The Great Britain pound rose today despite the gloomy outlook and an unexpected drop in the construction index. While the sterling has lost its gains versus commodity currencies by now, it continued to trade above the opening level against other most-traded peers.
The Australian dollar was weak today, falling against almost all other most-traded currencies. Some market analysts blamed the decline on the disappointing trade data released in Australia during the trading session, while others thought that it might be just a corrective sell-off after the incredibly good performance last month.
The Australian dollar rose against a basket of most-traded currencies, including the New Zealand dollar, which itself was very strong. The likely reason for the Aussie’s strong performance was the positive market sentiment caused by a rally of US and European stocks. Domestic macroeconomic data was also helpful to the currency, while disappointing data from China, Australia’s biggest trading partner, did not have a material impact on the Australian currency.
The Australian dollar rose today. In fact, it was the strongest among most-traded currencies on the Forex market. The Aussie got a boost from positive macroeconomic data, both domestic and Chinese.
The Australian dollar was rising at the start of today’s trading session, reaching multi-month highs, but has retreated after the release of Australian gross domestic product for the first quarter of this year. The report revealed that the Australian economy contracted, ending its record almost 30-year period of growth.
The Great Britain pound was the weakest currency on the Forex market during Wednesday’s trading. Initially, the euro was the second weakest but currently, the Canadian dollar replaced it, falling versus the shared European currency and trading about flat against the sterling. The drop of the UK construction index to the record low was among possible reasons for the slump of Britain’s currency.
The Australian dollar rose a bit today following the release of a better-than-expected retail sales report. Gains were limited, though, as the market sentiment was mixed, failing to help the currency in finding direction.
The Japanese yen is strengthening against different currency competitors midweek, buoyed by a plethora of economic data and outlooks that came in much better than initially anticipated. With the federal government set to unveil a comprehensive stimulus package to rescue the world’s third-largest economy from the fallout of the coronavirus pandemic, the yen’s safe-haven appeal may stay intact.
The Australian dollar continued to rise, logging a third consecutive daily gain. This time, it is easier to explain the currency’s rally as it followed the better-than-expected GDP print released during the trading session. Economic data from China, Australia’s biggest trading partner, was atrocious, but it had a little impact on the movement of the Aussie.
The Great Britain pound recovered a bit today following yesterday’s slump caused by returning Brexit fears. The rebound was nowhere near enough to eliminate the Monday’s losses, though. Macroeconomic data showed a small improvement in Britain’s economy.
