Most of the major currencies recorded a rise during trading on Friday, taking advantage of the decline in the US dollar after the release of labor market data, which showed employment registration a lower than expected reading. The Canadian dollar was at the forefront of the winning currencies, but negative economic data limited this rise during the last hour.
The Canadian dollar topped the winning currencies after it rose by 1.59%, supported by the rise in oil prices to their highest levels since January 2020, supported by hopes about a decline in supply and an increase in demand during the coming period. On the other hand, the negativity of the Canadian labor market data released today led to a limitation of the Canadian dollar’s gains, as the unemployment rate rose to 9.4% and employment declined by 212.8 thousand jobs.
It was ranked second in terms of gains in terms of the share of the euro, which rose again after being on the throne of the losing currencies over two days, and the euro rose today by 1.03%. Despite the continued escalation of Coronavirus infections in European countries, which negatively affected the euro’s movements during the last period, the euro rose today, taking advantage of the decline in the US dollar following the release of US labor market data during last January.
The Swiss Franc came in third place, recording 0.65%. The Swiss franc tried during the day to take advantage of the decline in risk appetite in the markets, as it is one of the safe-haven currencies that investors resort to in case of uncertainty in the markets, especially after US data disappointed investors’ hopes for the recovery of the US economy.
The British pound followed, registering an increase of 0.55%, to continue rising for the second day in a row, following the Bank of England’s decisions yesterday to keep interest rates unchanged during the bank’s first meeting in 2021. The bank confirmed in its monetary policy report that the economic situation was better than expected. At the beginning of the crisis, and that expectations indicate the possibility of a strong recovery in the economy this year, which supported the rise in the pound sterling during trading yesterday and today.
The Australian dollar came last among the most rising currencies today, registering 0.29%, after the results of the Australian Reserve meeting during the early hours of this morning, which showed the recovery of the Australian economy during 2020 better than expectations at the beginning of the Corona crisis, amid expectations of a recovery in labor market data and a gradual rise in inflation During the next period.