In spite of recovering oil prices, the Australian Dollar failed to show value gains versus the European common currency on Tuesday, as the EUR/AUD cross was the day's biggest gainer with a rise of 0.15%.
The Buck experienced mixed performance on Monday, having appreciated against some major peers and declined against the others.
The British Pound suffered losses against most major peers on BoE Shafik's remarks.
Oil prices managed to stop dipping down on Monday, after a long losing streak we observed last week. They moved away from the multi-year lows and gained up to 2% yesterday.
The Euro hovered in a mixed environment on Monday of this week, but the overall EUR Index was aggregately unchanged. Three components, which include all commodity-linked currencies, felt heavy downside pressure yesterday.
The US Dollar experienced mixed performance over Friday and the weekend, having appreciated only against commodity currencies, which in turn suffered from falling oil prices.
The British currency advanced mostly against commodity currencies on Friday and over the weekend.
Oil prices crashed by more than 3% on Friday, with Crude tumbling by 3.1% to trade $36 per barrel. Brent took an even sharper hit of 4.5%, which puts the spot price below $38.
The European currency benefited from heavy losses suffered by commodity-related currencies on Friday, which were caused by the steep oil price decline. EUR/AUD skyrocketed a mere 1.7% and EUR/CAD followed with a rally of 1.4%. Also, the Euro/Kiwi cross closed the session with a surge of more than one full percentage point.
The Buck appreciated against most major peers on Thursday, with exception against the Kiwi and the Aussie.
The Pound declined against most of commodity currencies and some other major peers, but also managed advance against other currencies.
Thursday used to be a red day for the vast part of commodities that are included in our daily review. Only corn managed to rise by 1.5% on a day-to-day basis, while pushing the benchmark S&P GSCI Index also into the positive territory (+0.15%).
The Euro has given up some earlier gains we had observed back on Wednesday. Yesterday the 19-nation currency depreciated against all of its main counterparts, posting the sharpest drop versus the Aussie and Kiwi. Both South Pacific currencies had their own personal reasons for the appreciation.
The Greenback suffered serious losses against most major peers, caused by a broad USD sell-off during the US trading session.
The Sterling appreciated against most major peers on Wednesday, with exception against the Euro and the Yen.
Energy prices were again the main drivers for the commodity market on Wednesday of this week. Crude and Brent were dampened by supply/demand and continuous OPEC worries and therefore tumbled by 0.93% and 0.37%, respectively. Natural gas followed its peers to show a daily loss of about 0.4%.
EUR/USD advanced the most by 1.22% during the trading session on Wednesday, even despite the lack of any fundamental drivers throughout the session both from the Euro area and US. Germany's trade balance deteriorated in October, but the Euro's spike confirms that this data used to have little impact on the overall state of affairs.
This time the Buck experienced mixed performance over the day, having appreciated mostly against commodity currencies, but declining against the Yen, the Euro and the Swissie.
For the third consecutive time the British currency experienced mixed performance.
Commodity market has somewhat bounced back on Tuesday, even though some noticeable losses were not completely avoided. Natural gas was the only energy commodity to rebound by 0.15%. On the other hand, oil prices continued to hover in red, as the post-OPEC market reaction remains in place.
The small number of important fundamentals from Europe and important data from other countries used to have an overall positive impact on the Euro in the past 24 hours. The common currency jumped by more than one full percentage point against Australian and Canadian dollars, which were hit by a continuous slump of oil prices.
The US Dollar was one of the best-performing currencies on Monday, having advanced against most major peers.
The Pound was in for another day of mixed performance, having appreciated against some major peers, but declining against the others.
A new commodity rout took place on Monday, with both appreciating US currency and supply/demand worries weighing on purchasing activity among investors. Oil prices experienced a major crash on Monday, by sliding down more than 5% on a daily basis.