Construction — News Archive

The Australian dollar traded broadly lower today. While domestic macroeconomic data was mixed, analysts speculated that persisting risk aversion on the Forex market was the major reason for the currency’s decline.

The euro today rallied higher against the US dollar following the release of disappointing employment data from the USA in the early American session. The EUR/USD currency pair was trading sideways in the mid-European session following a brief decline during the Asian session largely driven by market sentiment.

The British pound today dropped to new lows extending yesterday’s decline following the release of disappointing UK construction data earlier today. The GBP/USD currency pair later rallied higher following the testimony by the Bank of England Governor before the UK parliament where he promised to help smooth the Brexit process.

Macroeconomic data released in Australia over the trading session was good. But unlike its New Zealand counterpart, the Australian dollar was unable to rally against any of its rivals, though managed to pare losses against some of them.

The euro today weakened against the US dollar as trade tensions between the US and China boosted the greenback. The EUR/USD currency pair was further dragged lower by the positive investor sentiment towards the greenback following the mixed non-farm payroll data released on Friday.

The Sterling pound today crashed to new lows during a speech by Bank of England Governor Mark Carney regarding the bank’s interest rate decision. The GBP/USD currency pair had traded in a consolidative phase following the release of UK construction industry data before the BoE rate decision.

The Sterling pound today rallied higher against the US dollar following the release of upbeat Markit/CIPS UK Construction PMI data in the early European session. The pound’s rally drove the GBP/USD currency pair higher even as uncertainty loomed over the Brexit negotiations.

The Australian dollar was very soft today, probably due to the risk-off market sentiment, while domestic macroeconomic data did nothing to help the currency.

The euro today rallied higher against the US dollar after it was confirmed that the European Central Bank was considering ending its massive quantitative easing program. The news confirmed a report that was circulating on Tuesday about the possibility of such action by the ECB.

The Great Britain pound started the week strong, rallying on the back of favorable construction data. Yet by now, the currency has lost gains versus most of its major peers.