Forex News

The South African rand rallied today despite yesterday’s surprise interest rate cut from the nation’s central bank.

The euro today rallied higher against the US dollar extending the gains made in a rally that was triggered by Mario Draghi‘s hawkish comments at a press conference yesterday. The euro was much stronger against a weak US dollar, which was negatively affected by the political turmoil in Washington as Donald Trump‘s administration failed to repeal Obamacare.

The Polish zloty dropped today amid political turmoil in Poland that led to confrontation with the European Union.

The Canadian dollar moved higher against its US counterpart on Friday, following the release of solid retail sales data that reflected growing consumer demand. A fresh reading for the consumer price index also supported the loonie today after matching analyst estimates.

The Australian dollar rallied on the back of positive employment data in the first half of the current trading session but was unable to keep the upward momentum. The currency trimmed gains against the US dollar and lost them outright against other most-traded rivals.

The Japanese yen was mixed following the monetary policy announcement from the Bank of Japan. The currency reacted to the moves of its peers for the most part, rising against the weak ones and falling versus the strong ones.

The euro rallied higher against its main counterparts today after the European Central Bank Governor’s speech on the bank’s rate decision. Mario Draghi‘s speech was a commentary on the ECB’s future outlook after it announced that it would maintain its current interest rates and its quantitative easing program.

The British pound today declined against the US dollar and the euro despite the release of positive UK retail sales data. The British pound rallied higher for a minute or so after the release before retracing all its gains and trending lower.

The Canadian dollar gained on its major rivals today, propelled by positive macroeconomic data and gains of crude oil prices.

The Great Britain pound fell today, declining for the third day in a row against its major rivals. The euro was an exception as the sell-off ahead of the policy announcement from the European Central Bank made the shared 19-nation currency even weaker than the currency of the United Kingdom.