The US dollar traded generally higher against other majors today, though fell versus commodity currencies, even the extremely vulnerable Australian dollar. The current trading session was very light on macroeconomic data, with housing starts and building permits being the only report released in the United States today, and traders wait for tomorrow’s monetary policy decision from the Federal Reserve to drive the market.
The Canadian dollar is weakening on mixed data on Tuesday. The loonie has been unable to keep the momentum from last week’s stellar economic data, gradually paring its gains against the greenback on the year. The Canadian buck could further weaken over the summer as the central bank is unlikely to put forward an aggressive normalization strategy until at least after the federal election.
The Australian dollar rallied today despite extremely poor domestic macroeconomic data. The possible reason for that was the fact that the market sentiment stabilized as traders priced in the trade war between the United States and China. Yet the currency was unable to hold onto gains and is currently trading below the opening level.
The Canadian dollar climbed on Friday after employment data demonstrated a shockingly good result for April. The disappointing housing report had hardly any impact on the currency.
The Australian dollar fell intraday but has recovered by now as markets were waiting for US nonfarm payrolls. Meanwhile, macroeconomic data in Australia was not good, which can explain the initial fall of the currency.
The New Zealand dollar edged higher today following yesterday’s huge slump even though macroeconomic data released during today’s trading session was negative. The plunge during the previous session was caused by worse-than-expected jobs data.
The US dollar posted gains against some of its most traded currency rivals on Thursday, buoyed by strong data supporting claims that the US economy is doing rather well. This comes as the nation keeps all its eyes on the findings from special counsel Robert Mueller’s two-year investigation into collusion between President Donald Trump and Russia.
The New Zealand dollar was recovering today after the previous sharp sell-off with the help of the market sentiment, which was somewhat improving as was demonstrated by gains of Asian stocks. The rebound was limited, though, and was nowhere near significant enough to erase the Wednesday’s huge losses.
The New Zealand dollar fell on Thursday amid risk aversion and mixed macroeconomic reports.
The Euro today traded in a directionless manner against the US dollar swinging between 20-day highs and daily lows in reaction to different triggers. The ER/USD currency pair today rose to new highs following the release of weak US housing data before falling and rising again.
