The Japanese yen was generally soft today, though the currency has trimmed losses against some of its rivals by now and even managed to gain on the euro, which itself was very vulnerable. Domestic macroeconomic data, which demonstrated weakening economic activity in Japan, was unfavorable to the yen.
The Canadian dollar was performing extremely poor today. While the loonie has managed to erase intraday losses versus the US dollar by now, the Canadian currency remained below the opening level against other most-traded rivals. The most likely reason for the drop was the decline of crude oil prices. Positive Canadian employment data did little to help the currency.
The Great Britain pound was one of the strongest currencies today, gaining on most of its major rivals, though failing to gain on the extremely strong Australian dollar and almost erasing gains versus the New Zealand dollar. The factors supporting the currency were a reduced chance of a no-deal Brexit and a surprisingly good retail sales report.
The New Zealand dollar gained against most of its major peers today. While the kiwi has lost gains versus its US counterpart by now, it was still trading higher against other peers. Market analysts attributed the rally to the positive consumer inflation print, though some of them argued that the data is not as good as might seem at first glance.
The Norwegian krone climbed today even after nation’s consumer inflation missed expectations.
The Australian dollar was firm today despite poor macroeconomic data, both domestic and in China, Australia’s biggest trading partner. The possible reason for the rally was profit-taking after yesterday’s huge slump. The currency fell against some rivals intraday but has erased losses against all of them by now.
The Mexican peso sank versus the US dollar today amid political turmoil caused by the surprise resignation of Mexico’s finance minister. Nation’s consumer inflation slowed a bit last month but was not bad overall.
The Swiss franc was strong during today’s subdued trading. Domestic inflation data released over the trading session was supportive to the currency.
The Japanese yen was trading either flat or slightly lower versus its most-trade rivals today as traders were cautious, waiting for the outcome of the meeting between the leaders of the United States and China at the Group of Twenty summit. There were plenty of macroeconomic reports released in Japan today. The Bank of Japan also released the Summary of Opinions at its latest monetary policy meeting.
The Japanese yen was weak for the most part today despite the better-than-expected inflation print and risk aversion among investors. Meanwhile, Japan’s manufacturing sector unexpectedly continued to contract.
