CPI — News Archive

The Canadian dollar was generally firm today despite unfavorable domestic macroeconomic data. The likely reason for the loonie’s good performance was the sharp rally of prices for crude oil, Canada’s major source of export revenue.

The US dollar is mixed against several major currency rivals midweek after new lower-than-expected inflation data was released. Prices have proven to be major drivers of the greenback this week, mainly because there have been little updates to the US-China trade dispute and the brief US-Mexico trade spat concluded. On monetary policy, it will likely be speculation until the next Federal Reserve meeting.

The Australian dollar continued to demonstrate weakness as risk appetite was slowly coming off markets. Domestic macroeconomic data was weighing on the currency further as the consumer sentiment deteriorated sharply. And while China’s consumer inflation was accelerating, painting a positive picture of the economic health of Australia’s biggest trading partner, that led to concerns that Beijing may withdraw stimulus if prices continue to rise at a fast pace.

The US Dollar index was flat today as the greenback was somewhat directionless during the trading session. Overall though, fundamentals looked really negative for the US currency, meaning that it has room for downside.

The Norwegian krone declined today after nation’s inflation slowed unexpectedly last month.

There were plenty of macroeconomic reports released in Japan today. They were mixed, failing to provide a clear picture of Japan’s economic well-being. But as it often happens, the yen largely ignored domestic data. Instead, the currency surged against other most-traded currencies due to risk aversion on the Forex market.

The Japanese yen was largely flat against most of its major peers on Monday. While market participants were somewhat nervous after US President Donald Trump said that the United States are not ready for a trade deal with China, the US dollar was the beneficiary of the resulting risk aversion, not the yen.

The Canadian dollar declined intraday as some of Canada’s inflation indicators missed expectations. But the currency rebounded later, ending the Wednesday’s trading session above the opening level.

The euro today fell to new lows against the US dollar following the release of disappointing German and eurozone GDP growth data in the early European session. The EUR/USD currency pair failed to rally higher following the release of weak US retail sales data in the early American session as investor risk appetite remained subdued.

The euro attempted to rally today but reversed movement against most of its rivals later, erasing gains against some of them outright. Traders remained cautious about the ongoing US-China trade conflict, while mixed macroeconomic data was not helping the currency either.