The euro today struggled to rally higher despite the release of upbeat data from across the Eurozone such as the German GDP report. The EUR/USD currency pair was largely weighed down by the ongoing currency crisis in Turkey, which has negatively affected the global financial markets.
The US dollar rallied against its major rivals today, though not against safe ones, like the Japanese yen and the Swiss franc. The reasons for the rally were the stable inflation figures and risk aversion on markets.
The Sterling pound today was on a downtrend from the Asian session, but recovered slightly after the release of positive UK GDP data. The GBP/USD currency pair’s decline was further accelerated by the release of upbeat CPI data from the US docket.
While Australia’s economic calendar had no releases today, but China, Australia’s biggest trading partner, released important inflation data. The reports showed better-than-expected results, prompting the Australian dollar to rally. Yet the currency has lost its gains by now and is trading far below the opening level.
The Swiss franc was soft today as the attempt of stock markets to rally put pressure on safer currencies. The markets wobbled, though, amid trade tensions between the United States and China. Today’s decline followed Friday’s better-than-expected inflation data in Switzerland.
The euro today rallied higher against the US dollar from the late Asian session into the early European session following positive releases from across the Eurozone. Releases from the US docket in the early American session triggered a slight pullback in the EUR/USD currency pair.
The euro today rallied higher against the US dollar despite the release of disappointing German inflation data in the mid-European session. The EUR/USD currency pair broke out of the consolidative pattern that dominated the Asian session due to positive investor sentiment towards the single currency.
The Japanese yen was among the strongest currencies today following the domestic economic releases, which were better-than-expected.
The Australian dollar today dropped sharply against the US dollar following the release of disappointing Australian consumer price index data in the Asian session. The AUD/USD currency pair gave up all its gains from an initial spike higher as investors anticipated positive inflation figures before the actual release.
The Canadian dollar today rallied higher against its US counterpart following the release of upbeat retail sales and inflation data in the early American session. This drove the USD/CAD currency pair to new lows as investors sold the US dollar and bought the loonie based on the strong economic releases.
