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TheAustralian dollar demonstrated thesame performance asits New Zealand counterpart rising abit today after yesterdays big slump. Unlike thekiwi though, theAussie did not have negative domestic economic data toexplain thedecline. Perhaps, thecurrency continued tofall after disappointing macroeconomic releases inChina onTuesday. Update: currently, theAussie has lost its gains.
TheNew Zealand dollar edged higher today following yesterdays huge slump even though macroeconomic data released during todays trading session was negative. Theplunge during theprevious session was caused byworse-than-expected jobs data.
Theeuro today rallied against theUS dollar forthefourth consecutive session despite thelack ofreleases from theEuropean docket due tothelabour day holiday. TheEUR/USD currency pair today rallied higher from theearly European session asinvestors adopted await andsee attitude towards thegreenback ahead oftheFOMC interest rate decision.
TheUS dollar is sliding midweek asPresident Donald Trump continues topressure theFederal Reserve cut interest rates because theeconomy would ascend like arocket. Aninflux ofmixed data has also been coming out, showcasing some bright spots andsome dim aspects that could be signs ofasomewhat cooling economy.
Thedecline that started around 1.0700 ontheAustralian dollar versus theNew Zealand dollar currency pair looks like it is making thefirst step towards confirming aweekly major support area.
TheCanadian dollar is weakening onTuesday after new data showed that theeconomy contracted inFebruary, reducing some ofits gains inJanuary. Thanks tosluggish resource output, analysts are beginning toforecast aneconomic slump inthefirst quarter. This could explain why there is declining business sentiment nationwide.
TheChinese yuan traded broadly tokick off thetrading week astheworlds second-largest economy finally received some positive economic news after more than ayear ofdownbeat data andsentiment. Is China onthecusp ofturning it around andkickstarting theeconomy?
Theeuro today posted gains against theUS dollar following therelease ofweak US inflation data intheearly American session. TheEUR/USD currency pair today fell from session highs following therelease ofweak eurozone business climate data intheearly European session.
TheCanadian dollar versus theJapanese yen dropped from 83.81 after afailed attempt toconfirm thelevel asasupport.
TheChinese yuan is rallying attheend ofthetrading week, buoyed bybetter industrial output andcontinued stimulus bythefederal government. Despite Beijing noting that economic growth is improving, analysts are still encouraging thegovernment tomaintain its interventionist policies both monetary andfiscal.