Forex Daily Recap – The USD Index Roared Near Monthly Top 98.30 Levels Amid Upbeat US Data

US Dollar Index

The USD Index that computes the greenback against the six significant rivals again touched a new high today. The greenback reached the apex near 98.32 levels at 12:35 GMT. During the early session, the index soared 22 pips following weak Spain Q1 Unemployment Survey reports. The pair showed few more upside amid higher-than-expected US Durable Goods reports. Also, the US Continous Jobless Claims computed since April 12 reported 1.655 million, over 1.699 million estimations. The March Nondefense Capital Goods Orders excluding Aircraft figures reported 1.2 percent over the analyst expectation.

There was only one negative report out of the total six major US events today. However, It was quite surprising to see the Index plunge post the release of these reports. The greenback slipped dramatically from the month/day top 98.32 levels setting near 98.03 opening levels. The index attempted to recover the lost gains near 14:30 GMT after the EIA Natural gas report. The US Dollar Index was trading near 98.19 levels at 16:40 GMT.

GBP/USD

The cable opened at the level of 1.2904 levels. During the Asian Session, the GBP/USD pair hovers around the resistance level of 1.2900, but later it marked a steep drop of 45 pips. At 8:15 GMT the pair attempted crossing over the resistance level and then, remained consolidated. During the Asian Session, the UK’s CBI Distributive Trade Survey for April got released, and the actual numbers remained highly bullish. The UK’s economy gained some thrust after this index was on the wire. In the European session, the US reports got published, and they turned out more optimistic than the consensus estimates. As a result, both the events uplifted the pair to cross over in the mid-session.

EUR/USD

The EUR/USD pair made a positive opening starting from 1.1147 levels. The pair further attempt to stay above the resistance point of 1.1148 levels. Later, it crossed the resistance line and slipped to 1.1123 this created a new lowest record of the month. But things reversed after 12:30 GMT and the pair arise above reaching back to the resistance level. The IFO’s April Current Assessment, the Business expectations, and the Business Climate Indexes appeared lower than expected, for Germany. Hence, these indexes continued to pull down the EUR/USD pair.

The recent release of the European Central Bank’s Economic Bulletin failed to provide a positive impulse to the current European economic conditions. This event was unable to strengthen the Euro. At 12:30 GMT the March US Durable Goods Order, Non-defence capital goods, Goods excluding Defence & Transportation, came out highly bullish. These reports further impacted the pair to climb upwards and hover around the resistance level.

USD/JPY

The pair kicked off the day starting from the 0.00893 levels. The pair continued yesterday’s uprising and further gained upward momentum in the European session. The USD/JPY created the week’s a new high around the 0.00897 levels. In the morning hours, the Bank of Japan broadcasted the Monetary Policy report and Interest Rates decision. These statements positively influenced the JPY to crop up. In addition to the above currency enrichment, the US events during the European session further aided. The US Durable Goods Order, Core Durable goods and the Employment Claims appeared unforeseeably good.