The US dollar is struggling to find direction against multiple currency rivals at the end of the trading week. The greenback is trading sideways after new retail sales, manufacturing, and trade data showed a mixed portrait of the national economy last month.
The euro today fell against the US dollar during the American session following the release of upbeat advance US retail sales report, which boosted the greenback. The EUR/USD currency pair gave up most of its earlier gains amid a deluge of positive data from the US docket.
The British pound today fell against the US dollar reversing all of Friday’s gains amid a lack of any major releases from the UK docket. The GBP/USD currency pair fell due to the absence of catalysts to prop up the Sterling with the pair’s performance being driven largely by investor sentiment.
The US dollar is weakening against its currency peers to start the trading week. Driven by disappointing economic data and a central bank unlikely to cut interest rates at its policy meeting this week, the greenback is taking a hit as investors take a wait-and-see approach.
The euro today rallied to its daily highs backed by US dollar weakness accompanied the release of weak US manufacturing data. The EUR/USD currency pair later fell as demand for the safe haven greenback rose during the American session and the ECB Forum on Central Banking in Sintra, Portugal.
The euro today dropped significantly against the US dollar from the early European session after attempting to rally higher during the Asian session. The single currency’s decline was initially triggered by the US dollar’s rebound before the weak German GDP data caused it to crash to new weekly lows.
The US dollar opened at Friday’s elevated levels but has declined versus most of its major rivals by now. It looks like uncertainty associated with this week’s policy announcement from the Federal Reserve hit the currency after all. Domestic macroeconomic data, being poor, was not helping the greenback.
The US dollar opened sharply higher against a range of other most-traded currencies today on the back of risk aversion. Currently, though, the greenback is weak due to retail sales missing expectations and geopolitical tensions.
The euro today traded higher against the US dollar following the release of inflation data from across the eurozone in the early European session. The EUR/USD currency pair extended its gains in the early American session after the release of US manufacturing data, which missed expectations.
The euro today traded at 13-month lows as it was driven lower by market volatility in emerging markets led by Turkey resulting in a strong US dollar. The EUR/USD currency pair traded lower due to the selloff in emerging market currencies, which increased the demand for the greenback at the expense of its peers including the euro.
