USD pushed lower against its major rivals

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Tuesday, Jun 02 2015

Though there was no major fundamentals, USD was pushed sharply down against its major rivals in the US part of the session. Euro is currently being traded few points aboge 1.1160 area, Sterling is around 1.5350 level, while Aussie is lightly below 0.7780 area, with markets still being quite volatile.

It seems that traders are willing to believe that deal between Greece and its creditors is on on the horizon. Prime Minister Alexis Tsipras said Tuesday that Greece submitted a “comprehensive proposal” to its lenders late Monday and added that a decision on an agreement now rested on European political leaders.

On the other hand, US Factory Orders unexpectedly fell by 0.4%, while no change was expected. This was the eight decline in nine months. Orders for durable goods -- products meant to last at least three years -- fell 1% in April. Orders for nondurable goods rose 0.2%.

It seems that traders will continue to weigh on USD value, especially against euro ahead of tomorrow's ECB Press Conference. For now, we believe that we can expect further decline.

More in this category: « Euro area inflation increased for the first time in five months Australian GDP rose by 0.9% in the first quarter »

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