Rather strong readings of the UK Manufacturing Production and Trade Balance were insufficient for the British Pound to post significant gains against other major currencies.
Buoyant US Dollar dragged commodity prices lower on Friday of the previous week. The only reason of USD appreciation was employment report published by US Labour Department, which revealed job gains of 271,000 in October. Gold and silver automatically lost more than one full percentage point, namely 1.3% and 1.4%, respectively.
The currency pair, which is immensely worth mentioning due to Friday's movements, is the most traded EUR/USD cross. This component tumbled by 1.3% and the single European currency was able to do literally nothing to contain losses after the ultra-positive US jobs report. The Dollar also strengthened versus other G8 currencies, being that American economy created significantly more jobs than
The US currency struggled to post significant gains against most major peers, with exception versus the Sterling, which suffered a 1.15% from the BoE Chair's dovish statement.
Today's chart is showing a rather pessimistic Sterling performance.
Commodities were losing value in the majority of cases yesterday. There was only one positive performer, which showed a surprising 4.5% growth. Natural gas storage in the US increased much less than expected for the week ended Oct 30, according to report from US Energy Information Administration.
The Euro skyrocketed against the Sterling by 1.3% on Thursday on the back of dovish Inflation Report from the Bank of England and comments from the Governor Mark Carney. On top of that, MPC members remained unchanged in their views on interest rates, while only Ian McCafferty voted in favour of raising the benchmark rate by 25 basis points from
Strong US fundamentals caused a surge in the US Dollar, helping it advance against most major currencies.
On the day before the UK Bank Rate Votes, the Sterling appreciated against most major peers with exception against the Swissie and US Dollar.
The vast majority of commodities performed in red on Wednesday, while only natural gas added 0.4% and corn was completely unchanged in its price. Precious metals spent another trading session deeply in negative territory amid worries among traders that the Federal Reserve will decide to hike interest rates in December due to encouraging employment growth in October of this year.
The Kiwi was the only currency to depreciate versus the Euro on Wednesday, owing to disappointing employment numbers published back on Tuesday. EUR/NZD gained 0.15%, while other crosses continued to suffer considerable losses due to bullish US fundamentals. As it can be expected, EUR/USD slumped the most by 0.9%, being that unexpectedly rising US ISM Non-Manufacturing PMI surged to 59.1
The US Dollar's performance was quite similar to the Sterling's, as it appreciated against most major peers.
Despite a poor reading of the UK Construction PMI, the Sterling appreciated against most major peers.
Market participants begin to price in the upcoming employment data from the US, which is likely to show the pace of job creation above 150,000 in October. Many analysts name this threshold as the benchmark for the Fed to raise interest rates in December. Therefore, precious metals deteriorated yesterday on the back of rising American Dollar. Gold and silver traded
Only one cross of the Euro gained value on Tuesday, while many of other currencies strengthened on the back of Euro's weakness. EUR/NZD climbed by 0.7%, after the data showed rising jobless rate in New Zealand and a decline in employment in the third quarter of this year. However, analysts expected a positive change in the number of people in
The US Dollar posted solid gains against the Kiwi, gaining 0.48%, while rest of the USD crosses remained relatively unchanged.
The Pound managed to post solid gains (0.40%) only against the New Zealand Dollar, despite a strong reading of the UK Manufacturing PMI.
All commodities traded in red on Monday, with losses ranging from 0.7% for the yellow metal to 2.8% for natural gas. Gold remained under heavy bearish pressure yesterday, reflecting continuous risks that the Federal Reserve will decide to hike rates by the end of this year.
The Euro performed upwards against all but two major currencies on Monday. Moreover, the only losses amounted to just 0.03% versus the Swiss Franc and Australian Dollar. The latter was broadly unchanged, but resumed growing last night amid a decision of the Reserve Bank of Australia to keep the benchmark interest rate unchanged.
The Sterling appreciated against most major peers on Friday and over the weekend, with exception against the commodity currencies.
The US Dollar sustained losses against most major peers on Friday and over the weekend, amid worse-than-expected US fundamental data results.
Bond markets continue to price in the possibility of a December rate increase from the Federal Reserve, which provided bearish impetus for precious metals on Friday. Gold and silver declined by around 0.3% on Friday of previous week. The Fed effect left these commodities with a sharp overall downward weekly change in value. In the meantime, a wave of closures
The American Dollar was down by 0.3% against the Euro on Friday, owing to softer than projected US fundamentals on personal income and spending in September. Both increased by only 0.1% on a monthly basis, down from 0.4% in August and 0.2% expected by economists. On top of that, European statistics encouraged the common currency for additional gains. The core
The Buck failed to retain its bullish momentum against most major currencies, as the GDP figures disappointed.