Forex Market Moves So Far Today, August 2, 2023:
The US Dollar is strengthening against most major currencies. The US Dollar Index (DXY), which measures the value of the US Dollar against a basket of major currencies, is up 0.5% today. The Dollar is being supported by rising interest rates in the United States, as well as by concerns about the global economic outlook.
The Euro is weakening against the US Dollar. The Euro is down 0.7% against the US Dollar today. The Euro is being weighed down by concerns about the European economy, as well as by the ongoing war in Ukraine.
The Japanese Yen is strengthening against the US Dollar. The Japanese Yen is up 0.3% against the US Dollar today. The Yen is being supported by its safe-haven status, as investors are seeking out assets that are seen as less risky.
The British Pound is weakening against the US Dollar. The British Pound is down 0.2% against the US Dollar today. The Pound is being weighed down by concerns about the UK economy, as well as by the ongoing political uncertainty in the country.
The Australian Dollar is strengthening against the US Dollar. The Australian Dollar is up 0.4% against the US Dollar today. The Australian Dollar is being supported by rising commodity prices, as well as by the country’s strong economic growth.
The New Zealand Dollar is strengthening against the US Dollar. The New Zealand Dollar is up 0.5% against the US Dollar today. The New Zealand Dollar is being supported by rising commodity prices, as well as by the country’s strong economic growth.
These are just some of the most notable moves in the Forex market so far today. The market is still volatile, and it is possible that these moves could reverse later in the day.
Some more factors to take note of that could influence the Forex market in the rest of the day:
- The release of US economic data, such as the unemployment rate and GDP growth.
- Any news about the war in Ukraine.
- Any changes in interest rates by central banks.
- Investor sentiment.