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Canadian Dollar Rallies on Hawkish BoC Rate Hike, Later Trims Gains

The Canadian dollar today appreciated against its American counterpart after the Bank of Canada‘s interest rate decision, which was widely anticipated. The loonie’s rally served to drive the USD/CAD currency pair to fresh 2-day lows even as the BoC hinted at a hawkish stance on future monetary policy decisions.

Good Manufacturing PMI Unable to Prevent Sterling from Falling

The Great Britain pound fell today despite the manufacturing data that was above expectations. Traders were still concerned that the United Kingdom and the European Union may not reach a Brexit deal before the UK officially severs ties with the EU.

Euro Ends Week Second Strongest

The euro ended the past trading week as the second strongest major currency. The only currency that outperformed the euro was the Canadian dollar.

New Zealand Dollar Slumps After RBNZ Dovish Statement

The New Zealand dollar slumped today after the Reserve Bank of New Zealand released monetary policy statement that was more dovish than market participants had anticipated.

Pound Drops, Manages to Recover Against Some Rivals

The Great Britain pound fell against its major rivals today, though currently the sterling managed to erase losses against some of them. The possible reasons for the decline were the strength of the US dollar and the dovish Financial Stability Report.

Canadian Dollar Ends Week Soft, Hurt by Trade War Threat

The Canadian dollar ended the week soft, mainly due to risk aversion caused by the threat of trade wars. Underwhelming domestic macroeconomic data hurt the Canadian currency for a short while, but it recovered quickly.

Swiss Franc Firm, Undisturbed by Dovish SNB

The Swiss franc gained on most other major currencies, with the exception of the Great Britain pound, which got a boost from the relatively hawkish stance of the Bank of England. The outlook expressed by Switzerland’s own central bank was far less optimistic, but that did not prevent the Swissie from rising.

Sterling Pound Rallies Higher on BoE’s Hawkish Interest Rate Decision

The British pound today rallied higher against the US dollar after the Bank of England announced its monetary policy decision with more members than before voting for a rate hike. The pound had traded lower following the release of the disappointing UK public sector finances report for May early in the European session.

Euro Declines on Escalating Trade Tensions and Draghi Speech

The euro today declined significantly against the US dollar even as trade tensions between the USA and China escalated increasing demand for the greenback. The EUR/USD currency pair declined further in the early European session following dovish comments by the European Central Bank President regarding the timing of the bank’s first interest rate hike.

AUD Touches Lowest Since May 2017 vs. USD

The Australian dollar dropped against other most-traded currencies today, reaching the lowest level in more than a year against the US dollar. The Aussie fell following the surge of risk aversion, mixed domestic macroeconomic data, and the release of the central bank’s policy meeting.

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