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US Dollar Index Fell as All Major Currencies Posted Gains

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Jun. 6 2016, Published 2:42 p.m. ET

US dollar index fell by close to 2%

The US dollar index (UUP), which measures the strength of the US dollar against a basket of major currencies, fell sharply on June 3, 2016. This sharp fall was primarily due to the release of US non-farm payroll data, which missed forecasts.

The US dollar index fell 1.8% from its opening levels and was trading at 93.87 at the end of trading hours on June 3.

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Asian currencies experience heavy appreciation

Critical Asian (AAXJ) currencies were trading higher against the US dollar on June 3, 2016. The Japanese yen posted maximum gains for the day.

The US dollar–Japanese yen currency pair, which is inversely related to the Japanese yen, fell by 2.2%. The US dollar–Indian rupee currency pair also fell 0.8% on the day.

Oceanic currencies such as the Australian dollar (FXA) and the New Zealand dollar were trading stronger against the US dollar. They rose by 1.9% and 2.2%, respectively, against the US dollar.

Major European currencies post significant gains

European currencies (FEZ), which form a major part of the US dollar index, were also trading positively on June 3, 2016, after the NFP release.

The British pound–US dollar currency pair posted a rise of 0.73%. The rise in the euro–US dollar pair (EUO) compounded, rising by a significant 1.9%. The US dollar—Brazilian real major Latin American currency pair, which is inversely related to the Brazilian real, fell by 1.7% on the day.

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