The British pound today declined against the US dollar despite the release of the second estimate UK GDP data for Q1 2018, which met expectations. The Sterling pound was on a downtrend against the greenback from the Asian session, but rallied slightly following the GDP report before heading lower.
The US dollar gained on all its most-traded rivals last week, and traders wait to see if the currency will be able to continue its bullish run in the coming week. Analysts expected that the greenback will be mainly driven by macroeconomic fundamentals, though politics may also affect the US currency.
The euro today rallied higher against the US dollar as investors embraced the risk-on mood in the market after it emerged that North Korea was considering possible denuclearization. The news emerged from talks between North Korea and its Southern counterpart, and its impact was significant enough to outweigh the effect of the Italian general election on the single currency.
The euro today dropped to new lows against the US dollar after the release of weak German preliminary CPI data in the mid-European session. Several disappointing releases from the US docket in the early American session could not reverse the euro’s decline against the greenback.
The US dollar weakened against the euro on Friday in the wake of a disappointing reading for gross domestic product growth in the fourth quarter of 2017. The greenback failed to find support despite a positive upturn in durable goods orders and a strong overall economic performance in 2017.
The GBP/USD currency pair today traded mostly in a tight sideways range having rallied slightly in the early European session after the release of UK quarterly GDP data. The pair retraced some of its gains during the mid-European session, but rallied higher after the release of US personal income data for November.
The US dollar retreated against the euro on Wednesday to its lowest level in two days following a data release that revealed lower than expected demand for durable goods in October. Investors are now anticipating the minutes of the Federal Open Market Committee’s latest monetary policy meeting, which is due to be published later today.
The British pound today rallied to new highs against the US dollar after the release of disappointing US durable goods orders. The pound had hit daily lows after the Chancellor of the Exchequer, Philip Hammond released the government’s Autumn Budget 2017.
The Canadian dollar today weakened against its US counterpart after the Bank of Canada announced that it would maintain interest rates at the current levels. The release of the US new home sales data, which exceeded market expectations also contributed to the USD/CAD currency pair’s rally.
The EUR/USD currency pair today rallied higher after the release of an extremely high German IFO business climate index for the month of October. The currency pair’s rally was limited by the markets’ anticipation of the decision by the European Central Bank regarding the tapering of its quantitative easing program.
