Dollar moves up while euro goes down in early trading

Dollar moves up while euro goes down in early trading

Tuesday morning came with a mixed wave for currency investors when the dollar prices moved slightly up in Asian markets while the euro plunged to a sixteen month low. It happened amid investors waiting for the retail sales data of the US. A robust reading could stress the US Federal Reserve to spike rates. 

The US dollar index reached 95.247, up by 0.02 per cent. At 3:37 AM GMT (10:37 PM ET). The USD/JPY pair edged up to 114.19 to 0.07 per cent. 

The AUD/USD pair spiked to 0.7361 by 0.23 per cent. It was led by RBA (Reserve bank of Australia) releasing the minutes out its November meeting in the day. The NZD/USD pair inched up to 0.7020 by 0.19 per cent. 

The USD/CNY pair inched down to 6.3715 by 0.17 per cent after Xi Jinping of China, and the US president Joe Biden started a virtual summit. 

The GBP/USD pair increased to 1.3432 by 0.10 per cent. 

Andrew Bailey, Bank of England Governor, mentioned that he felt uneasy about inflation before a parliamentary committee. It had led to the euro witnessing the steepest dive against the pound in the past six months. 

Notably, the EUR/USD plummeted below USD 1.14 overnight. It was for the first time since July this year. Rising COVID-19 cases have been blamed for it. 

Christine Lagard, ECB (European Central Bank) president, said that it was necessary to tame inflation; otherwise, it would cause massive harm than good with time to come. She addressed it to the European Union lawmakers. 

Meanwhile, the figures of US retail data can arrive later in the day. Moreover, the New York Empire State Manufacturing index opened better than expected on Monday. On Wednesday, the consumer price index will be released for the Eurozone. 

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