Forex News

National Australia Bank pushed its forecast of an interest rate hike from 2018 to mid-2019. Yet that did not prevent a rally of the Australian dollar, caused by signs of waning trade tensions between the United States and China.

The US dollar ended the week as the second strongest currency on the Forex market, losing only to the Swiss franc. Yet some market analysts said that the rally was unconvincing due to a range of political factors that were weighing on the greenback.

The Canadian dollar today dropped significantly against the US dollar following the release of disappointing Canadian CPI data in the early American session. The loonie’s losses were further compounded by the stronger US dollar, which was boosted by rising US Treasury yields.

The EUR/USD currency pair was in a consolidative phase during the Asian session even as US Treasury yields hit new highs overnight and the greenback rally lost some momentum. The release of the German wholesale price index in the early European session was one of the triggers behind the currency pair’s decline as the euro weakened against the US dollar.

The Canadian dollar was stable today following economic releases over the current trading session and ahead of important economic reports due for release tomorrow.

The Great Britain pound rallied today amid reports that the United Kingdom seeks to remain in the customs union after it leaves the European Union. The currency retreated a bit after Britain’s Prime Minister Theresa May denied such plans, though the sterling remained firmly above the opening level.

The New Zealand dollar behaved somewhat similarly to its Australian counterpart today, attempting to rally intraday, but losing gains by now.

The Australian dollar attempted to rally intraday but has trimmed its gains against most major rivals by now and lost them versus the US dollar entirely. The rally followed employment data, which actually was somewhat mixed.

The EUR/USD currency pair today hit fresh 2018 lows in the mid-European session despite the release of mostly positive Eurozone CPI data. The currency pair had a muted reaction to the European Central Bank President Mario Draghi’s speech in Frankfurt today, but headed lower triggered by the stronger US dollar.

The Australian dollar was firm today despite underwhelming domestic macroeconomic reports released over the current trading session.