Forex News

The Great Britain pound rose against its major rivals today ahead of tomorrow’s monetary policy decision. Today’s domestic macroeconomic data was positive to the currency.

The Australian dollar attempted to rally today as markets were digesting the news about escalation of the trade war between the United States and China. By now, though, the currency has lost most of its gains and is trading near the opening level.

The euro today traded slightly lower against the US dollar following comments by some members of the European Central Bank‘s governing council. The dovish comments by Ewald Nowotny and Villeroy triggered a knee-jerk reaction by the EUR/USD currency pair, which headed lower.

The euro today declined significantly against the US dollar even as trade tensions between the USA and China escalated increasing demand for the greenback. The EUR/USD currency pair declined further in the early European session following dovish comments by the European Central Bank President regarding the timing of the bank’s first interest rate hike.

The Australian dollar dropped against other most-traded currencies today, reaching the lowest level in more than a year against the US dollar. The Aussie fell following the surge of risk aversion, mixed domestic macroeconomic data, and the release of the central bank’s policy meeting.

The Swiss franc gained against most other major currencies today, with the exception of the US dollar. The risk-negative market sentiment and the optimistic outlook for Switzerland’s economy helped the currency.

The New Zealand dollar gained on its most-traded rivals today, though not on the extremely strong euro. Such good performance was surprising, considering the risk-off market sentiment and the worsening outlook for New Zealand’s economic growth.

The Japanese yen was relatively strong today due to risk aversion caused by the US-China trade war. Surprisingly poor domestic macroeconomic data had limited impact on the currency.

The Great Britain pound was soft today due to the pessimistic economic outlook for the United Kingdom. Decent macroeconomic data was unable to rescue the currency.

The US dollar was strong for the most part of the week, boosted by policy meetings of the Federal Reserve and the European Central Bank, though the currency weakened somewhat on Friday.