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John Wang
in
Forex
May 1 18:32

US Dollar gains against everyone except euro

Markets give up part of earlier gains.
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Euro reached solid position in trading against the US dollar on May 1. The european currency reached the highest level in two weeks, riding the news of ECB plans to make credit more affordable for the banks.
Most of european businesses were closed on May 1, celebrating Worker’s Day. The same situation took place in most Asian countries. Yet investors and traders still keep close watch on tha pandemic’s development and economic impact.
US dollar also lost some ground in trading against the yen, reaching a 107.07 mark.  At the same time the Australian dollar lost 1% and went down to 0.6447, the lowest level since April 28 . The Canadian dollar dropped as well, losing 0.5% and reaching 1.4016 in trading against the US currency .
Most analysts believe that the dynamic has been caused by underwhelming equity performance in the US. The downturn in the late trading negated some of the gains and lowered the impressive record highs of the S&P 500 index.
GBP lost some of its earlier gains as well, tumbling 0.4% in trading against the dollar ads well as the euro, reaching US$1.2550 and 87.31 marks respectively.