- Ukrainian Hryvnia tumbles to a new 7-year low
- Solid job growth spark demand for the greenback
- Fed’s Powell testimony awaited
- More risk events on the economic calendar
The Ukrainian Hryvnia to US dollar (UAH/USD) exchange rate settled on Wednesday down -0.07% at 0.03341, close to its lowest level in seven years. At the time of writing, one US dollar buys 0.03341 Ukrainian Hryvnia, unchanged from yesterday.
In the United States, the ADP National Employment Report revealed a better than expected change of employment. The report showed private job growth totals 475,000 in February. The previous reading was also revised upwards to 509,000 from -301,000, which boosted the US dollar.
Fed Chairman Powell will address US Congress on the second day of testimony at 16:00 UTC. Powell’s testimony amid inflation worries is expected to weigh on the market mood.
High-Risk Events
Looking forward, the economic calendar is packed with high-grade economic data that can affect the sentiment around the US dollar.
The weekly jobless claims for the last week of February are expected to total 225k down from the 232k previous reading. Markit Services PMI data followed by the ISM Services PMI will also weigh in on the exchange rate during the North American trading session.
The ISM Services PMI is expected to increase to 61 compared to 59.9.
Elsewhere, the dollar index, which gauges the greenback’s strength against a basket of major currencies, settled down -0.04% at 97.35.
Currencylive.com is a news site only and not a currency trading platform. Currencylive.com is a site operated by Wise US Inc ("We", "Us"), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of Wise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on currencylive.com do not represent our views.
