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Canadian Dollar Rallies on Higher Oil Prices and Weak US Jobs Data

The Canadian dollar today rallied against its US counterpart as oil prices pressed higher for the third consecutive session boosting the commodity-linked loonie. The USD/CAD currency pair fell from its intra-day highs as the loonie strengthened amid rumours that OPEC and its allies would agree to drastic oil supply cuts to boost oil prices.

Pound Falls on Weak UK Services PMI Report as Dollar Surges

The Sterling pound today fell against the US dollar as investors reacted to weak service PMI released by Markit Economics in the early London session. The GBP/USD came under intense selling pressure as the greenback pressed higher despite yesterday’s record high US initial jobless claims numbers.

Pound Sidelined As UK COVID-19 Deaths Rise and Boris Self-Isolates

The pound today traded sideways against the US dollar extending its sideways trading range for the third day in a row as investors took a break following its recent massive rally. The GBP/USD currency pair rangebound trading action was also affected by the surge in UK coronavirus deaths as deaths jumped 31% to 563, hitting a cumulative total of 2,352.

Japanese Yen Strengthens on Better-Than-Expected Data, BoJ Stimulus

The Japanese yen is strengthening against different currency competitors midweek, buoyed by a plethora of economic data and outlooks that came in much better than initially anticipated. With the federal government set to unveil a comprehensive stimulus package to rescue the world’s third-largest economy from the fallout of the coronavirus pandemic, the yen’s safe-haven appeal may stay intact.

Canadian Dollar Slips As Manufacturing PMI Contracts, GDP Slows

The Canadian dollar is slipping against its currency rivals midweek as new data is beginning to highlight how much damage the coronavirus is impacting the Great White North. Manufacturing contracted, the economy already showed signs of slowing down before the COVID-19 crisis, and producer prices slumped – this could be the start of even more negative economic readings in the weeks to come.

Chinese Yuan Jumps on Surprising Manufacturing Growth in March

The Chinese yuan is rallying against many currency competitors on Tuesday as the world’s second-largest economy surprised global financial markets by reporting manufacturing growth in March. The yuan is also benefiting from additional easing efforts by the People’s Bank of China (PBoC).

US Dollar Slips As $2 Trillion Stimulus Package Nears Agreement

The US dollar is continuing its streak of losses midweek as the federal government prepares to pass the $2 trillion stimulus package, which has sparked a rally in equities for two straight sessions. With a heightened risk appetite, investors are pouring into riskier currencies after liquidating everything to buy the greenback throughout the market turmoil. Is the buck set to plunge even further?

Pound Rallies on Upbeat Sentiment Despite Mixed UK PMI Prints

The pound Sterling today posted gains against the US dollar ignoring the weak UK PMI data points released by Markit Economics in the early Londo session. The GBP/USD steadily inched higher from the new multi-year highs posted on Last week as the British government’s lockdown measures had a positive impact on investor sentiment.

US Dollar Gains As Federal Reserve Announces Unlimited QE

The US dollar is gaining on a couple of major currency rivals to start the trading week, despite the Federal Reserve announcing a massive expansionary program to rescue financial markets. With volatility still plaguing equities, investors continue to dive into the greenback to shield themselves from the chaos. The buck may spike again as the federal government gets ready to pass a massive stimulus bill.

Aussie Weak amid Lockdown, QE Bond Buying

The Australian dollar was among the weakest currencies on the Forex market together with its commodity-related counterparts today due to coronavirus panic that makes investors seek safer options. While it has trimmed its losses by now, the Aussie is still trading below the opening level against the majority of most-traded currencies.

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