The euro today traded sideways against the US dollar amid positive releases from across the euro area and risk-off market sentiment. The EUR/USD currency pair was not very active today as the data released from the eurozone was deemed inconsequential.
The Canadian dollar is failing to rebound to kick off the trading week as the currency was stung by a disappointing October jobs report on Friday. The loonie was further hampered by slumping housing numbers. Is the Canadian economy at a standstill or is there room for growth?
The Canadian dollar today rallied against the US dollar in a move that was primarily attributed to the greenback’s overall weakness against most of its peers. The USD/CAD currency pair fell to new 6-week lows as the loonie rallied against a much weaker dollar driven by the improved investor risk appetite.
The New Zealand dollar dropped today, touching the lowest level in four years versus its US counterpart. The currency was dragged down by poor domestic macroeconomic data and the general risk-off sentiment on the Forex market. A positive report about China’s manufacturing sector limited the downside momentum, though.
The US dollar is surging midweek after the Federal Reserve cut interest rates at its September Federal Open Market Committee (FOMC). Additional easing is expected this year, leaving many to wonder if another round of quantitative easing (QE) is coming. Housing data further contributed to the dollar’s trading earlier in the session.
The Canadian dollar today fell against the US dollar following the release of disappointing CPI data for August in the early American session. The USD/CAD currency pair had dropped to new intra-day lows as the loonie rallied against the US dollar before the CPI release allowed the greenback to recover.
The Canadian dollar strengthened to a six-week high on Tuesday, driven by a rally in crude oil prices and strong housing data. The Canadian economy, which has been anemic for much of 2019, has enjoyed a string of positive economic reports lately, impressing investors at a time of global volatility. This is good news for the incumbent government with an election about a month away.
The Australian dollar was strong today despite underwhelming domestic macroeconomic data.
The New Zealand dollar was mixed today amid the uncertain market sentiment and negative domestic macroeconomic data.
The US dollar is mixed against a myriad of currencies to finish the trading week. The greenback is contending with various economic numbers, geopolitical developments, and market events to carve out a concrete direction, which might be the case for the next several trading sessions. The next month might be pivotal for the buck’s performance for the remainder of 2019.
