Forex News

The Canadian dollar managed to gain on most of its major rivals today, excluding the US dollar, thanks to the better-than-expected inflation print released by Statistics Canada during the trading session.

The US dollar gained momentum on Friday, extending its gains over the past week. The greenback edged higher on mixed economic reports were released and breaking news that China is offering a $1 trillion-a-year olive branch on imports that could end the trade war almost immediately.

The British pound today fell from yesterday’s 2-month highs against the US dollar following Theresa May‘s victory in the no-confidence vote against her on Wednesday. The GBP/USD currency pair today declined as markets monitored Brexit developments amid low volatility.

The Swiss franc was mixed today following the release of producer inflation data, which showed a bigger-than-expected decline. The general market sentiment was optimistic, weighing on safe currencies like the Swissie and the Japanese yen.

The euro today traded in a stable rage against the US dollar as investors revised their expectations of a rate hike by the ECB. The single currency was not appealing to investors who have had to deal with weak data releases from the eurozone and a dovish European Central Bank.

The Great Britain pound fell against other most-traded rivals, even the weak Japanese yen, after official data showed that retail sales declined last month.

The Japanese yen fell against majority of its most-traded peers today due to risk appetite prevailing on markets. Disappointing inflation report was not helping the currency either.

The Great Britain pound was the strongest major currency on the Forex market during Thursday’s trading after UK Prime Minister Theresa May won the confidence vote on Wednesday.

The Japanese yen is gaining against its major currency rivals on Thursday as reports suggest that the Bank of Japan (BOJ) will maintain a bright view of the national economy, despite a myriad of factors suggesting that Tokyo is expected to record disappointing data.

The euro today traded in a tight range against the US dollar amid a market that was largely stable and lacked volatility. The release of upbeat data from the US docket in the early American session saw the EUR/USD currency pair come under intense selling pressure.