Canadian Dollar Dragged Down by Oil Prices & Falling GDP

The Canadian dollar was extremely weak today, falling even against the soft US dollar. The Canadian currency was dragged down by the slump of crude oil prices and the unexpected decline of Canada’s economy.

Dollar Loses Strength in Friday’s Trading

The US dollar started the last trading session of this week on a strong footing but was unable to retain its strength to the end of trading. The currency is now broadly lower against other majors, falling more than 1 percent against the euro.

Australian Dollar Declines

The Australian dollar declined today even though domestic fundamentals were not particularly bad. The most likely reason for the currency’s poor performance is the outlook for monetary tightening from the Federal Reserve that drives most currencies down.

New Zealand Dollar Goes Lower as Business Confidence Wanes

The New Zealand dollar dropped during the current trading session as today’s data showed that business confidence is waning in the South Pacific Nation.

Euro Drops as IMF Will Not Provide Aid for Greece

The euro was in rout today after a report that the International Monetary Fund will not participate in the third round of the bailout for Greece. Prospects for monetary tightening in the United States put additional pressure on the euro, as well as on other currencies.

US Dollar Continues Move Upward

The US dollar extended its yesterday’s rally today, rising against most of its major peers, even though US economic growth was somewhat disappointing last quarter. The Great Britain pound attempted to resist the dollar’s strength but was unable to keep gains.

Australian Dollar Attempts to Defy Adverse Fundamentals

The Australian dollar attempted to rally today, defying adverse fundamentals, but the rally has been limited so far. In fact, the currency retreated to the opening level against its US peer, though managed to keep gains versus the Japanese yen.

NZ Dollar Moves Down After Domestic Data & Fed Statement

The New Zealand dollar fell today, driven down both by domestic macroeconomic data and by the monetary policy statement of the Federal Reserve. The currency was moving down for the past two days, but the drop was not enough to erase the huge Tuesday’s rally.

CAD Gains vs. EUR & AUD, Loses Gains vs. USD

The Canadian dollar gained against the euro and the Australian dollar today after a report showed that US inventories of crude oil shrank unexpectedly last week. The currency had also rallied against the US dollar but has lost its gains after the Federal Reserve concluded its policy meeting.

Dollar Climbs After Fed Concludes Two-Day Policy Meeting

The Federal Reserve ended its two-day meeting today, making no changes to its monetary policy — a move that surprised no one. The US dollar rallied after the event even though the Fed’s policy statement could not be called particularly hawkish.

Archives

SUBSCRIBE

Follow Top Forex News on Twitter T