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US Dollar Emerges as Strongest Currency Courtesy of Trade War Fears

The US dollar emerged as the strongest currency on the Forex market today after trade war tensions continued to escalate as US President Donald Trump chose the European Union as the new target for his criticism of unfair trade deals.

Euro Trades Lower on Germany Political Crisis and Mixed PMI Releases

The euro today traded lower against the US dollar amid the deepening of the political crisis in Germany as the Interior Minister Horst Seehofer threatened to resign. The release of mixed Eurozone PMIs by IHS Markit in the early European session could not reverse the pair’s downtrend as the US dollar gained ground over the single currency.

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.

Australian Dollar Trades Weakest on Monday

The Australian dollar was the weakest currency on the Forex market during the current trading session, falling against all other most-traded rivals. The most likely reason for that was the persisting fears of trade wars between the United States and their trading partners. Macroeconomic releases on the weekend and Monday were mixed, giving the currency no reason to go in one direction or the other.

Japanese Yen Strong Despite Mixed Tankan Survey

The Japanese yen was rather strong today despite a mixed Tankan survey. The currency fell against the US dollar, though, which was also very strong on Monday.

Canadian Dollar Declines on Weak Retail Sales and CPI Data

The Canadian dollar today dropped drastically against the US dollar following the release of the latest Canadian Consumer Price Index data, which missed expectations by a huge margin. The loonie’s massive drop drove the USD/CAD currency pair to new 2018 highs as it was further accelerated by the weak Canadian retail sales data also released today.

Yen in Red, Ignoring Positive Data

The Japanese yen was in red against basically all other most-traded currencies today despite relatively positive domestic macroeconomic data. Some market analysts explained the weakness by rising global bond yields.

Euro Rallies Higher on Greece Bailout Deal and Upbeat Eurozone PMIs

The euro today rallied higher against the US dollar after finance ministers from across the Eurozone reached an agreement regarding Greece’s final bailout. The euro’s rally was further complemented by the release of positive PMI data from across the Eurozone by IHS Markit and in-line French GDP data.

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.

NZ Dollar Falls After Manufacturing Expansion Slows

The New Zealand dollar fell today after a report showed that nation’s manufacturing expansion slowed, though remained at a high level. By now, the currency has trimmed its losses.

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