Employment — News Archive

The Australian dollar did not move far today as markets were in a consolidation mode after optimism caused by the coronavirus vaccine news started to wane. Even the stellar jobs report failed to boost the Australian currency.

The euro today oscillated between gains and losses as US election officials continue to count votes in the tightly-contested US Presidential elections. The EUR/USD currency pair fell earlier today after President Donald Trump threatened to use the Supreme Court to stop vote-counting in some states.

The Australian dollar was weak today, falling against all most-traded rivals, even commodity currencies. Market analysts listed the following reasons for the decline: risk aversion on markets due to concerns that US politicians may fail to agree on a coronavirus relief package ahead of the presidential election, unfavorable Australian employment data, and comments from the Australian central bank’s chief that boosted bets on additional monetary easing.

The Canadian dollar today rallied against its US peer fueled by the positive Canadian jobs report and the upbeat investor sentiment. The USD/CAD fell for the third straight session as the commodity-linked loonie rallied higher capitalising on the greenback’s weakness over the same period.

The Canadian dollar was soft today, falling against other most-traded currencies, after domestic retail sales data disappointed traders. The losses were limited against most of the rivals, though, with the exception of the Japanese yen and the New Zealand dollar — the two strongest currencies on the Forex market during Friday’s trading.

The Australian dollar was stable today, staying flat against most other currencies, though fell versus the Japanese yen, which managed to recover from the earlier losses to trade as one of the strongest currencies on the Forex market on Friday. The Aussie fell against the New Zealand dollar too as it was also among the strongest, rising to the highest level in a year and a half.

The euro today fell against the US dollar for the sixth consecutive session despite the release of positive data from across the euro area. The risk-off investor sentiment drove the EUR/USD currency pair’s decline amid rising China-US tensions and the global equity markets selloff.

The Canadian dollar today surged against its US peer erasing yesterday’s losses boosted by the rising crude oil prices, which fueled the commodity-linked loonie. The USD/CAD currency pair later recovered and rallied higher as the loonie reacted to Canadian employment data, which was worse than expected.

The Sterling pound today fell against the US dollar following dovish speeches from Bank of England policymakers regarding the British economy and monetary policy. The GBP/USD currency pair kept falling despite the release of weak US jobs data as markets interpreted the BoE’s willingness to take extra easing measures negatively.

The US dollar was very strong today despite disappointing employment data. Market analysts suggested various possible reasons for such behavior. Some speculated that the greenback continued to get support from Monday’s positive US manufacturing data. Others argued that it was just a bounce in an oversold market.