Canadian dollar is moving a little higher right now, thanks to an appearance by risk appetite. Loonie had been dropping earlier this week on concerns about global economic growth, but now there is a little more optimism, thanks to the latest news out of Spain.
US dollar is heading higher today, strengthening as Forex traders demand safe haven currencies. Economic data out of the eurozone and out of China are weighing on riskier assets today, and the greenback is getting a boost.
Japanese yen is strengthening as risk appetite fades. Lackluster economic data, continued eurozone concerns, and general risk aversion are all sending Forex traders to safe havens like the yen.
Euro is slipping a bit against the US dollar, heading a little lower, but the 17-nation currency continues to hold on to the 1.30 level. Selling pressure is building, though, as weak economic data and continued inaction from eurozone leaders weighs on the euro.
Australian dollar is getting a boost today, heading higher after the Bank of Japan announced a plan to further ease the situation for the yen. The move is expected to help the Japanese economy, and the Australian dollar is getting a boost, similar to the gains seen at the end of last week with the quantitative easing announcement from the United States.
US dollar is heading higher today, getting some help from the uncertainty that is returning to the markets. The weakness from the quantitative easing announcement is fading a bit as Forex traders look for a little certainty in the current environment.
Canadian dollar is struggling today, working to hold ground against the US dollar as risk aversion sends high beta currencies lower today. Loonie is one of those that is down against the greenback, but the Canadian currency has been making moves to steady itself.
Euro is pulling back a bit today, consolidating recent positions and looking for a solid level of support. The main concern right now centers around what’s happening with embattled eurozone countries.
Last week, Forex traders showed a great deal of euphoria over developments in Europe and in the United States. Germany’s tacit agreement to the ESM, along with the announcement from the Fed that QE3 would start in the United States, pushed markets higher. Now, though, investors and traders are taking stock and the dynamic has changed a bit.
Japanese yen is headed lower today, dropping as risk appetite is the focus of many Forex traders following the quantitative easing announcement out of the United States. Earlier, Japanese leaders downgraded the assessment for Japan’s economy, and that is weighing a bit as well.
