The euro today rallied higher against the dollar fueled by the risk-on investor sentiment and positive macro releases from various European dockets. Janet Yellen’s testimony further boosted the EUR/USD currency pair’s rally as the incoming US Treasury Secretary favours additional spending.
The Japanese yen was weak today, trading either flat or lower versus its most-traded counterparts. The trading session was rather uneventful, with no major news to drive the market. There were several macroeconomic reports released in Japan, but nothing particularly important.
The euro today fell against the resurgent dollar for the second consecutive day as the impasse regarding the EU’s budget weighs down the single currency. The EUR/USD currency pair was also affected by the risk-off market sentiment as investors bought the safe-haven dollar as the second wave of coronavirus infections intensifies.
The Turkish lira is enjoying its best rally in months as the government eased two-year-old currency trading limits, giving the lira a substantial boost. It is also rising against several currency peers as foreign exchange markets bet that the country would embrace a more orthodox monetary policy following a series of noteworthy exits in President Recep Tayyip Erdogan’s government.
The Turkish lira is recovering after crashing to a fresh record low in the middle of the trading week. The lira, which has been one of the worst-performing currencies in 2020, has repeatedly recorded all-time lows. Depleted foreign exchange reserves, slumping economic data, and geopolitical tensions – Ankara is facing pressure on many fronts, and this has weighed on the lira.
The euro today fell against the dollar before recovering to trade sideways boosted by upbeat data from across the euro area and positive market sentiment. The EUR/USD currency pair today fell to its daily lows after the release of upbeat US consumer sentiment data but recovered quickly as investor risk appetite remained elevated.
The Brazilian real is weakening against the US dollar and several other major currency counterparts on Tuesday, despite positive domestic economic data. The real has rebounded since hitting a record low against the greenback in May, but jitters in global financial markets may be hitting the pause button on emerging market currencies.
The euro today fell against the US dollar during the Asian session, driven by the risk-off market sentiment that saw most Asian equity markets selloff. The EUR/USD currency pair recovered some of its losses during the European session despite the mixed releases from across the euro area.
The euro today fell against the US dollar for the fourth straight session after the American open where investor sentiment shifted decisively in favour of the dollar. The EUR/USD currency pair was also weighed down by weak data from Germany and the euro area as investors waited for European leaders to decide on the 750 billion euro fund.
The Japanese yen rallied at the start at the trading week, rising against almost all other most-traded currencies with the exception of the Australian dollar. Traders were cautious due to various negative factors such as the anticipation of a global economic slowdown, the conflict between the United States and China, and protests in the USA.
