The Pound continues to balance between the gains and losses versus its major counterparts, even though the fundamentals were not at all favourable yesterday for the UK currency.
Investors estimate another surge in US oil stockpiles for the week ended October 23. This projection was pushing oil prices lower yesterday when they declined by more than 1.5%. Corn prices fell by 1.2% and helped the benchmark S&P GSCI Index to register an almost one percentage point slump during the observed trading session.
Oil prices pushed the commodity-linked currencies substantially to the downside on Tuesday. EUR/CAD and EUR/AUD were up by 0.8% and 0.7%, respectively. The Kiwi took a softer hit in its price against the Euro as EUR/NZD rose by only 0.3% yesterday
The Greenback was among the main losers on Monday because of the disappointing news on the real estate market. The largest drop was recorded against the New Zealand Dollar that appreciated 0.48% relative to its US counterpart, followed by a 0.45% decline in AUD/USD.
The Sterling held relatively well yesterday, considering the bearish fundamentals. The currency outperformed (CHF, USD, CAD) and underperformed (EUR, AUD, NZD) the same number of currencies, while staying unchanged with respect to the Japanese Yen (-0.05%).
Only two major commodities hovered in the green zone on Monday, with corn and silver rallying by 1.25% and 0.2%, correspondingly. At the same time, the traditionally most volatile commodity, natural gas, crashed by 9.8% yesterday, but it failed to drive the benchmark S&P GSCI Index significantly to the downside. A decrease of 0.7% was prompted by oil prices as
Monday trading was traditionally spent in a calm manner, but one currency pair of the Euro still performed stronger than others. EUR/CHF surged by 0.86%, reflecting monetary policy fears of the Swiss National Bank. The SNB can be forced to soften the stance further or protect the Franc from rising, in case the European Central Bank decides to expand the
The US Dollar retained its strong bullish momentum that we saw on Thursday and closed Friday mostly in green.
Performance of the British Pound on Friday was mixed. The currency managed to gain against the Euro (+0.30%), but at the same time the Sterling gave up 0.65 and 0.52% of its value in terms of the Australian and US dollars respectively.
Among the most traded commodities, only corn became more expensive on Friday by gaining 0.4%. Precious metals and Brent oil traded marginally on the red side as their losses did not exceed two tenths of one per cent. On the other hand, a huge 4.2% slump for natural gas and a 1.7% drop for Crude oil provided the pan-market S&P
The Euro continued to underperform major currencies around the world, especially the US and Australian dollars. A decline against them reached 0.8% and 0.9%, respectively. Negative changes versus other currencies used to be weaker in the range of 0.2-0.3%. Markets continued to price in decisions of the European Central Bank to announce a high probability of additional stimulus measures to
The US Dollar appreciated against most major peers on Thursday, with exception against the Kiwi and the Loonie.
The Sterling rallied against some major peers on Thursday, but declined against the others.
Gold traded water and was down by just 0.1% on Thursday, even despite a sharp strengthening of the American Dollar after ultra-dovish announcements by the ECB President Mario Draghi. Prospects of more ECB stimulus bolstered the case of purchasing gold, but also added to struggles for direction due to appreciating US currency.
The Euro tumbled versus any single major currency on the foreign exchange on Thursday, with losses ranging from 0.65% against the Swiss Franc to 3.3% for the New Zealand Dollar.
The US Dollar kept appreciating against most major peers, due to rumours about the Fed raising interest rates in December.
The British currency advanced against most major peers on Wednesday, amid the narrowing between the spending and income in the public sector.
Fossil fuel underperformed the most among all major commodities on Wednesday. Natural gas crashed by 2.9%, while oil prices were down in the range between 1.8% and 2.35% amid a spike in US reserves during the last week. Precious metals failed to avoid a decline as well, with gold and silver tumbling by 0.75% and 1.3%, respectively. Metals were pushed
The Euro was appreciating against all currencies but the US Dollar on Wednesday, even though a decrease versus the latter amounted to just 0.06%. From the other side of the coin, EUR/CAD surged by almost 1.2% after the Bank of Canada's monetary policy meeting. Officials decided to keep interest rates on hold at 0.5%, but highlighted weakness in the domestic
The American Dollar experienced mixed performance, appreciating against some major peers, while declining against the others.
The Pound declined against most major peers on Tuesday, with exception against the Kiwi and the Yen.
No exception was made on Tuesday and all commodities, which are included in our review, posted gains in course of the trading session. Oil has surprisingly rebounded by the end of the day to show a rise of 0.02-0.21%, depending on the exchange where this commodity is trading.
Despite a decrease in oil prices on Tuesday, commodity currencies performed fairly well during the most recent trading session. Among them, the Aussie was unchanged versus the common European currency, while the Canadian Dollar even gained 0.14% against it. On the other hand, the Kiwi plunged the most by 0.7% in its pair with the Euro, but oil prices used
The US Dollar managed to post minor gains against most major peers, with exception against the British Pound.