The euro was mixed today following the release of lackluster macroeconomic data in the eurozone. The currency gained on the US dollar, which remained extremely soft, but was flat versus the Great Britain pound and fell against safe currencies like the Japanese yen and the Swiss franc.
The British pound today rallied higher against the US dollar in the European session on rumors that Brexit would be delayed. The GBP/USD had posted small gains after the release of mixed UK data where the GDP beat expectations, while manufacturing data missed estimates.
The euro today dropped against the US dollar from the start of today’s session as the greenback rebounded on investors’ hopes about the outcome of the US-China trade talks. The rebound in US Treasury yields also boosted the greenback, which was under intense selling pressure since Friday last week following dovish Fed comments.
The Chinese yuan is posting modest gains against some of its currency rivals after the federal government started to launch several aspects of its stimulus program this week. Experts do believe that the yuan will rebound next year, especially if the US and China are able to reach a new trade deal during the 90-day truce.
The Chinese yuan is weakening at the end of the trading week on recent National Bureau of Statistics (NBS) data that disappointed investors. This year, the currency’s descent has been in line with the trends plaguing the national economy, leaving many analysts wondering if the yuan will maintain this negative performance in 2019.
The Japanese yen gained against its major rivals today. While the currency has basically erased its gains versus the US dollar by now, it retained them versus other majors. Domestic macroeconomic reports released over the trading session were good, but the general risk-averse market sentiment likely played a bigger part in the yen’s rally.
The Australian dollar declined today after China released a bunch of macroeconomic indicators, some of which missed expectations. China is Australia’s biggest trading partner, making its economic well-being very important for the Australian economy and currency.
The Japanese yen is posting modest gains against the greenback on Thursday. Traders were pleased by recent comments made by government officials about the national economy, and positive data gave a boost to the yen’s slight bump.
The Chinese yuan is gaining against its American counterpart midweek, despite a myriad of disappointing economic numbers that show the national economy is not on strong footing. It is evident by now that Beijing will be unable to weather the storm clouds forming from the US-China trade war.
The Australian dollar attempted to rally during the Wednesday’s trading session but fell later. Some market analysts attributed the decline to the worse-than-expected retail sales in China. China’s macroeconomic data often has strong impact on the Australian currency because China is Australia’s biggest trading partner. Economic reports released in Australia itself over the current session were good.
