US Dollar Trades on Upbeat Bias Amid Growing Risk Appetite
Login

US Dollar Trades on Upbeat Bias Amid Growing Risk Appetite

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:


As reported earlier, investor risk appetite took a bump since Monday after the markets got rattled by restriction measures by governments globally to curb the spread of the Omicron variant, and US Senator Joe Manchin dumped President Biden’s Build Back Better fiscal spending package.

Commenting on the risk-on sentiment, analysts at Brown Brothers Harriman noted that “the dollar is softening as risk-off impulses continue to ebb,” adding that “we are likely in a consolidative period for now given the lack of any major new drivers.”

Meanwhile, the US dollar index (DXY) trades neutrally at 96.11 at press time and remains close to its yearly high of 96.938 recorded on November 24, on expectations of a rate hike by the US Fed.

Economic data released yesterday showed that the US consumer confidence saw a boost in December, indicating that the economy would maintain an expansive pattern in 2022, despite the spike in COVID-19 infections and tapered fiscal stimulus.

EUR, NOK, GBP, and AUD Gain Against US Dollar Despite Bullish Greenback Momentum

Moving on, the euro gained against the dollar on Thursday, as it tapped the 1.1340 high. The risk-sensitive Aussie (AUD) also gained against the dollar, recording a new monthly high at 0.7240 in the early London session on Thursday.

The greenback also lost against the Norwegian krone (NOK), as the Norwegian currency got a boost from rising oil and gas prices and usually experiences an upbeat sentiment around Christmas periods.

Finally, the British pound added 0.37% against the dollar to record a new monthly high at 1.3406, despite recent data showing that the UK’s economy grew much slower than it did in Q3 2021.

 

You can purchase crypto coins here: Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News