Live Forex news from all over the world.
The US dollar rose against currencies that are closely tied to oil prices on Thursday, after the conclusion of a meeting between the Organization of the Petroleum Exporting Countries and other oil major producers. Today’s meeting discussed a possible extension for an agreement made last year that limits crude outputs to counter a global oversupply that forced oil prices lower.
The EUR/USD currency pair today hit new lows mid-European session as the US dollar rallied against the single currency boosted by weak global oil prices. The currency pair hit a session low after the release of the US Advance goods trade balance for April, which was lower than expected.
The Australian dollar dropped together with other commodity currencies today, most likely due to the sharp decline of crude oil prices, after showing decent performance during the previous trading session.
The Great Britain pound was volatile after the release of Britain’s gross domestic product report. The data was bearish, therefore the currency sank after the release, but the sterling is currently attempting to recover and is actually trading near the opening level against such majors like the US dollar and the euro.
The US dollar gave up some of its earlier gains on Wednesday to decline against other major currencies following the release of the Federal Open Market Committee’s latest meeting minutes. The greenback, which had suffered against the euro in recent sessions amid political risks in the United States, returned to fall against the shared currency despite initial gains today due to the dovish outlook offered by the minutes.
The euro today declined slightly against the US dollar after Mario Draghi, the European Central Bank President, made dovish comments in support of the bank’s quantitative easing program. Mario Draghi ignored comments made by Angela Merkel the German Chancellor earlier this week where she clearly stated that the ECB’s dovish policies were hurting the German economy.
The Canadian dollar jumped following the monetary policy meeting of the Bank of Canada as the central bank’s statement turned out to be not as dovish as market participants were expecting.
The New Zealand dollar fell together with other commodity currencies after the surprise cut of China’s credit rating (the fact that the Asian country is the biggest trading partner of New Zealand was not helping the matter). Yet the currency has recovered as of now, partially due to the help of positive domestic data.
The Chinese yuan slipped against the US dollar today (though it has trimmed the losses by now) after Moody’s Investor Service made a surprise cut of China’s credit rating for the first time in almost three decades.
The US dollar struggled to rise against the euro and other major currencies on Tuesday as traders continued to be concerned about political instability in the United States. The greenback was met by additional resistance as it attempted to move higher today due to a drop in new home sales and a disappointing reading for an index that tracks manufacturing activity.
