The Canadian dollar is slipping against its currency rivals midweek as new data is beginning to highlight how much damage the coronavirus is impacting the Great White North. Manufacturing contracted, the economy already showed signs of slowing down before the COVID-19 crisis, and producer prices slumped – this could be the start of even more negative economic readings in the weeks to come.
The Chinese yuan is rallying against many currency competitors on Tuesday as the world’s second-largest economy surprised global financial markets by reporting manufacturing growth in March. The yuan is also benefiting from additional easing efforts by the People’s Bank of China (PBoC).
The US dollar is sliding against multiple currency rivals on Thursday, but it is holding relatively steady. This might come as a surprise for market observers because the greenback and the broader financial market should be in freefall following record-breaking jobs numbers. It is the opposite.
The Swiss franc is slumping on Tuesday as the central bank continues to intervene in foreign exchange markets and control the value of the currency. Despite being a conventional safe-haven asset for global investors, the franc’s appeal might diminish as the nation potentially slips into a recession.
The New Zealand dollar dropped to new multi-year lows against other most-traded currencies today. Losses were across the board as the kiwi was falling even against other vulnerable commodity currencies. Even the GDP report that came out in line with expectations was unable to help the New Zealand currency.
The Chinese yuan is rebounding at the end of the trading week, buoyed by the central bank’s recent stimulus measures to stimulate the world’s second-largest economy as the country tries to return to normal. The yuan had breached the crucial 7 mark against the US dollar this week, but the currency might recover amid encouraging economic progress.
The Chinese yuan is rising against the US dollar and is mixed against other currency rivals, midweek as global financial markets brace for China’s reboot. With the death toll and the number of confirmed cases subsiding, Beijing is preparing to gradually return to normal. But just how bad was the coronavirus for the Chinese economy? The consensus is simple: expect the worst and hope for the best.
The Great Britain pound was extremely volatile today. The main reason for the currency’s sharp moves was an emergency interest rate cut from the Bank of England. The sterling sank immediately after the announcement, recovered quickly afterward but backed off a bit after a release of a bunch of disappointing macroeconomic reports, including GDP print.
The Japanese yen is soaring against multiple currency rivals to kick off the trading week as investors are fleeing to traditional safe-haven assets amid the market crash. With the major leading stock indexes worldwide posting steep losses, traders are buying the yen, despite the disappointing economic data. Will the yen be the best performing currency in the first quarter?
The Australian dollar continued to rise, logging a third consecutive daily gain. This time, it is easier to explain the currency’s rally as it followed the better-than-expected GDP print released during the trading session. Economic data from China, Australia’s biggest trading partner, was atrocious, but it had a little impact on the movement of the Aussie.
