The Australian dollar was the weakest currency on the Forex market today, falling against all other most-traded rivals, even its commodity counterparts. The Aussie has started to decline yesterday and accelerated the drop after the manufacturing index demonstrated a record slump. The Australian Industry Group Australian Performance of Manufacturing Index plunged from 53.7 in March to 35.8 in April. The extremely low figure indicates that the industry was contracting with the fastest pace … “Australian Dollar Weakest After Manufacturing PMI Logs Record Drop”
Yen Gains on Commodity Currencies, Reverses Losses vs. Others
Commodity currencies were generally weak today, allowing the Japanese yen to gain on them. The yen also rose versus the Great Britain pound. Initially, the Japanese currency was flat against the US dollar and fell versus the euro and the Swiss franc but currently the yen rebounded, rising against the dollar and the euro while being about flat against the franc. Japan released a bunch of macroeconomic indicators today, and unsurprisingly, they were rather … “Yen Gains on Commodity Currencies, Reverses Losses vs. Others”
Canadian Dollar Soft Despite Rally of Crude Oil
The Canadian dollar was trading in the red for the most part today. The loonie was flat against the Japanese yen and gained on the Australian dollar but dropped versus the rest of the most-traded currencies. This is surprising considering the strong rally of crude oil, Canada’s major export commodity. Futures for North American crude oil jumped more than 18%, while the global benchmark Brent grade rallied more than 12%. Usually, the Canadian … “Canadian Dollar Soft Despite Rally of Crude Oil”
South Korean Won Struggles for Direction as Output, Retail Sales Beat Forecasts
The South Korean won is looking to extend its gains on Thursday as economic data keeps beating market forecasts. The won, which had weakened due to reports of North Korean leader Kim Jong-unâs deteriorating health, is set for a considerable gain in April â and analysts say its best days are ahead as Seoul weathers the storm. According to Statistics Korea, industrial production advanced 4.6% in March, up from the 3.8% … “South Korean Won Struggles for Direction as Output, Retail Sales Beat Forecasts”
Swiss Franc Among Strongest Despite Negative Domestic Data
The Swiss franc was one of the strongest currencies today, rising against almost all other most-traded rivals. The only exception was the Great Britain pound, which managed to hold its ground versus the franc. Even very negative domestic data did not prevent the currency of Switzerland from rising. Switzerland Federal Statistical Office reported that seasonally adjusted retail sales collapsed by 5.6% in March, year-on-year. Economists were … “Swiss Franc Among Strongest Despite Negative Domestic Data”
US Dollar Holds Steady As 30 Million Jobs Lost in Six Weeks
The US dollar is holding steady against a basket of currencies on Thursday after the federal government released the latest jobs numbers in the economic fallout of the coronavirus. In total, about 30 million Americans have lost their positions in just six weeks, and based on what the Federal Reserve stated on Wednesday, more economic pain is coming in the next couple of months. According to the Department of Labor, the initial jobless claims reading was 3.839 million … “US Dollar Holds Steady As 30 Million Jobs Lost in Six Weeks”
Euro Trades Sideways on Mixed Macro Prints and ECB Rate Decision
The euro today alternated between gains and losses against the US dollar amid a raft of releases from across the euro area that kept the pair trading in a wide range. The EUR/USD currency pair reacted differently to the mixed European announcements such as Germany’s retail sales data among others as it struggled to find … “Euro Trades Sideways on Mixed Macro Prints and ECB Rate Decision”
Japanese Yen Flat After Economic Data, Falls vs. Franc & Sterling
The Japanese yen traded largely sideways today, though it slid against the Great Britain pound a bit and dropped versus the Swiss franc. The market sentiment was swinging between optimism and pessimism, making it hard for currencies to find a clear direction. Japanese macroeconomic data looked rather dire but not all reports turned out to be as bad as analysts were expecting. Japan’s Ministry of Economy, Trade, and Industry reported … “Japanese Yen Flat After Economic Data, Falls vs. Franc & Sterling”
Pound Rallies on Bullish Sentiment Despite Rising UK COVID-19 Cases
The Sterling pound today rallied higher against the US dollar despite the current lockdown in the UK amid rising coronavirus cases as opposed to other European countries. The GBP/USD currency pair today rallied higher as the dollar retreated driven by the risk-on market sentiment as Boris Johnson prepares to host a cabinet meeting today. The … “Pound Rallies on Bullish Sentiment Despite Rising UK COVID-19 Cases”
Australian Dollar Soft as Market Sentiment Worsens
The Australian dollar traded lower for the most part today as traders’ optimism was evaporating. The relatively positive Chinese macroeconomic data was unable to provide the Aussie a boost. Economic indicators in Australia itself were mixed. The Australian Bureau of Statistics reported that import prices fell in the March quarter by 1.0% instead of rising at the same rate as analysts had predicted. Year-on-year, though, the prices increased by 0.9%. The main contributors to the quarterly decline were … “Australian Dollar Soft as Market Sentiment Worsens”