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The US dollar, as well as the Japanese yen, was among losers during the past trading week as the investors’ sentiment improved and the market entered a consolidation mode. The Great Britain pound was also among the weakest currencies, while the New Zealand dollar and the Canadian dollar were the strongest ones.
The euro rose on Friday. Macroeconomic data released in the eurozone during the trading session was good, with inflation coming out within expectations and the current account beating forecasts.
The New Zealand dollar rose today, boosted by the Producer Price Index, which came out much better than was expected by economists.
The Canadian dollar is rallying to finish off the trading week. The loonie is strengthening on higher energy prices and strong inflation numbers, but the currency’s gains may have been capped by President Donald Trump excluding Canada from the latest North American Free Trade Agreement (NAFTA) talks with Mexico.
The Turkish lira halted its rebound and fell versus the US dollar and the euro today as concerns about the situation in Turkey resurfaced.
The Japanese yen is continuing to find direction at the end of the trading week as analysts say that the currency is “undervalued.” As the market fears over the Turkish crisis dissipate, several currencies are looking to gain some momentum in this volatile environment, and one of them might be the yen.
The Canadian dollar was among the weakest currencies today despite solid macroeconomic data and gains of crude oil, Canada’s major export commodity. The possible reason for that were resurfacing concerns about the Turkish situation.
The Great Britain pound attempted to rally against some of its rivals today but was still hanging near the 14-month lows. While UK retail sales beat expectations and the general market sentiment improved, Brexit fears were still weighing on the currency.
The euro today recovered from the 14-month lows hit yesterday following the news that trade negotiations between China and the USA are set to resume later this month. The EUR/USD currency pair was also boosted by the release of the latest Eurozone trade balance data in the early European session, which beat expectations.
The Australian dollar rallied today, boosted mainly by the improving market sentiment. Australia’s macroeconomic data released over the trading session was somewhat mixed, but mostly good.
