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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.
TheSwedish krona rose today after falling forfour days inarow. Decent domestic macroeconomic data helped thecurrency.
The Sterling pound today traded mostly sideways against the US dollar as it solidified gains made from yesterdays 10-week lows as the Brexit impasse continued. The GBP/USD currency pair dropped lower following the release of US Q1 GDP data before quickly reversing the losses and printing new daily highs driven by positive investor sentiment.
TheTurkish lira fell today, extending its decline fortheseventh consecutive trading session, after Turkeys central bank disappointed market participants byyesterdays monetary policy statement.
TheJapanese yen traded broadly inred today asthemarket sentiment favored riskier currencies, not safer ones. Japans domestic macroeconomic data was mixed, giving thecurrency no direction.
TheNew Zealand dollar gained today, rising forthesecond day andjoining other commodity currencies inarally. Ingeneral, currencies linked toraw materials were firm today asthemarket sentiment stabilized, though thepositive domestic macroeconomic data also helped thekiwi.