U.S. Dollar Enjoys Durable Goods Orders Gaining

The dollar strengthened to a seven-week high after a report showed U.S. orders for durable goods unexpectedly rose in April.

The euro headed for the biggest monthly drop since January versus the U.S. currency after European Central Bank President Mario Draghi signaled yesterday that policy makers are ready to expand stimulus. Hungary’s forint extended losses after the central bank cut interest rates to a record low. The Turkish lira fell the most in a week as consumer confidence dropped. A gauge of volatility in Group of Seven currencies fell to almost the lowest in seven years.

“The numbers have helped the dollar generally,” Vassili Serebriakov, a New York-based foreign-exchange strategist at BNP Paribas SA, said by phone. “The signal has been pretty strong from Draghi over the weekend and other policy makers that there will be a move in June.’

Bloomberg

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.