The British currency struggles to post gains against commodity currencies yesterday, with exception against the Aussie.
Precious metals enjoyed a turmoil occurred in the equity markets across the globe on Thursday. Worldwide stocks extended a decline, which began on Monday of this week, with major American indices dipping down by 5% in just four trading days.
Oil prices continued to collapse on Thursday, by reaching the lowest level since late-December 2003. They are putting heavy pressure on commodity-related currencies.
The Greenback appreciated against most major peers on Wednesday, boosted by the strong reading of the ADP Non-Farm Payrolls.
The Sterling was in for another day of mixed performance yesterday.
Divergence between precious metals and oil is observed every single day this week. This time the Dollar is not the main driver for commodities, meaning pure fundamental factors are driving each separate component.
American statistics was exceptionally positive yesterday, with labour market showing solid job gains in December and trade deficit shrinking. However, a key economic event of the day, namely FOMC meeting minutes, was successful in derailing all gains of the Greenback.
The US Dollar was able to advance against all major peers, with exception against the Japanese Yen on Tuesday.
The British currency experienced mixed performance on Tuesday in spite of a strong reading of UK Construction PMI, appreciating against some major peers, but also declining against the others.
Given that uncertainty surrounding Chinese economic stability continues to be kept in mind by investors, both precious metal including gold and silver are managing to benefit from such conditions.
The Euro was down across the board on Tuesday, the second trading session of this year. The Yen continued to benefit the most from turbulent equity markets around the world. Investors are seeking for safety amid turmoil and negative statistical data coming from China.
Despite a poor reading of the ISM Manufacturing PMI, the US currency was able to post gains against other major peers.
The Sterling experienced mixed performance on Monday, as fundamental data provided mixed results as well.
Precious metals were supported by a flight to safety across the board on Monday, as both gold and silver booked healthy gains in course of the first trading session this year. The yellow metal was the day's best performer with an increase of 1.3%, while silver added 0.4% yesterday.
Weakness in the commodities sector pushed Australian, New Zealand and Canadian dollars to the downside against the Euro on Monday, the first working day of 2016.
During the New Year's holiday the US Dollar appreciated against most major peers, with exception against the Yen and the Aussie.
Over the New Year's weekend the British currency declined against most major peers, with exception against the Swiss Franc and the Euro.
Geopolitical tensions in the Middle East region paved the way for a rally among different commodities including precious metals and oil. The latter skyrocketed by more than 3% for Crude, while Brent added almost 5% on Thursday and during the early Monday trading.
The Euro bounced back against the Swiss Franc on Thursday of the last week, but at the same time it failed to continue growing with respect to other G10 currencies.
Although the US Dollar appreciated against most major peers, losses were still detected against the others.
The Sterling experienced mixed performance on Wednesday, as it appreciated against some major peers and declined against the others.
Natural gas has partly erased strong gains from the several previous trading sessions, even despite positive weather forecasts which suggest that colder temperatures are coming to the US. Market concerns are again building around oversupply and weak demand next year.
The common currency traded mainly in green on Wednesday; however, tumbling volumes of trading led to little changes for any of the components.
Despite rather strong US fundamentals on Tuesday, the Buck failed to appreciate against some major peers.