Forex News

The Great Britain pound recovered a bit today following the big slump on Friday. The main driver for the currency was Brexit news.

The Australian dollar recovered a bit after opening sharply lower today. While trading was somewhat slower than usual as markets in China and Japan were closed for a holiday, the new developments in the US-China trade war dragged commodity currencies down.

The US dollar ended the week mostly soft despite escalation of the US-China trade conflict. Markets largely brushed off the news, and traders showed more interest in riskier higher-beta currencies instead of safer ones.

The Canadian dollar started on Friday holding a three-month high as inflation data boosted odds of the central bank raising interest rates. Those gains were later pared after a White House official stated that the US is “very, very close” to moving ahead on a trade deal without Canada, suggesting that the U.S. and Mexico will embark upon a bilateral agreement instead of a trilateral one.

The Norwegian krone was little changed today after the nation’s central bank raised its key policy rate yesterday.

The British pound today dropped to new lows today following the failed Brexit summit in Salzburg where the EU rejected Britain’s Chequers Plan. The GBP/USD currency pair was further weighed down by the US dollar’s recovery, which drove the cable lower.

The Swiss franc was extremely strong today, beating all of its most-traded rivals. That is surprising, considering that Switzerland’s economic calendar is empty today, and the currency had no factors to facilitate such good performance. Yesterday, the nation’s central bank made its policy announcement.

The New Zealand dollar jumped yesterday thanks to the faster-than-expected economic growth and continued to rise today as macroeconomic data released over the current trading session was also solid.

The Japanese yen remained mostly soft today as the market sentiment stayed generally positive. The set of robust macroeconomic releases in Japan failed to support the currency.

The Canadian dollar is trading higher on Thursday on higher energy prices and renewed North American Free Trade Agreement (NAFTA) negotiations between Canadian and US officials. With NAFTA talks at a standstill, the loonie has been finding support from rallying crude oil, allowing the currency to near a three-week high.