The British pound sterling, euro, and Australian dollar demonstrated higher trading against the US dollar today, July 12. These risk currencies’ exchange rates against the greenback demonstrated subsiding pressure on them.
We want to share this latest forex news with our readers, especially those who will be dealing with the British pound sterling, the Australian dollar, and the euro. We believe that this report may affect their forex trading activities this week.
Based on the news posted online by India-based business and financial news portal The Hindu Business Line, the euro, British pound sterling, and the Australian dollar hovered above their recent lows against the Japanese yen and the US dollar. This mood shown by the risk currencies during today’s trading session is reportedly an impact of paranoia in the currency markets.
The Australian dollar bounced back to US$0.7487. Last Friday, July 9, it exhibited a seven-month low of US$0.7410. As for the British pound sterling, it also traded high at US$1.3900.
Meanwhile, the euro ticked up to US$1.1873. This exchange rate of the common currency versus the greenback shows the former edging back from its three-month low of US$1.17815 set last Wednesday, July 7.
Moreover, the euro stood at 130.87 yen against the Japanese official currency. This figure is off Thursday, July 8’s two and 1/2-month low of 129.63 yen.
Earlier last week, the British pound sterling, euro, and Australian dollar slipped. This event took place with investors curtailing their wagers on these risk currencies.
Plus, it happened partly as economic information from many nations fell short of the market’s expectations. A few investors believed that there would be a derailment in economic recovery.
Additionally, concerns about the novel coronavirus or COVID-19’s Delta variant have added to the cautious mood. We believe that foreign exchange rates involving the US dollar and the Japanese yen and the risk currencies will carry on fluctuating from high to low as the world continues to deal with the COVID-19 pandemic.
The global healthcare crisis is responsible for causing international uncertainty. It has contributed to fears and the apparent slowdown in global economic resurgence.
Since we think the end of the COVID-19 pandemic is still not in sight, we think that risk currencies as the British pound sterling, Australian dollar, and euro’s exchange rates versus the greenback and the Japanese yen will be unsteady in the coming weeks.
Hence, we recommend our foreign exchange traders and readers stay updated with the latest forex reports and analysis to prepare themselves for any adverse impacts these unpredictable events may have on them.