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The Chinese yuan is mixed against a basket of currencies on Tuesday as investors are trading on a wide array of issues in the world’s second-largest economy. Beijing announced new stimulus measures, corporate spending and yuan deposits slumped to multi-year lows, and analysts are hoping for a second-quarter rebound. It has been an interesting week so far for China.
The economic sentiment in Germany as well as in the whole eurozone improved significantly this month. But that failed to give a noticeable boost to the euro, which was moving in a range in the second half of the Tuesday’s session.
The Sterling pound today rallied higher against the US dollar following the release of a mostly positive UK labor market report in the early London session. The GBP/USD currency pair later retraced most of its gains as investors became worried about the Brexit process amid the UK political crisis.
Price action seen in Australian dollar’s performance versus its US counterpart is affected by the conflicting perspectives presented by the different timeframes in the currency pair’s technical analysis.
The Canadian dollar is weakening to start the trading week, driven by multiple bearish forecasts that suggest the loonie will crumble to multi-year lows. The buck’s losses were capped by rallying energy prices as crude oil prices have surged more than 5% in the last week.
The euro today extended last week’s gains against the US dollar driven largely by positive investor sentiment given the lack of major releases from the European docket. The EUR/USD currency pair rallied to 2-week highs in the mid-European session before dropping lower as investors became wary of current geopolitical conditions.
The Great Britain pound ended the past trading week as the strongest currency on the Forex market thanks to the Brexit developments. But with no trade deal in sight and the uncertainty surrounding the outcome of the talks between the United Kingdom and the European Union, analysts are skeptical that the sterling will be able to keep the upside momentum for long.
The euro today headed lower in the early European session following the release of mixed data from across the euro area before rallying higher later. The EUR/USD currency pair recovered in the early American session following the release of disappointing American industrial data.
The Chinese yuan is making gains against its currency counterparts at the end of the trading week. Despite disappointing industrial output figures and reports of long delays for companies to get paid for their goods and services, the yuan will record a weekly gain against the US dollar and the euro.
The US dollar is mixed against a basket of currencies on Thursday, attempting to find direction on economic data. The greenback has been trading based on inflation numbers, mortgage loans, and weekly jobless claims, but data may not affect the buck until the US and China officially announce a new trade agreement.
