The euro today alternated between gains and losses against the US dollar swinging wildly between gains and losses ahead of Jerome Powell speech. The EUR/USD currency pair spiked higher and then crashed lower during the Fed Chair’s speech creating uncertain trading conditions for most traders.
The US dollar was very weak today, surprisingly so considering very good domestic macroeconomic data. While the greenback managed to retain some of its gains versus the euro, the US currency fell against many other major rivals.
According to data released today, New Zealand’s trade balance surplus shrank last month. But that did not prevent the New Zealand dollar from rising. In fact, it was the strongest among the most-traded currencies.
The Canadian dollar today rallied against its American counterpart following the release of upbeat Canadian retail sales data for June, but the rally was short-lived. The USD/CAD currency pair today extended its gains from yesterday as the US dollar proved to be much stronger against the loonie driven by several factors including the less-dovish Fed minutes.
The euro today halted its slide against against the US dollar following the release of the upbeat German IFO business survey data in the early European session. The EUR/USD currency pair was under intense selling pressure today as the greenback recovered from Friday’s selloff, which was triggered by the Fed Chair Jerome Powell‘s dovish speech.
The euro today rallied higher against the US dollar following the release of mixed data from Germany led by the positive German Q2 GDP data. The EUR/USD currency pair posted more gains following the release of weak data from the US docket in the early American session.
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.
