Here are the major moves in Forex as of Wednesday, March 30 8:15 a.m.
- The US dollar index is down 0.3% at 94.89 following Janet Yellen’s decidedly dovish speech at the Economic Club of New York on Tuesday. Wednesday’s loss has the dollar down 5.3% since the beginning of December.
- The Japanese yen is stronger by about 0.2% versus the dollar following the release of several data points. Industrial production fell 6.2% month-over-month, below economists’ expectations of a drop of 5.9%. “The slump in industrial output in February suggests that manufacturing activity will contract this quarter and implies downside risks to our forecast of a 0.2% q/q rebound in GDP in Q1,” noted Capital Economics’ senior Japan Economist Marcel Thieliant after the report.
- The British pound is up 0.3% at 1.4417 against the US dollar. The pound has been under pressure ahead of the June 23 referendum on EU membership. Currently, the currency is heading for its worst quarter since 2009.
- The Euro is stronger by 0.3%, up to 1.1330 against the dollar, despite a slew of disappointing data released at 5 a.m. ET, including March’s business and consumer survey which came in at 103.0, below forecasts of 103.8.
- The New Zealand Dollar is up 1.2% to .6928 against the US dollar after building consents surprised on the upside. The reading came out at 10.8%, way above forecasts of 5.0%.