The Sterling pound rallied to new 34-month highs against the dollar boosted by the British government’s 4-step reopening plan, which could boost the UK’s economic recovery. The GBP/USD currency pair was also boosted by the drop in the UK unemployment numbers recorded in January. The number of jobless claims fell, indicating that the economy was doing good.
The Canadian dollar strengthened against its US peer to close out the trading week, capping off a disappointing month as the greenback recorded gains against most of its currency competitors. The loonie found support on a decent economic performance toward the end of last year, suggesting that the economy is recovering at a modest pace, despite the likelihood that the nation contracted last year. Can the loonie recover in February?
The Canadian dollar fell against its US counterpart on Tuesday as a new strain of the coronavirus weighed on crude oil prices. So far this holiday-shortened trading week, investors have been seeking refuge in the traditional safe-haven asset, highlighting legitimate concerns over the threat of this COVID-19 mutation. Will other currencies in foreign exchange markets slump should the situation intensify?
The euro today fell against the much stronger US dollar extending the bearish trend that began earlier this week as the greenback strengthened against its peers. The EUR/USD currency pair fell to its daily lows during the American session following the release of the US non-farm payrolls report for August, which was mixed.
The Great Britain pound was the strongest major currency on the Forex market today. The reason for the sterling’s stellar performance was the employment report, which showed record employment among Britons.
The Great Britain pound rose against some currencies and traded about flat versus others today. British employment data provided support to the currency, but traders were reluctant to buy the sterling as the situation with the Brexit was very unclear.
The British pound today rallied higher following the release of upbeat UK jobs data in the early London session despite the political uncertainty in the country. The GBP/USD currency pair’s rally was limited by investor fears that a pro-Brexit leader could succeed Theresa May as Prime Minister and push for a hard Brexit.
The Great Britain pound was generally soft today, dragged down mostly by the market sentiment. Domestic employment data was mixed, providing both positive and negative surprises, and therefore giving no help for the currency in finding direction.
The British pound today fell to new weekly lows against the US dollar driven by rumors of stalled talks between the UK government and the opposition party. The GBP/USD currency pair was stuck in range up to the mid-London session when the Labour Party leader stated that there was no agreement on a customs union yet.
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.
