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Pound Rallies on Farage’s Election Concession Despite Weak GDP

The British pound today rallied against the US dollar after Nigel Farage confirmed his support for the Conservative Party raising hopes about Brexit. The GBP/USD currency pair rallied to new 4-day highs on the political headlines despite the release of multiple weak UK macro reports.

Pound Whipsaws on UK and US Releases as General Election Looms

The Sterling pound today traded sideways against the US dollar as UK political parties started campaigning in readiness for the UK December 12 elections. The GBP/USD currency pair had a muted reaction to the upbeat Markit/CIPS UK manufacturing PMI data but fell on the robust US non-farm payrolls report before rallying higher after later US releases.

US Dollar Rises on Stronger-Than-Expected October Jobs Report

The US dollar is rising to close out the trading week, thanks to a stronger-than-expected October jobs report. The positive labor report comes shortly after the latest economic data showed that it is slowing down less than what the market anticipates. But manufacturing continues to impact the world’s largest economy and its monthly jobs numbers.

Euro Drops as Draghi Defends His Legacy After ECB Rate Decision

The euro fell against the US dollar in the American session following a spike higher shortly after the announcement of the European Central Bank‘s rate decision. The EUR/USD currency pair rallied to its daily highs in the early European session on mixed IHS Markit flash PMI releases from the euro area but later fell.

Japanese Yen Flat After Unfavorable Markit PMIs

The Japanese yen was little changed following a report that showed that economic activity in Japan slowed this month. The services sector barely expanded as its rate of growth slowed sharply compared with September, while the manufacturing sector accelerated the rate of its decline unexpectedly.

Australian Dollar Falls as Economic Activity Slows

The Australian dollar declined against its most-traded rivals today after flash data showed that economic activity slowed significantly last month. While both the manufacturing and the services sectors continued to expand, the pace of expansion was slower than in the preceding month.

USD/CAD Pair Falls to 6-Week Lows as Loonie Rallies Against Weak Dollar

The Canadian dollar today rallied against the US dollar in a move that was primarily attributed to the greenback’s overall weakness against most of its peers. The USD/CAD currency pair fell to new 6-week lows as the loonie rallied against a much weaker dollar driven by the improved investor risk appetite.

Euro See-Saws on Mixed Eurozone Data, Rallies on Weak US ISM Report

The euro today see-sawed between gains and losses in reaction to mixed data from across the eurozone but spiked higher in the early American session. The EUR/USD currency pair broke out of the bearish range it had been trapped in and rallied after the release of weak US ISM manufacturing PMI report.

Yen Soft After Macroeconomic Releases in Japan

The Japanese yen was soft today following domestic macroeconomic releases. The data showed that the nation’s manufacturing sector was in bad shape. At the same time, unemployment remained extremely low, defying forecasts of an increase.

Australian Dollar Sinks After RBA Cuts Interest Rates

The Australian dollar sank after a dovish interest rate cut by the Reserve Bank of Australia. The news overshadowed a positive report about Australia’s manufacturing sector.

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