FOREX MARKET Mar 24, 2016

FOREX MARKET Mar 24, 2016

30 March 2016, 13:43
Zheng Zhang Loh
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The Dollar pushed higher against the other major currencies on Wednesday, even after data showed that US new home sales rose less than forecast in February and as hawkish comments by several Federal Reserve members continued to support the greenback. The US Commerce Department reported that new home sales rose by 2.0% to 512,000 units last month, compared to forecast for a 3.2% gain to 510,000 units. Philadelphia Fed President Patrick Harker said late Tuesday that the US central bank should raise interest rates as early as next month if the US economy continues to improve. Chicago Fed President Charles Evans said he expects two more rate hikes before the years end, if the economy remains on track. The comments came a day after Atlanta Federal Reserve President Dennis Lockhart signalled that the Fed could hike interest rates in April. The USD/JPY rose 0.24% to ¥112.64.

Market sentiment remained under pressure after three explosions in Brussels killed 34 people and injured hundreds on Tuesday. The EUR/USD was down 0.35% at €1.1177.

The Pound continued to fall as the attacks in Brussels were seen as increasing the chances of a British exit from the European Union in a June 23 referendum. The GBP/USD was down 0.70% at $1.4111. The Australian and New Zealand dollars were both weaker with the AUD/USD down 1.13% at $0.7535 and the NZD/USD was down 0.80% at $0.6698. The USD/CAD was up 1.16% at CAD$1.3203. The US Dollar Index was up 0.46% at 96.11.
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