The Sterling pound today traded lower against the US dollar following the release of the UK Consumer Price Index report for May in the early European session. The GBP/USD currency pair later rallied higher from the mid-European session into the North American session as the US dollar weakened against the pound.
The British pound today rallied higher following the release of the latest UK employment report, which had mixed results. The GBP/USD currency pair later gave up most of its gains, but rallied higher in the American session as the UK Parliament voted on a crucial Brexit bill.
The US dollar fell against its most-traded rivals (with the exception of the extremely weak Great Britain pound) after US inflation missed expectations.
The EUR/USD currency pair today rallied from a new 2018 low set in the late Asian session based on improved investor sentiment towards the single currency. The currency pair’s rebound from its lowest levels since December 22 could have been triggered by technically oversold levels, which led to widespread short-covering trades.
The euro today was on a downtrend against the US dollar following the release of weak PMI data from across the Eurozone by IHS Markit. The euro’s downtrend was further accelerated by the release of disappointing Eurozone retail sales data for March in the early European session.
The euro today rallied slightly higher against the US dollar following the ECB President, Mario Draghi‘s speech at an event in Frankfurt. The euro kept rising after the release of the US Consumer Price Index data despite the core inflation print being in line with expectations.
The Canadian dollar today rallied against its US counterpart despite the release of weak Canadian building permits data by Statistics Canada driving the USD/CAD currency pair to 6-week lows. The release of positive US Producer Price Index data could not reverse the currency pair’s downtrend due to positive investor sentiment towards the loonie.
The euro today rallied against the US dollar following the release of disappointing US non-farm payrolls report for March. Earlier Markit Economics PMI releases covering the European docket had triggered the euro’s initial uptrend following a major decline during the Asian session.
The EUR/USD currency pair today rallied to new highs after President Trump fired Rex Tillerson as Secretary of State and nominated Mike Pompeo the CIA Director as his replacement. The pair was on an uptrend from the early European session after the European Central Bank‘s Governing Council member, Philip Lane hit the wires stating that the bank was not worried about the euro’s current level.
The USD/CAD currency pair today declined to new lows after the release of mixed employment reports from both the USA and Canada. The currency pair was on a downward trend from earlier in the session after President Donald Trump exempted Canada and Mexico from the new steel and aluminum tariffs.
