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Canadian Dollar Renews 2021 Rally Against US Peer?

The Canadian dollar could be renewing its 2021 rally against its US peer in the middle of the trading week, buoyed by better-than-expected economic data from earlier this year. The loonie also found additional support on rising crude oil prices and optimism for future economic prospects. Can the Canadian dollar break below 1.25 next month?

Pound Falls Against Dollar on Weak UK Inflation, Ignores Upbeat PMIs

The British pound fell against the much stronger dollar, extending yesterday’s losses amid disappointing UK inflation figures attributed to massive discounts and lockdown measures. The GBP/USD currency pair’s decline was also driven by negative investor sentiment as markets anticipate the disruption of Britain’s vaccination drive due to supply interruptions.

USD/ZAR Stays Below 15.00 As Annual Inflation Falls Short of Market Forecast

The South African rand is rebounding against its US peer in the middle of the trading week. With a renewed rally in the broader financial markets, investors are pouring back into emerging market currencies. Can the rand maintain support below the 15.00 mark against the greenback? It might depend on the economic recovery and the market’s appetite for EM currencies.

USD/CAD Tests 1.25 As Falling Crude Prices, Fed Meeting Weigh on Loonie

The Canadian dollar is modestly sliding against its US peer in the middle of the trading week, ostensibly hitting the pause button as one of the world’s top-performing currencies. The loonie is paring its gains mostly on falling energy prices, as well as investors seeking shelter in conventional safe-haven assets, like the US dollar and the Swiss franc. But what about domestic data?

Euro Falls Despite Upbeat Euro Area Macros as Dollar Surges on Stimulus

The euro fell against the dollar fueled by the negative investor sentiment following dovish comments from an ECB policymaker regarding rising European yields. The EUR/USD currency pair’s rally was further driven by the surge in US Treasury yields as bonds sold off following the signing of the $1.9 trillion US stimulus bill.

Euro Falls on Dovish ECB Member Comments, Ignores PMIs and Weak US Data

The euro fell against the dollar after inching higher initially fueled by positive PMI data from the euro area before heading lower as investor sentiment shifted. The EUR/USD currency pair’s decline was fueled by dovish comments from European Central Bank policymakers who spoke in favour of more stimulus.

USD/TRY Tests 7.43 Despite Turkey Reporting GDP Growth amid Pandemic

The Turkish lira extended its weakness against the US dollar in the middle of the trading week. Despite being one of the few economies to avoid a contraction during the coronavirus pandemic in 2020, the lira has been witnessing a selloff in foreign exchange markets. Inflation continues to be a significant worry for investors.

Swiss Franc Weak Due to Risk Appetite, Domestic Data

The Swiss franc fell today as continuously rising yields and risk appetite made investors less interested in currencies considered to be safe. The Swissie lost even to the Japanese yen — another currency considered to be a safe haven. Switzerland’s macroeconomic data was poor, adding to pressure on the Swiss currency.

New Zealand PPI Data Positive, NZ Dollar Among Strongest

Commodity currencies were among the strongest on the Forex market during Friday’s trading, with the New Zealand dollar outperforming all other most-traded counterparts, except for the Australian dollar. Domestic macroeconomic data released overnight was largely positive but did not give the New Zealand currency a noticeable boost.

Euro Plunges Against Buoyant Dollar on Upbeat US Retail Sales and PPI Data

The euro fell against the resurgent dollar buoyed by rising US Treasury yields and upbeat US retail sales figures amid a mostly empty European docket. The EUR/USD currency pair was under intense selling pressure for the second consecutive day after hitting 3-week highs largely driven by the dollar.

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