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Forex: Monday’s review
Yesterday the euro traded in a narrow range against the U.S. dollar in relation to the output in the U.S. and Canada. Against this background, the market activity is quite low.
The yen rose against higher-yielding currencies such as the Australian and New Zealand dollar as signs of a global economic downturn caused demand for safe assets.Japan's currency strengthened against 13 of its 16 major counterparts after a report showed the euro zone, that index of business activity in the manufacturing sector declined in August. Revealed a reduction in the activity index non-manufacturing sector of China.
The Australian dollar fell to a five-week low against the U.S. dollar after retail sales declined. Federal Reserve Chairman Ben Bernanke said last week that we should not exclude stimulate growth.
The pound rose against the euro and the dollar after data showed that the level of production in the UK fell less than economists forecast.
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