U.S. dollar pull back some gains, investors’ appetite for risk strengthens

WHAT DOES IT MEAN?
The U.S. Dollar Index that monitors the American dollar against a group of other major currencies lost 0.11% to 97.040 at 5.49 am Nigerian time with an appetite for risk increases, as Global stocks continued to rally leading currency traders and investors retreating from the U.S dollar
THE U.S DOLLAR PULLED BACK SOME OF ITS GAINS!

WHY ?
For this reason, a wave of sales swept across the stock exchanges, which naturally increased the demand from investors for defensive assets, which is the American currency. In addition, a $ 2 trillion money laundering scandal by major international banks has contributed to a decrease in risk appetite in global markets, especially in the financial sector, between 1999 and 2017.

Stephen Innes, Chief Global Market Strategist at AxiCorp in a note to Nairametrics, wrote about the present market volatility in the currency market. He said:
“If you are handling the currency hot seat these days, you likely feel tethered to the end of a very reactive Yo-Yo string as currency moves in one session are faded in the next.