Live Forex news from all over the world.
The Canadian dollar is posting modest gains at the end of the trading week, buoyed by higher energy prices and positive manufacturing data. Amid cratering crude prices, the loonie has struggled to find direction, mainly because traders are waiting to see what the Organization for Petroleum Exporting Countries (OPEC) will do relating to output.
The New Zealand dollar declined against its most-traded rivals today even after data released overnight showed that the manufacturing sector expanded with accelerating pace.
The euro inched higher against the US dollar in the Asian session and jumped higher in the early European session after Mario Draghi’s mostly hawkish speech in Frankfurt. The euro then headed lower against the greenback following the release of the latest eurozone CPI data, which was in-line with expectations.
The Japanese yen is gaining against the greenback after a survey of economists found that they expect the national economy to recover in the fourth quarter. Tokyo experienced a disappointing third quarter, stemming from natural disasters that impacted the overall economy, from consumer spending to industrial output. But with a trade war looming, can Tokyo really spark a rally in the October-to-December period?
The USD/CAD currency pair today traded in a consolidative range extending a trend that has been going on since the start of the week. The currency pair has been range bound despite the commodity-linked loonie being relatively weak due to the massive drop in global crude oil prices as tracked by the West Texas Intermediate.
The British pound today crashed to new 2-week lows after two UK Ministers and a junior minister led by former Brexit Secretary Dominic Raab resigned following yesterday’s draft Brexit deal. The Sterling was further weighed down by the disappointing retail sales data released earlier today, which pointed a grim picture of the UK economy.
The Australian dollar rose today, propelled higher by strong employment figures. The falling inflation expectations did not affect the currency at all. While the Aussie has trimmed gains against some of its most-traded rivals by now, the currency remains safely above the opening level.
The US dollar gained on some of its major rivals, including the euro and the Great Britain pound, after consumer inflation in the United States accelerated in line with market expectations. Overall, though, the currency traded slightly lower.
The Chinese yuan is gaining against its American counterpart midweek, despite a myriad of disappointing economic numbers that show the national economy is not on strong footing. It is evident by now that Beijing will be unable to weather the storm clouds forming from the US-China trade war.
The Sterling pound today traded lower against the US dollar as markets awaited the crucial meeting between the British PM Theresa May and her cabinet to approve the draft Brexit deal. The pound declined further following the release of weak UK consumer price index report in the early London session, which further soured investor sentiment towards the Sterling.
