Forex News

The Swiss franc dropped today as the market sentiment was not favorable to currencies considered to be a safe haven.

The US dollar edged higher against the euro on Wednesday, ahead of the latest statement from the Federal Open Market Committee, which is expected to contain a decision to keep rates unchanged. Traders appear to have ignored a disappointing number for new home sales in June in anticipation for remarks from the monetary policy committee relating to interest rates in the near future.

The British pound today rallied higher against the US dollar after the release of preliminary UK GDP data for the second quarter, which met expectations. The British pound initially dropped after the GDP announcement before gaining traction and rallying higher against the US dollar after British finance minister Philip Hammond‘s comments on Brexit.

The New Zealand dollar rallied today, boosted by a better-than-expected trade balance. Dovish comments of a central bank official had limited impact on the currency.

The Australian dollar fell today as inflation missed forecasts and the central bank’s chief made dovish comments. While the currency has rebounded from the day’s lows as of now, currently it is still trading below the opening level.

The US dollar today rallied briefly against its peers after the release of positive US consumer confidence data by the Conference Board. The US dollar rallied briefly against the euro, which saw the single currency decline against the greenback from 52-week highs recorded earlier today.

The euro rose against the US dollar on Tuesday, after a new report showed better business confidence in Germany than previously expected, the biggest economy in the European Union. The shared currency had smaller gains against the British pound following a tweet from US President Donald Trump that mentioned a trade deal with the United Kingdom.

The Great Britain pound gained against its most-traded rivals during the current trading session, rising for the first time after five consecutive sessions of losses versus the Swiss franc and the Japanese yen, even though the International Monetary Fund revised its growth outlook for the United Kingdom.

The Canadian dollar rose today thanks to the surprisingly good wholesale sales reading, which increased chances for monetary tightening from the Bank of Canada.

The US dollar edged higher against a basket of major currencies on Monday ahead of the Federal Reserve’s monetary policy meeting that starts tomorrow. The greenback was able to maintain today’s gain even after a report revealed disappointing existing home sales in June.