The Canadian dollar is trading flat against its G10 currency rivals at the end of the holiday-shortened trading week. The loonie has been gaining against several of its counterparts over the last week, despite an influx of disappointing economic data. With energy prices firmly rebounding and the investors selling the US dollar, could the Canadian dollar have a strong second half?
The Chinese yuan is weakening against the US dollar and other major currency rivals in the middle of the trading week. Global financial markets were pleased to learn that manufacturing and non-manufacturing activity has rebounded at a faster-than-expected clip over the last month, leading to optimism that China’s economic recovery is beginning to accelerate. With additional central bank stimulus can Beijing achieve growth in 2020?
The Canadian dollar is strengthening on Tuesday after the economy’s April contraction was better than what the market had initially forecast. The loonie is also finding support in housing data, as well as investors exiting its American counterpart. The Canadian dollar will finish the month higher against the greenback.
The Chinese yuan is flat against most of its currency rivals at the end of the trading week, despite a new report that suggests China’s economy will buck the global trend and grow this year. China recently kickstarted its economic rebound, but early data indicators highlight that Beijing’s efforts are only producing a slow recovery.
The euro today fell against the US dollar driven by investor fears about the rising coronavirus cases across the US triggering a selloff of riskier assets such as the euro. The EUR/USD currency pair’s decline was further fueled by rising trade tensions between the EU and the US after Donald Trump threatened to impose sanctions on European exports.
The US dollar is seesawing against many of its G10 currency counterparts on Thursday after the US government reported a worse-than-expected jobs report. Financial markets are also combing through the latest gross domestic product (GDP) figures for the first quarter. The latest developments could potentially force traders back into the greenback after two months of returning to stocks.
The Swiss franc is back in the spotlight in the middle of the trading week as the central bank’s warning that it will keep up its fight against the currency’s appreciation concerned investors. As Switzerland’s economy is on track for the worst year in more than four decades, the near-term future of the nation remains uncertain. But with uncertainty prevalent throughout global financial markets, is the franc still the go-to safe-haven asset for investors?
Markets were rather directionless today, and the New Zealand dollar was no different. While negative domestic macroeconomic data was weighing on the currency, it managed to stay flat against some of its most-traded rivals and even to rise versus others.
The Sterling pound today fell briefly after the release of the latest UK GDP data early London, but quickly recovered as other prints came in better than expected. The GBP/USD currency pair rallied to new highs after investors digested the multiple macro releases from the UK docket, one of which beat analysts estimates.
The US dollar is weakening midweek after the Federal Reserve left interest rates unchanged, noting that it does not see any rate hikes for two years. The greenback further took a hit on the US central bank, confirming that it will maintain its quantitative easing purchases for the foreseeable future. The announcement lifted US financial markets and turned the leading stock indexes green.
