There was a rather quiet trade in the Forex market at the beginning of the week. The France, Germany, Switzerland, the UK and the USA public holidays are to blame. Among the major financial centers trades took place only in Tokyo and Hong Kong, but the main revenue comes from London and New York that rested on Monday.
As a result, there was a horizontal trend within the major currency pairs, but even against this background, the US dollar enjoyed moderate demand which confirms the US dollar bullish trend strength. Traders returned to the market yesterday, and the dollar rose significantly against major currencies.
The United States pleased traders with the moderately positive macroeconomic statistics. The durable goods orders report came out within the forecasted medians amid the weak car sales in April and the durable goods orders index excluding equipment transportation that was expected slightly better than the consensus forecast amid the employment and average earnings growth.
Investors reacted positively to the April US Core CPI growth which increased by 1.6% to 1.8% on the annual basis from the beginning of the year. There were rumors again in the market that the Fed was going to raise interest rates at the next meetings.