The US dollar is mixed against a basket of currencies on Thursday as data has been both good and bad for the world’s largest economy. With the US-China trade war seemingly worsening, investors have been clamoring for some excellent data to offset the lackluster development in trade talks.
The Australian dollar opened sharply higher on Monday thanks to the news about a ceasefire in the trade war between the United States and China. The news overshadowed Australia’s domestic macroeconomic reports, basically all of which were poor.
The Australian dollar was rather volatile today. The currency rallied after somewhat mixed domestic macroeconomic data, fell following the release of a services sector report from China, but has recovered by now.
The Australian dollar, like other currencies considered to be relatively risky, opened sharply lower today amid the risk-adverse market sentiment. Poor domestic macroeconomic data did not help the currency either.
Monday’s economic data from Australia was very good with a huge jump of corporate profits, but that did not prevent the Australian dollar from falling against its major rivals.
The Canadian dollar rose against its US counterpart on Thursday, as traders anticipate the release of the Canadian consumer price index data tomorrow. Another release from the US Federal Reserve on Wednesday contained no strong signals for an interest rate hike in March, which left the greenback unsupported today.
The Australian dollar rose against such currencies as the US dollar and the Japanese yen during Monday’s trading but fell against the very strong euro and traded flat versus the Swiss franc.
The Canadian dollar was little changed during Thursday’s quiet trading. The currency fell versus the US dollar intraday but is trading near its opening level currently. Falling prices for crude oil coupled with poor economic data from Canada suggest that the currency may go lower once trading recovers after the holiday in the United States.
