The Canadian dollar fell against other most-traded currencies today, though managed to recover versus the US dollar by now. The currency was under pressure from a range of negative factors, including falling prices for crude oil, trade tensions with the United States, and underwhelming domestic macroeconomic data.
The Australian dollar was extremely soft against other most-traded currencies, with the notable exception of the euro, as the unexpectedly dovish policy statement of the European Central Bank as well as the threat of the US-China trade war put the market into the risk-off mode. Macroeconomic data in Australia and Australia’s biggest trading partner, China, hurt the Aussie as well.
The British pound today rallied higher following the release of the latest UK employment report, which had mixed results. The GBP/USD currency pair later gave up most of its gains, but rallied higher in the American session as the UK Parliament voted on a crucial Brexit bill.
The USD/CAD currency pair today rallied higher after the release of the Canadian employment report for May, which missed expectations by a huge margin. The currency pair later retraced most of its gains as the markets digested the positive aspects of the report, while trade concerns limited the currency pair’s upside.
The Canadian dollar fell today amid the threat of trade wars and concerns about lack of progress in NAFTA talks. The big rally of crude oil prices was unable to help the currency.
The Canadian dollar today rallied against its US counterpart driving the USD/CAD currency pair to new lows after the Bank of Canada announced its interest rate decision. The loonie’s rally was further boosted by disappointing releases from the US docket such as the weak quarterly GDP data.
The euro today rallied higher against the US dollar following the release of upbeat German retail sales data in the early European session. However, the euro was still weighed down by the political uncertainty in Italy and the high Italian 2-year bond yields, which rose above 2.5%.
The Canadian dollar was stable today following economic releases over the current trading session and ahead of important economic reports due for release tomorrow.
The Australian dollar attempted to rally intraday but has trimmed its gains against most major rivals by now and lost them versus the US dollar entirely. The rally followed employment data, which actually was somewhat mixed.
The British pound today remained depressed against the US dollar despite the release of the mostly positive UK labour market report for May. The increase in the 10-year US Treasury yields to levels above the crucial 3.00% level exerted downward pressure on the cable restricting any positive moves by the currency pair.
