The Aussie and Canadian Dollars had retreated from the session’s earlier highs as the rise in the price of crude oil halted. Analysts say that the 3-day strike by Kuwaiti oil workers ended earlier today which resulted in the pull back on the commodity-linked currencies. Uncertainty is causing some volatile trading for both the Aussie and Loonie and is, in turn, providing a lift to the safe haven Japanese Yen.
As reported at 10:53 am (BST) in London, the AUD/USD was trading at $1.1373, moving away from the session trough at $1.1345. The USD/CAD was just off a few pips away from its opening price at C$1.265; the pair has ranged from C$1.261 at the low to C$1.2730 at the high. The USD/JPY is trading at 109.1560 Yen, down 0.12%.
Euro Steadies as ECB Looms
In the Eurozone, the Euro was steady across the board has investors gauge the possible movement of the ECB when they announce the latest policy decision. Analysts are in agreement that after last month’s easing announcement, it’s likely that the policy committee will take a wait-and-see approach. One currency strategist points out that any significant movement in the EUR/USD pair is likely to come from the USD side of the equation. The Federal Reserve had recently thrown cold water on the prospect for a rate hike which has significantly weakened the greenback. The EUR/USD pair is currently trading at $1.1373, a gain of 0.15% for the Euro. The EUR/JPY is also higher at 124.18 Yen, up 0.17%.