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Ben Robson's coverage of the trading week's most important market events.
The US Dollar suffered last week as a result of the political turmoil that overshadowed the US atmosphere from the dismissal of US Federal Bureau of Investigation manager to leak of confidential information from US President Donald Trump to the Russian Prime Minister. Besides a slowdown in some economic data.
This week, the market is looking at many events and economic data that will have an impact on market movements.
The dramatic events surrounding President Donald Trump and the scandal of leaking some very confidential information to the Russian prime minister dominated this week's atmosphere. All this smacked down the dollar and drove investors away in search of safe havens such as gold and the Japanese yen, and some investors headed to the digital currency (Bitcoin) to record historic highs of 1940$.
US dollar recovered during trading day thanks to positive of economic data, as weekly unemployment claims printed the lowest reading since 1988, and declined to 232K in the week ended 12 May, that’s was better than markets expectations referred to 240K, compared to last reading at 236K. Also, Philly Fed Manufacturing Index managed to print the second best reading in 2017 at 38.3 during May.
Another bad day for US dollar, in the wake of yesterday news of the U.S President Donald Trump disclosed highly classified information to Russia's foreign minister about a planned Islamic State operation.
A lot of economic events had a remarkable impact on major currencies during the day
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