The British pound today dropped to new yearly lows in the American session after European Union officials insisted that they would not reopen Brexit negotiations. The pound made an about-turn after rallying higher in the early European session on positive Brexit news from Ireland regarding the Irish backstop amid positive UK jobs data.
The Canadian dollar today rallied higher against its US counterpart following the release of upbeat Canadian jobs data, versus the disappointing US nonfarm payrolls data. The USD/CAD dropped to new weekly lows on the jobs data as well as the higher global crude oil prices, which also favored the loonie.
The US dollar declined against its major peers today despite the risk-negative sentiment. Market analysts explained the drop by falling Treasury yields and disappointing employment data.
The euro today rallied higher against the US dollar following the release of the latest US employment change data in the early American session. The euro was also bid higher by the sell-off in global equity markets due to fears relating to the US-China trade truce and the recent arrest of the Huawei CEO in Canada.
The euro today rallied higher against the US dollar during the Asian session mainly due to the risk-on sentiment following the US-China trade truce. The euro later declined in the early European session as market sentiment became neutral and the EUR/USD currency pair moved into negative territory.
The euro today fell from Asian session highs in the early European session following the release of mixed macro data from across the euro area. The EUR/USD currency pair later rallied higher in the mid-European session as market risk sentiment improved before heading lower in the American session.
The USD/CAD currency pair today traded in a consolidative range extending a trend that has been going on since the start of the week. The currency pair has been range bound despite the commodity-linked loonie being relatively weak due to the massive drop in global crude oil prices as tracked by the West Texas Intermediate.
The Australian dollar rose today, propelled higher by strong employment figures. The falling inflation expectations did not affect the currency at all. While the Aussie has trimmed gains against some of its most-traded rivals by now, the currency remains safely above the opening level.
The British pound today rallied higher and recovered from a 3-day losing streak as investors hoped for a breakthrough in Brexit negotiations. However, the lack of any tangible progress in the Brexit proceedings and the mixed UK jobs report released today stalled the cable’s rally.
The New Zealand dollar jumped against all of its most-traded rivals today as employment data released in New Zealand overnight came out much better than was expected.
