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Euro Crashes on Risk-Off Sentiment, Recoups Losses on Better Mood

The euro today fell against the US dollar during the Asian session, driven by the risk-off market sentiment that saw most Asian equity markets selloff. The EUR/USD currency pair recovered some of its losses during the European session despite the mixed releases from across the euro area.

Aussie Beats Rivals with Help from Domestic & Chinese Economic Reports

The Australian dollar rose today. In fact, it was the strongest among most-traded currencies on the Forex market. The Aussie got a boost from positive macroeconomic data, both domestic and Chinese.

Euro Falls on Upbeat Euro Area PMIs, Rallies on Upbeat US PMI Data

The euro today fell against the US dollar despite upbeat releases from German combined with positive euro area PMI data released by Markit Economics. The EUR/USD currency pair rallied higher after the release of upbeat US PMI data, which was surprising given that the print beat analysts expectations by a wide margin.

Japanese Yen Opens Higher, Turns Lower Afterward

The Japanese yen started the trading week higher versus other most-traded currencies but has reversed its movement afterward and is currently trading far below the opening level against basically all other major rivals. Market analysts explained the moves by the improving market sentiment, though, in the longer-term, the outlook remains favorable to the currency.

Chinese Yuan Flat As IMF Forecasts Economic Growth in 2020, 2021

The Chinese yuan is flat against most of its currency rivals at the end of the trading week, despite a new report that suggests China’s economy will buck the global trend and grow this year. China recently kickstarted its economic rebound, but early data indicators highlight that Beijing’s efforts are only producing a slow recovery.

Canadian Dollar Flat As Retail Sales Collapse in April, Finds Support in Crude

The Canadian dollar is trading relatively flat against many of its currency competitors to finish the trading week. The latest economic data showed just how severe the coronavirus pandemic lockdown was to the Great White North, but the increase in crude oil prices helped limit any of the loonie’s losses.

Turkish Lira Weakens As Treasury Borrows Millions to Keep Finances Afloat

The Turkish lira is weakening against many of its currency competitors midweek as the government auctions millions in T-bills to keep the government’s finances afloat. The lira, which has come under enormous pressure this year, has stabilized over the last month. But a mix of a financial crisis and the coronavirus pandemic has impacted Turkey’s fragile economy.

US Dollar Struggles for Direction on Jerome Powell Testimony, May Retail Sales

The US dollar is struggling for direction on Tuesday as the stock market rallies. Investors are weighing multiple events unfolding, including the Federal Reserve Chair’s semi-annual congressional testimony, strong May retail sales figures, and a spike in equities. It has been a roller coaster ride for the greenback in recent weeks as volatility and uncertainty have returned to global financial markets.

Chinese Yuan Slips As All Eyes on Auction of Special Treasury Bonds

The Chinese yuan is slightly weakening ahead of Beijing’s auction of one trillion yuan ($141 billion) in special treasury bonds to help cover the cost of combating the coronavirus pandemic. Investors are all eyes on the event to see how it would impact market liquidity. Mixed economic data are also affecting the yuan’s performance against currency rivals to start the trading week.

Australian Dollar Strongest amid Risk Appetite, Traders Wait for NFP

The Australian dollar was the strongest currency on the Forex market today, rising to multi-month highs, amid risk appetite that returned to markets. Other riskier currencies were strong as well while safer ones were on the defensive. Traders wait for US nonfarm payrolls due for release at 12:30 GMT.

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