The Swiss franc traded mixed today, rising against some rivals and falling versus others. While initially the currency was weaker due to risk appetite caused by the positive manufacturing report for China, the Swissie rebounded against many peers later. Mixed domestic macroeconomic data was not helping the currency in finding direction.
The euro today rallied higher against the US dollar driven by investor hopes of a breakthrough in the ongoing Sino-US trade talks and a risk-on market sentiment. The EUR/USD currency pair’s performance today was largely driven by market sentiment given that US markets were closed in celebration of Presidents’ Day holiday.
The Canadian dollar fell against its most-traded peers today after the release of negative macroeconomic data and as the market sentiment soured on worsening global growth projections.
The Australian dollar today declined against its US counterpart as markets digested the impact of weak Chinese industrial profits data on commodity-linked currencies such as the Aussie. The Aussie’s decline was further compounded by the re-emergence of Sino-US trade war fears based on recent news regarding potential orders by the US government against Chinese companies.
The euro today rallied higher against the US dollar from the early European session largely driven by positive market sentiment as investors refrained from buying the greenback. The EUR/USD currency pair extended its rally despite the release of disappointing German IFO business climate index as markets remained dovish towards the US dollar ahead of tomorrow’s Fed interest rate decision.
The Australian dollar was the strongest currency today. It was fighting with the Great Britain pound for the first place, and currently the Aussie is on top.
The Japanese yen started the Wednesday’s session in the red across the board. The positive market sentiment was the likely reason for the losses of the safe-haven currency, though negative macroeconomic data might have played its part as well.
The Australian dollar gained today despite domestic macroeconomic data, which was not particularly supportive to the currency. The rally was a result of the positive market sentiment caused by news about good developments in the US-China trade relationships.
The Canadian dollar ended the week lower, joining other commodity currencies in decline. The main theme of the week was risk aversion on the Forex markets, which made safer currencies the strongest, while hurting riskier currencies related to raw materials and growth.
The Japanese yen jumped against its most-traded rivals today as optimism caused by the truce in the trade war between the United States and China waned, and market participants started to question whether the agreement will hold.
