While the aggregate market was little volatile on Monday, several currencies reflected important developments in other fundamental factors and managed to register much sharper daily changes.
The US Dollar appreciated against most major peers on Friday, boosted by a strong reading of the Non-Farm Payrolls figures.
The Sterling experienced mixed performance on Friday and over the weekend, with insignificant changes against most major peers.
Precious metals traded strongly to the north on Friday of the previous week, while fully reflecting the ECB decision to increase monetary support by less than it had been anticipated. Moreover, the US Dollar weakened considerably after US non-farm employment data, even though the numbers were fairly encouraging.
The Euro corrected lower across the board last Friday, following major gains that the 19-nation currency had made earlier on Thursday of the previous week.
The greenback sustained losses against most major peers in wake of the ECB's statement on Thursday.
The Sterling experienced mixed performance over the day, but, nonetheless, appreciated against most major peers.
Markets were attempting to evaluate the expanded monetary stimulus from the European Central Bank on Thursday. Many of them were disappointed by the fact that the amount of monthly asset purchases is going to be unchanged at 60 billion euros, while the whole QE was extended by only six months through March 2017.
In the vast majority of all cases, yesterday the Euro had its best trading session since 2009. The single currency surged against all G10 currencies, following decisions taken by the European Central Bank. EUR/CAD and EUR/USD skyrocketed by more than 3% in the past 24 hours, as the ECB President Mario Draghi unveiled somewhat less stimulus than it was initially
The Greenback appreciated against most major peers, boosted by a rather strong reading of the ADP Non-Farm Employment Change yesterday.
The British Pound suffered rather heavy losses on Wednesday, falling against most major currencies.
Commodity rout resumed on Wednesday, with all components but gold showing a loss of more than one full percentage point. The bullion has fallen six basis points short of dipping by 1%.
The Euro traded in a mixed environment against its peers on Wednesday, while we are awaiting the European Central Bank's meeting on Thursday. EUR/GBP and EUR/NZD were the day's leaders, as they rallied by 0.7% and 0.4%, respectively.
The US Dollar suffered losses against most major currencies, amid a surprise drop in the ISM Manufacturing PMI.
The most noticeable price divergence was observed between two types of oil on Tuesday. Crude added 0.8% yesterday, while Brent was the day's worst performer, as it lost almost 40 basis points. Energy prices continue to be volatile before two major this week's events including the US reserves data on Wednesday and OPEC meeting in Vienna on Friday.
Australian and New Zealand dollars were the best performers for the second consecutive day on Tuesday of this week. EUR/AUD slipped by 0.7% amid the Reserve Bank of Australia's decision to keep interest rates unchanged at 2.00%. The RBA previously noted that additional rate cuts are unlikely in the nearest future, and these comments strengthened the Aussie's advance versus the
The Pound experienced mixed performance over the day, not only advancing against some major peers, but falling against the others as well.
The US Dollar managed to appreciate only versus the Euro (0.29%) and the Japanese Yen (0.25%) on Monday, while declining against other major peers.
The Sterling experienced mixed performance over the last 24 hours, amid some fundamental data failing to beat expectations.
While silver continued to deteriorate on the last day of November by losing 0.14%, another precious metal, namely gold, surged by 1.36% and became the day's best-performing commodity. Gold has partly eroded the losses from Friday, but price increases continue to be in place on Tuesday.
The common European currency fell under heavy selling pressure on Monday of this week, as markets are setting eyes on the European Central Bank's meeting this Thursday. The regulator is expected to make several high-impact monetary policy decisions. According to the majority of economists, a further cut to the deposit rate, extension/expansion of the present QE and possibility of new
Due to the Fed rate hike stir, the US Dollar advanced against other major currencies on Friday and over the weekend.
The Sterling experienced mixed performance on Friday and over the weekend, mostly appreciating against commodity currencies.
The focus seems to be shifting back to the Federal Reserve as we are quickly heading toward December. Estimates that an eventual rate increase will push the US currency higher are putting additional bearish pressure on commodities. All of the components, which are included in our daily review, dropped by more than 1.3% on Friday of the previous week.