Canadian Dollar Broadly Lower

The Canadian dollar was broadly lower against its rival’s during Thursday’s trading even though fundamentals were largely in favor of the currency. The loonie climbed yesterday after the Bank of Canada kept its monetary policy stable.

Euro Drops as Draghi Announces Start of QE Program

The euro dropped today after the monetary policy meeting of the European Central Bank. While ECB President Mario Draghi did not make any changes to the policy, he announced the start of the planned quantitative easing program.

US Dollar Continues to Surge

Greenback is still surging today, gaining ground against its major counterparts. Even with a weaker than expected ADP report, and trepidation over tomorrow’s nonfarm payrolls report, the dollar is heading higher.

Yen Remains Extremely Weak but Gains on Euro

The Japanese yen was extremely weak today despite uncertainty about the policy decision of the European Central Bank. The currency dropped against the US dollar and was also falling versus the euro but bounced against the shared European currency after the ECB meeting.

BoE Provides No Surprises, GBP Higher vs. JPY, Lower vs. USD

The Bank of England provided no surprise to the Forex market at today’s meeting, keeping its monetary policy unchanged. The Great Britain pound gained on the Japanese yen after the news but was unable to beat the US dollar.

Poland’s Central Bank Cuts Interest Rates, Zloty Weakens vs. Dollar

Poland’s central bank decided to perform an interest rate cut today, reducing all of its borrowing costs by half of a percentage point. Such decision resulted in a drop of the Polish zloty against the US dollar. The currency was still stronger than the euro.

Indian Rupee Drops as RBI Performs Another Interest Rate Cut

The India rupee dropped today after the nation’s central bank cut its interest rate, including the key Bank Rate. The bank also commented on the strength of the currency, considering it excessive. While the currency was down against the US dollar, it managed to outperform the extremely weak euro.

Eurozone Economy Improves, But Euro Still Struggles

Euro continues to struggle today, even after evidence that the eurozone economy is improving. In fact, eurozone economic progress is beating expectations. However, Greece and Ukraine continue to raise questions, and the ECB is still preparing to go forward with its money printing program. These items weigh on the 19-nation currency.

US Dollar Continues Its Climb

Greenback is mostly higher today, continuing its recent climb. Even though the greenback eased back from a dollar index high not seen for more than a decade, the currency is still heading steadily higher today.

Aussie Trades Higher After RBA Refrains from Action

The Australian dollar was trading above the opening level today after the Reserve Bank of Australia surprised the market by refusing to cut its main interest rate. Coupled with good macroeconomic reports, fundamentals looked very positive for the Aussie.

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