The euro today initially dipped against the dollar as Democrats took the lead in the Georgia Senate runoff elections, which could lead to a shift in US corporate laws. The EUR/USD currency pair later rallied as investor sentiment improved despite IHS Markit releasing several disappointing PMI prints from across the euro area.
The market sentiment remained favorable for commodity currencies, allowing them to maintain a rally. The Australian dollar was the strongest among them, rising against all other most-traded currencies. The Aussie managed to rally even after macroeconomic data showed slower-than-expected expansion of the services industry in China, Australia’s biggest trading partner. Meanwhile, the rally of crude oil prices was helping commodity currencies, especially those of oil-producing countries.
The euro today surged higher against the dollar buoyed by the upbeat euro area PMI reports released by Markit Economics in the early European session. The EUR/USD currency pair later gave up most of its gains ahead of the US Federal Reserve‘s interest rate decision as the dollar inched higher before the announcement.
The euro today briefly rallied higher against the dollar touching 32-month highs before reversing course and heading lower as the greenback inched higher. The EUR/USD currency pair fell despite the release of mixed data from across the euro area as Hungary continues to oppose the European Union budget.
The New Zealand dollar was soft today, falling against many of its most-traded rivals. That is despite positive macroeconomic reports released during Thursday’s trading session in New Zealand and China, New Zealand’s biggest trading partner.
The New Zealand dollar traded largely flat today, though it managed to gain on some of the majors, including the US dollar. The kiwi got a boost from positive domestic macroeconomic data as well as better-than-expected reports in China.
The Australian dollar joined the rally of its New Zealand counterpart amid the risk-on market sentiment. There were no macroeconomic reports released in Australia today, while yesterday’s data was positive.
The sterling pound today surged to 12-week highs against the dollar boosted by news of AstraZeneca’s COVID-19 vaccine given that its a British/Swedish company. The GBP/USD currency pair later trimmed its gains after the dollar surged to new multi-month highs on upbeat US Flash PMIs released by Markit Economics.
The euro today rallied higher against the US dollar in the first half of today’s session boosted by investor optimism about a potential coronavirus vaccine. The EUR/USD currency pair later reversed course during the American session and turned negative for the day on the upbeat US PMI data, which boosted the dollar.
The euro today oscillated between gains and losses as US election officials continue to count votes in the tightly-contested US Presidential elections. The EUR/USD currency pair fell earlier today after President Donald Trump threatened to use the Supreme Court to stop vote-counting in some states.
