FX round-up: Dollar falls after lower-than-expected US durable goods
The dollar fell against against a basket of global currencies on Wednesday following disappointing US durable goods orders results for February.
According to the US Commerce Department, total durable goods orders including transportation items receded 1.4% in February compared to the 0.4% rise in January.
The EUR/USD rose 0.7% to $1.1002 while the dollar index, which measures the US currency against a basket of six others, receded 0.34% to $97.10.
CMC Markets analyst Jasper Lawler added: “The dollar lost out across most major currencies on Wednesday following a wide miss of durable goods forecasts for February. The miss casts more doubt on whether the US economy is strong enough to withstand a rate-hike later in the year.”
The USD/JPY rose 0.39% to 119.28 while the GBP/USD increased 0.56% 1.4931.
IG analyst Chris Beauchamp said: “The market has not yet run out of reasons to buy the euro it seems, in an almost total reversal of the universal doom and gloom seen last week. Then it appeared parity was just a short time away but now we talk of fresh gains for the single currency."