The Sterling pound today rallied higher against the US dollar following the release of the latest UK inflation data, which beat expectations by a huge margin. The GBP/USD currency pair today rallied to new six-week highs following the positive releases, but later dropped to new lows due to negative Brexit headlines.
Macroeconomic data released in Japan over the trading session was solid, but that did not help the Japanese yen, which dropped against all other most-traded currencies. The most likely reason for the decline was the improving market sentiment.
The euro today traded sideways against the US dollar amid market concerns regarding the infrastructure spending plans of the Italian government. The recovery by the US dollar earlier today drove the EUR/USD currency pair lower, but the pair has since recovered most of its losses to trade sideways.
The New Zealand dollar rose today, boosted by the Producer Price Index, which came out much better than was expected by economists.
The British pound today hit new record lows against the US dollar in the Asian session due to the risk-off sentiment in the markets, which favored the greenback. The GBP/USD currency pair retraced some of its losses after the release of the latest UK CPI data, which was in line with expectations.
The Japanese yen gained today amid risk aversion caused by international tensions around the world. Domestic macroeconomic data, while usually having a limited impact on the currency, was also supportive.
While Australia’s economic calendar had no releases today, but China, Australia’s biggest trading partner, released important inflation data. The reports showed better-than-expected results, prompting the Australian dollar to rally. Yet the currency has lost its gains by now and is trading far below the opening level.
The euro today declined against a resurgent US dollar in the wake of the intensifying trade spat between the US and China. The EUR/USD currency pair headed lower in the late Asian session as the greenback rallied higher and the selling pressure increased during the early European session.
The Canadian dollar rallied today, reversing its earlier losses. The currency got a boost from Canada’s solid economic growth.
The Australian dollar was mixed today, rising against such currencies as the euro and Swiss franc but falling against the US dollar and the Japanese yen, after a report showed that Australia’s producer inflation slowed unexpectedly.
