The EUR/USD currency pair today hit a 31-month high during the North American session after the release of disappointing US advance goods trade balance data. The currency pair’s rally started on Friday after Janet Yellen‘s and Mario Draghi‘s speeches at the Jackson Hole symposium, which triggered the euro’s rally against the greenback.
The US dollar ended the week with significant losses versus the euro amid concerns about the turbulent political climate of the United States.
The Canadian dollar today rallied higher against its US counterpart after Janet Yellen‘s speech at the Jackson Hole Symposium. The US dollar had earlier rallied from daily lows after the release of the durable goods orders report for the month of July.
The GBP/USD currency pair today hit new lows despite the release of positive public sector finances data by the Office for National Statistics. The pair’s decline was further precipitated by the higher buying pressure around the US dollar even as political tensions in Washington DC abate.
The US dollar was mixed today, rising against the euro (after the falling earlier), falling versus the Great Britain pound, and staying almost flat against the Japanese yen. The greenback also demonstrated mixed performance against commodity currencies.
US dollar is mostly rangebound ahead of a meeting of central bankers later this week in Jackson Hole, Wyoming. Some expect Federal Reserve Chair Janet Yellen to express a readiness for an interest rate hike by the end of the year, and many are waiting to see what she says.
The Japanese yen gained today against some of its most-traded peers, including the US dollar and the Great Britain pound, thanks to the surge of risk aversion on the Forex market following the conclusion of the Jackson Hole symposium.
Even though the euro is higher against some of its major counterparts, the 18-nation currency is struggling today. Euro has slipped lower against the US dollar, and is barely holding its own against the UK pound. Expectations that the ECB could ease policy further next week are weighing.
Canadian dollar is trading mixed today, seeing different results thanks to the latest news and data released around the world. With stocks looking to rise, loonie is a getting a boost against some of its counterparts.
The Indian rupee climbed after Standard & Poor’s praised the efforts of the country’s government to reduce the budget deficit, which may improve the outlook for India’s sovereign credit rating.
