The euro today rallied against the US dollar despite the release of mixed macro prints from across the euro area driven by the resurgent investor risk appetite. The EUR/USD currency pair’s rally was also boosted by the greenback’s selloff, which started yesterday amid hopes of a US coronavirus stimulus package.
The euro today fell against the dollar before recovering to trade sideways boosted by upbeat data from across the euro area and positive market sentiment. The EUR/USD currency pair today fell to its daily lows after the release of upbeat US consumer sentiment data but recovered quickly as investor risk appetite remained elevated.
The British pound today rallied higher against the US dollar amid optimism that the UK would not crash out of the EU after Boris Johnson toned down his rhetoric. The GBP/USD currency pair’s rally was also driven by the dollar’s selloff coupled with the upbeat UK inflation data released earlier today, which boosted the pound.
The Japanese yen was the weakest currency on the Forex market today but among the strongest for the week. With no unifying theme to drive markets, it is hard to pinpoint an exact reason for the currency’s poor performance, though some market analysts attributed it to the positive market sentiment that made the yen unnecessary in its role of a safe haven. As for Japan’s macroeconomic reports, they were not that bad but it hardly […]
The euro today held on to its gains after the European Central Bank announced its interest rate decision, which was in line with analysts expectations. The EUR/USD currency pair extended its bullish trend during the ECB Governor’s speech, which was relatively hawkish.
The US dollar is slumping against many of its G10 currency rivals on Thursday after the latest jobs data was flat, and producer prices declined. The greenback had been staging a comeback for more than a week, but the buck looks to be going through a modest correction toward the end of the holiday-shortened trading week.
The Chinese yuan is looking to start another winning streak after the currency suspended its momentum against the US dollar. The yuan has been on a tear in recent months, testing 6.8 against the greenback, primarily due to favorable domestic economic data and a weakening buck. But escalating US-China tensions and the plunge in equities in recent sessions could limit the yuan’s gains – for now.
The Turkish lira is continuing its downward trend against the US dollar midweek as investors start to weigh the central bank’s policies. The lira faced additional pressure on weakening economic data, including the second-quarter gross domestic product and manufacturing numbers.
The South African rand is extending its winning streak against the US dollar as it continues to find support in global foreign exchange markets. With a fierce risk appetite and general optimism in the broader financial markets, investors are pouring into the rand. As the number of confirmed coronavirus cases comes down and the central bank indicating tightness in monetary policy, the rand may emerge as one of the top emerging market currencies.
The euro today seesawed between losses and gains against the US dollar following yesterday’s massive drop after the release of the FOMC meeting minutes. The EUR/USD traded in a wide range today marked by declines and rallies as the single currency remained mainly at the greenback’s mercy after yesterday’s resurgence.
