So it's Friday and we've got a wild one to wrap up the week - the US non-farm payrolls report just dropped and it's a doozy. The economy shed 23,000 jobs in July, which was pretty wild considering the consensus was expecting a gain of 80,000. If you were watching the dollar, you'd have noticed it took a hit right after the news broke. According to ForexLive, the data showed an economy significantly worse than believed, which isn't exactly what the Fed wants to see heading into their September meeting.
The Canadian dollar was in focus today, with a couple of high-impact economic events on the docket, including the S&P Global Composite PMI and Services PMI. If you were watching the USDCAD pair, you'd have noticed it's been trading within a well-defined range since peaking at the end of June, but it broke below that range on July 14. Today, the pair closed at 1.4021, which is pretty much unchanged. And honestly, it's not like we saw any major surprises - the data was solid, but not spectacular.
The Euro saw some action today, thanks to the Producer Price Index coming in at -0.3%, which matched estimates. It's worth noting that this drop in producer prices could be a sign of easing inflationary pressures, which was pretty wild considering the current economic climate. If you were watching EUR/USD, you'd have noticed it held above the rising 100-hour moving average, which is a key support level. According to ForexLive, the bias remains tilted to the upside after yesterday's pullback stalled in the swing area between 1.1498 and 1.1506.
It's been a pretty quiet day in the markets, with the US dollar holding its ground against most major currencies. If you were watching EUR/USD, you'd have noticed it was stuck in a tight range, unable to break out of its recent consolidation pattern. The British Pound, on the other hand, was looking a bit more interesting, with the GBP/EUR pair hovering around 1.1668, which was pretty much unchanged from yesterday. And honestly, it wasn't a bad day for the Swiss Franc either, with the CHF/JPY pair closing at 194.8133, virtually flat on the day.
It's been a wild day, and you'd have noticed the USD/JPY taking a nosedive, down 1.93% - which was pretty wild, considering it's been trading sideways for a while. The catalyst seems to be possible intervention, with the price falling below its 100-day moving average for the first time since mid-May. If you were watching the USD/JPY, you'd have seen it drop like a stone, with the low price reaching 160.87. And honestly, it's not surprising, given the rumors of intervention.
It's been a wild day, with the dollar making some serious gains against the majors. If you were watching EUR/USD, you'd have noticed it broke out of its recent range, dropping to 1.13616, which was pretty wild. According to ForexLive, traders have been waiting for this break, and now that it's here, it's granting the market's wish. But what's really driving this move? Well, it seems like geopolitical risk is back in the spotlight, and that's lifting the dollar to a two-month high.
The Australian dollar had a bit of a rollercoaster day, it's safe to say. If you were watching AUD/USD, you'd have noticed it pushed higher during the Asian session, but then reversed lower as US Treasury yields trimmed earlier declines and US equities slipped into negative territory. Which was pretty wild, considering the Aussie had been looking pretty strong lately. But I guess that's just the way it goes sometimes. And honestly, it wasn't entirely surprising, given the weaker than expected durable goods orders out of the US.
The Kansas Fed Composite Index and Manufacturing Index came in as expected, which wasn't a huge surprise, but it's what the ECB's Simkus said that caught my attention - $100 oil will have repercussions on inflation, and honestly, it's pretty obvious. The inflation risk has increased, and it seems like the ECB is taking a wait-and-see approach, which is fair given the current situation. If you were watching the majors, you'd have noticed they're all within a tight range, not doing much of anything.
It's been a pretty quiet day in the markets, but if you were watching the GBP, you'd have noticed it didn't budge much despite the inflation data coming out. The CPI, Core CPI, and Inflation Rate were all released at the same time, and honestly, it was a bit surprising to see the pound just shrug it off. I mean, we've seen some big moves on less significant data in the past, but today it just didn't seem to matter. The British Pound / Australian Dollar is still sitting at 1.9112, which is basically unchanged.
It's been a wild day, with the US Dollar making some big moves against its major counterparts. If you were watching EUR/USD, you'd have noticed it edged lower, hovering near one-week lows around 1.1405, which was pretty wild considering the stronger ZEW sentiment data out of Europe. And let's not forget USD/JPY, which briefly reached 163.04, marking its first move above the 163.00 level since December 1986 - that's a big deal. According to FXStreet, the US Dollar remains supported by safe-haven demand, which is no surprise given the ongoing tensions between the US and Iran.
The day was pretty muted, with most majors closing near flat, which was honestly surprising given the high-impact data releases from Canada. CPI, Core CPI, and Core Inflation Rate all came out at 12:30 pm, but none of them seemed to have a significant impact on the US Dollar. If you were watching USD/CAD, you'd have noticed it closed at 1.4057, unchanged on the day. And it's not like the data was expected to be a game-changer or anything, but still, a bit of a reaction would've been nice.
It's been a wild day, with the US Dollar losing ground after a mixed batch of economic data. If you were watching AUD/USD, you'd have noticed it traded higher near 0.6980, recovering from an initial decline. And honestly, it was pretty surprising to see the Aussie bounce back like that. But what really caught my attention was the USD/CHF, which has been on a rollercoaster ride this week, with sharp swings in both directions but little net progress. FXStreet pointed out that the pair remains under pressure as safe-haven demand for the Swiss Franc offsets modest support for the US Dollar.
It's been a wild ride today, with the US Dollar gaining ground against most majors, and you'd have noticed the Pound Sterling was one of the biggest losers, trimming its Wednesday gains versus the Greenback. The Philly Fed data was a big story, with the Manufacturing Index surprising sharply to the upside, which was pretty wild, and it likely reflected improved business sentiment following the Middle East tensions. FXStreet pointed out that the Pound dove by over 0.28% after solid US data and amid risk aversion, and that's augmented the safe-haven appeal of the Dollar.
The big story today was Fed Chair Kevin Warsh's testimony in front of the Senate Banking Committee, where he said current inflation pressure won't be permanent, which was pretty wild considering the latest inflation measures are still unsatisfactory. And honestly, it's been a while since we've seen the Fed take such a dovish stance, so this was a significant development. The market reacted quickly, with the Pound Sterling rising by some 0.60% against the US Dollar after the latest Producer Price Index in the US showed prices edging lower. But what really caught my eye was the Bank of Canada's decision to leave its policy rate unchanged at 2.25%, which was widely anticipated, but Governor Tiff Macklem's hawkish tone in the press conference that followed was a surprise.
It's been a pretty wild day, with the US inflation figures coming in weaker than expected, which was honestly surprising, given the recent trends. The Core CPI and CPI s.a both missed their marks, and that sent the US Dollar tumbling, at least for a little while. If you were watching EUR/USD, you'd have noticed it didn't really budge, though - it's still stuck in that tight range. And the Yen? It's just cruising along, not really reacting to anything, with the US Dollar / Yen closing at 161.9630.