Forex News

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.

The Canadian dollar today dropped significantly against the US dollar as the risk-off sentiment in the markets drove the USD/CAD currency pair to new highs. The loonie’s slide against the greenback was further accelerated by the tariffs imposed by President Donald Trump‘s administration against Canadian imports.

The Japanese yen traded lower against its major peers today after the Bank of Japan left monetary policy unchanged, preserving its unprecedented stimulus.

The New Zealand dollar fell today after a report showed that nation’s manufacturing expansion slowed, though remained at a high level. By now, the currency has trimmed its losses.

The euro today rallied slightly higher after Ewald Nowotny, an ECB governing council member, stated that the bank should capitalize on the opportunity to normalize its policies soonest possible. The EUR/USD currency pair had a muted reaction to the release of the final Eurozone CPI data early in the European session despite the print being in line with expectations.

The Great Britain pound was ending the Thursday’s trading session mixed. The sterling rose against some rivals, propelled higher by very good retail sales data, but fell versus others, dragged down by the market’s risk-negative sentiment that followed the dovish policy statement from the European Central Bank.

The Australian dollar was extremely soft against other most-traded currencies, with the notable exception of the euro, as the unexpectedly dovish policy statement of the European Central Bank as well as the threat of the US-China trade war put the market into the risk-off mode. Macroeconomic data in Australia and Australia’s biggest trading partner, China, hurt the Aussie as well.