The Sterling declined against most major peers amid concerns that the BoE is not going to raise rates before the New Year.
Commodities had a bullish trading day in the beginning of this week, but an increase of many components was definitely overshadowed by oil prices, which continued to move upwards on Monday. Both Brent and Crude added 6.9% and 6.3%, respectively. The London-traded Brent jumped above $54 per barrel, the highest level since Jul 24. Meanwhile, any other commodity failed to
The Kiwi tumbled against the Euro on Monday, amid a worse than expected ANZ business confidence indicator from New Zealand, which dropped to the six-year low. This fact adds to speculation the Reserve Bank of New Zealand will be forced to soften monetary policy further. In the meantime, EUR/CAD was down 0.6%, as the commodity-linked Canadian Dollar managed to strengthen
The British Pound appreciated against most major peers over Friday and the weekend, with exception against the Swiss Franc.
The Greenback sustained minor relatively minor losses over the weekend, while appreciating against most major peers.
Gold advanced by 0.5% last Friday, but a weekly loss of more than 2% was inevitable as US Dollar strengthened due to positive fundamentals from America. In the meantime, oil continued to surge for a second consecutive day throughout the last trading day of the previous week. Brent climbed 4.5% to trade slightly above $50 per barrel, while Crude jumped
Euro ended the previous trading week in a mixed environment, while the whole week was quite positive for the common currency. Market volatility waned by Friday, with both equity and foreign exchange markets showing little price changes. Therefore, the strongest growth of the Euro amounted to just 0.23% against the Australian Dollar, while EUR/CHF slumped the most by 0.72%.
The US Dollar not only appreciated against some major peers, but declined against the others, despite strong GDP results.
The Sterling experienced mixed performance on Thursday, appreciating against some major peers and declining against the others.
Gold showed no intentions to change in any direction on Thursday, as it added just 0.2% on a daily basis. However, oil prices booked a more than 8% rally on Aug 27, increasing bets they will register a first weekly advance after eight weeks of losses.
Single European currency continued to under-perform the majority of its peers on Thursday as market volatility decreased further and equity markets returned to sustainable recovery.
The US Dollar appreciated against most major peers, amid much better-than-anticipated Durable Goods Orders figures.
The Pound declined against most major peers on Wednesday, with exception against the Euro, adding 0.49%.
Gold was among the under-performers on Wednesday, while losing 1.9% on a daily basis. The only commodity, which tumbled even more, was silver with the -4.1% change. On the other hand, oil prices have generally continued to rebound as Brent rallied 1% to surpass the $44 mark, while Crude was broadly unchanged around $39.50 per barrel.
Euro was trading mainly downwards against other majors on Wednesday, as volatility in equity market decreased and the common currency dropped its unusual safe-haven status during the turmoil. Australian and Canadian dollars jumped the most by 2.1-2.2% versus the Euro as oil prices managed to pare some of losses.
The Greenback advanced against most major peers on Tuesday, with exception against the Kiwi and the Yen.
The Sterling appreciated against some major peers, but also declined against the others on Tuesday.
Oil was trading in green on Tuesday, but gains were not strong enough to push the Crude (+2.4%) price back above $40 per barrel, while a rally of 1.3% kept Brent above the $43 mark. On the contrary, precious metals traded in the bearish environment yesterday, as Chinese stock market volatility decreased and weighed on demand for safe-haven assets including
The Euro traded in a mixed environment on Tuesday. EUR/AUD surged the most by 0.81%, even though there were no influential fundamentals from Australia, while oil prices have finally showed some rebound yesterday.
The US Dollar weakened against some major peers, amid the Chinese stock market turmoil, while strengthening against the broadly weaker commodity currencies.
The UK Pound experienced mixed performance over the day, appreciating against commodity currencies, including the US Dollar, and also declining against other major peers.
Gold was down 0.8% on Monday, as markets assume lower oil prices can negatively affect inflation both in developed and emerging markets. Consumer prices are in turn acting as a fundamental factor for the precious metal. Meanwhile, oil continued to tumble, as losses were sometimes extending below 6%. However, Brent finished the trading session with a decrease of 5.5% below
Along with Swiss Franc and Japanese Yen, the Euro seems to have acted as the safe-haven currency in the past two days, when equity markets worldwide registered their biggest declines since 2011. The common currency was up more than one percentage point against five majors, while a rise versus the Kiwi, Aussie and Loonie exceeded two percentage points.
The US Dollar suffered more losses, amid dampened hopes of a September rate hike and poor Manufacturing PMI data.