Forex News

The euro failed to garner support from the very positive macroeconomic reports released today. The currency attempted to rally intraday, but failed to do so, and is now trading near or below the opening level against most of its rivals.

The US dollar moved lower against the euro and the Japanese yen on Friday after an exchange of threats continued between the United States and North Korea. Today’s economic releases provided the greenback little support as the US manufacturing activity edged marginally higher while activity within the services sector dropped.

The Canadian dollar today weakened against the US dollar after the release of weak Canadian CPI and retail sales data by Statistics Canada. Other releases from the US docket such as the Markit US Manufacturing PMI also served to boost the US dollar against its Canadian counterpart.

The Japanese yen rose today as tensions between the United States and North Korea continued to escalate, making safe assets more appealing to investors.

The Australian dollar gained on its US counterpart today. The currency slid against other rivals intraday but is has bounced by now. Yesterday, the Aussie dropped more than 1% following China’s credit rating downgrade by Standard & Poor’s.

The euro today rallied briefly against the US dollar after Mario Draghi‘s speech at the second annual conference of the European Systemic Risk Board in Frankfurt. The EUR/USD currency pair was on a recovery mode throughout today’s session after a major decline triggered by yesterday’s FOMC rate decision.

The GBP/USD currency pair today traded sideways after a major down slide occasioned by yesterday’s FOMC statement, which outlined a hawkish tone. The release of the public sector borrowing by the Office for National Statistics had minimal impact on the British pound even as the US dollar held on to gains made yesterday.

The EUR/USD currency pair was today trading sideways as the markets await the Fed interest rate decision scheduled for later today. The currency pair’s slight upward momentum was largely due to previous releases, which highlighted a positive outlook for most EU economies.

The New Zealand dollar rose today, reaching the highest level since August 7 and gaining for the fourth consecutive day on the Japanese yen. The currency got support from opinion polls regarding the upcoming general election in New Zealand and the current account report.

The Great Britain pound climbed today after retail sales rose last month much more than was anticipated. The currency trimmed its gains by now, losing them against the Japanese yen completely.