian and New Zealand dollars were weaker, with AUD/USD down 0.33% at 0.7585 and with NZD/USD shedding 0.29% to 0.7191.

Meanwhile, USD/CAD gained 0.27% to trade at 1.3507, not far from Wednesday’s seven-month highs of 1.3525.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 98.84, just off Thursday’s two-and-a-half week highs of 99.08.

Source : Investing.com

 

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