Market News

Sterling rose to a three-and-a-half-week high against the euro on Monday, helped by speculation that the Bank of England may sound more hawkish on interest rates this week in defense of the currency.

The dollar gained across the board thanks to decreased concerns over a North Korean attack and effects of hurricane Irma on Uncle Sam.

Since another BOE statement is coming up, I thought that now would be a good time for another economic roundup.

All eyes were on the euro this week, thanks to the ECB statement. However, Greenback bashing was actually this week’s main theme. So, what drove USD lower?

The dollar remained mired near its lowest levels since early 2015 as European Central Bank President Mario Draghi’s suggestion that the ECB may begin tapering its massive stimulus program this autumn continued to underpin the euro.

The pound had a really good run during today’s morning London session, apparently because of net positive economic data ahead of next week’s BOE statement.

The euro climbed to a 2-1/2 year high on Friday after European Central Bank’s comments did little to deter market bulls who ramped up bets the single currency remained broadly undervalued against its rivals.

Gold prices rose to their highest in more than a year on Friday as weak economic data reduced expectations of another interest rate increase in the United States this year.

What did the RBA, BOC, and ECB officials have to say in September and how did their statements affect their local currencies?

Hurricane Irma, one of the most powerful Atlantic storms in a century, drove toward Florida on Friday as it lashed the Caribbean with devastating winds and torrential rain, leaving behind 14 deaths and a swathe of catastrophic destruction.

Asian shares firmed on Friday, supported by solid Chinese trade data, while the dollar skidded after European Central Bank President Mario Draghi suggested the central bank may begin tapering its massive stimulus program this autumn.

Oil prices rose on Friday as U.S. crude production was hit harder by Hurricane Harvey than expected, with the even bigger storm Irma heading for Florida and threatening to cause more disruption to the petroleum industry.

The dollar and euro extended their trends from the previous trading session, while fresh data sent the comdolls higher.

The euro reached a 2-1/2-year high versus the dollar on Friday, as a policy meeting by the European Central Bank gave bulls cause for short-term optimism.

Japan’s economic growth in the second quarter was much slower than seen in a stellar preliminary reading, government data showed on Friday.

Head honcho Draghi wasn’t exactly the cheeriest of fellas during the ECB presser but the euro managed to stay resilient. The Greenback, on the other hand, ended the day in the red.

The euro jumped to a 9-day high on Thursday as the European Central Bank broadly stuck to its outlook for growth and inflation while outlining concerns about the single currency’s strength.

The number of Americans filing for unemployment benefits jumped to its highest level in more than two years last week amid a surge in applications in hurricane-ravaged Texas.

EUR was higher ahead of the ECB presser, although it did give back some of its gains when the ECB failed to surprise. USD, meanwhile, was under bearish pressure.

The European Central Bank reaffirmed its ultra-easy policy stance on Thursday, even keeping the door open to increasing bond purchases, dashing hopes it would formally signal its intent to claw back stimulus from next year.