Forex News

The Canadian dollar sank today, falling to the lowest level since June 2017 versus the US dollar. The main reason for the decline was likely the slump of prices for crude oil, though surprisingly poor macroeconomic data played its part as well.

The Swiss franc traded on par with the US dollar but fell against most other major currencies today. While the market sentiment seemed to be beneficial to safe currencies, news from Switzerland itself was detrimental to the Swissie.

The US dollar is retreating against some of its major rivals on Tuesday as traders wait for action from the Federal Reserve. There is also some new data out that is fueling talk of a recession, nearly one decade after the end of the last economic contraction. Still, the buck is on track for one of its best years.

The euro today rallied higher against the US dollar from the early European session largely driven by positive market sentiment as investors refrained from buying the greenback. The EUR/USD currency pair extended its rally despite the release of disappointing German IFO business climate index as markets remained dovish towards the US dollar ahead of tomorrow’s Fed interest rate decision.

The New Zealand dollar rose sharply today after a report showed that the business confidence improved this month, though remained negative.

The Australian dollar was mixed today after the release of monetary policy meeting minutes from the Reserve Bank of Australia and macroeconomic data. The currency rose against few of its major rivals, including the US dollar, but fell against others, like the Japanese yen and the New Zealand dollar.

The Japanese yen rose today, extending its gains for the third consecutive trading session. The main reason for the rally was the negative market sentiment, which made investors seek safer options to park their funds.

The Great Britain pound fell against most other major currencies today, with the US dollar being an exception. Lingering Brexit concerns and political turmoil in the United Kingdom diminished the sterling’s attractiveness to traders.

The Japanese yen is strengthening against its major rivals to start the trading week. Despite a wide array of factors that should send the currency lower, the yen is continuing momentum from the five sessions. With bitter trade discussions on the horizon, can Tokyo prevent further economic declines in the aftermath of the string of natural disasters?

The US dollar opened at Friday’s elevated levels but has declined versus most of its major rivals by now. It looks like uncertainty associated with this week’s policy announcement from the Federal Reserve hit the currency after all. Domestic macroeconomic data, being poor, was not helping the greenback.