Forex Market Outlook this week: US dollar retreat

         The US dollar seems to gain after its five-day loss. Against the Euro, the dollar was little changed at $1.3885 per euro, decreasing by 1.3 % this week. While against the euro, the greenback moved up by 0.1 % to 101.62. The yen moved down 0.1 % to 141.13 against the euro.

        Against the greenback, the pound slid down on account of fall in equities, curbing the sentiments for the U.K.’s financial industry. The Sterling moved down 0.4 % to $1.6718, before consolidating at down 0.3 % to $1.6733. Futures traders are optimistic about the rise of the pound against the greenback as revealed by the data from the Washington-based Commodity Futures Trading Commission show. 

       Neil Jones, the London-based head of financial institutional sales at Mizuho Bank, Ltd stated that the fall in the pound is due to its heavy reliance on the financial industry that is correlated with global stock markets. 

      Against the major counterparts, the yen moved up this week after the Bank of Japan desisted from adding more monetary stimulus.

       The Aussie slid down 0.2 % to 93.97 U.S. Cents after going to a peak of 94.61 cents yesterday. With the RBA Governor Glenn Stevens gesturing an end to the interest rate cuts in February, the Australian dollar had gained more than 5% this year against the US dollar. 

       The Swiss franc moved up against the major counterparts. With the speculators seeking safety, the franc rose against its peers. TheSwiss currency moved up to 87.44 centimes per dollar at 0.2 % increase.

       Turkey’s currency, the lira, moved down 0.3 % to 2.1136, weakening for a third day after the market sentiments broke down due to the stance by Moody’s Investors Service showing negative rating on Turkey’s debt.

       The Brazil real trimmed its fourth week of progress. With the positive speculations that the central bank of Brazil will control inflation, the Brazil’s real moved up this week. Even though it slid down by 0.5 % today, the real real has moved up since April 4 by 0.8 % to 2.2187 per dollar.

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