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Australian Trade Surplus Narrows, Aussie Halts Rally

The Australian dollar, together with other commodity currencies, halted its rally today. Fairly poor domestic macroeconomic data was not doing the Aussie any favors either.

Outlook for NZ Dollar Ahead of First RBNZ Policy Meeting in 2021

The New Zealand dollar started the week as the strongest most-traded currency on the Forex market thanks to the upgrade of the nation’s credit rating by Standard & Poor’s. What other factors will be influencing the New Zealand currency and what traders should watch for during the rest of the week?

Japan’s Macroeconomic Data Mixed, Yen Gains

The Japanese yen rallied against the vast majority of other most-traded currencies today. Together with the strong bounce of the US dollar, that suggests that the market sentiment shifted into a risk-off mode. But the rebound of the riskier commodity-related Australian dollar puts such thinking into question.

Euro Falls amid Slow Vaccine Rollout, Declining Industrial Production

The euro fell against the majority of most-traded currencies today, though managed to keep its previous gains versus the US dollar and extend the rally against the Japanese yen. Market analysts named two most likely reasons for the euro’s weakness: a slow vaccine rollout and a bigger-than-expected contraction of industrial production.

USD/INR Struggles for Direction Amid Higher Inflation, Exports

The Indian rupee struggled for direction against its US peer to start the holiday-shortened trading week. The rupee has benefited from greater risk tolerance in the broader financial markets, with investors willing to return to emerging market currencies rather than pouring into traditional safe-haven assets. The latest inflation and trade data are driving the rupee on Monday.

Pound Falls Against Dollar Despite Upbeat UK GDP Data, Rallies Briefly

Today, the Sterling pound fell against the dollar despite the release of upbeat UK macro data as investor sentiment towards the pound remained bearish. The dollar’s recovery also fueled the GBP/USD currency pair’s decline as investors remained cautious about the UK-EU Northern Ireland border standoff.

Euro Firm, Unable to Beat Yen & Franc

The euro was firm today, rising against most of its major peers, but failed to gain on safe currencies, such as the Japanese yen and the Swiss franc. The euro’s strength was surprising as the market sentiment has been worsening, and the shared 19-nation currency is not known for being a safe option for investors.

Canadian Dollar Rallies on Upbeat Oil Prices, Ignores Weak Jobs Data

The Canadian dollar today rallied against its much weaker US counterpart buoyed by rising crude oil prices and the elevated investor risk appetite. The USD/CAD currency pair fell to new lows despite the latest Canadian jobs data missing consensus estimates by a wider margin than US data.

US Dollar Weakens As Economy Adds Disappointing 49k New Jobs in January

The US dollar weakened against its currency peers to close out the trading following a disappointing January jobs report. The greenback, which has turned bullish to kick off 2021, took a breather as the broader financial markets tried to process the labor data and the overall economic trends. If the coronavirus economic recovery fails to accelerate, how will the buck perform?

Indian Rupee Gains As Modi Government Unveils Union Budget

The Indian rupee is strengthening against the US dollar on Tuesday as the nation’s exports improved in January and the number of coronavirus cases keeps coming down. The rupee, which has flatlined to kick off 2021, had joined the broader emerging market currencies amid uncertainty in the financial markets. But with the COVID-19 pandemic subsiding in the developing country and the economy on the rebound, the rupee could bounce back this year.

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