The US dollar dropped across the board on Friday and the dollar index was 0.505 lower during the US session, while the EURUSD pair surged 0.6% to trade at around 1.1380, negating the immediate bearish trend.
The pound lost some 200 pips on Thursday and the GBPUSD pair was trading down 1.50% during the London session as traders aggressively sold sterling after the UK Brexit minister Dominic Raab's resignation. The Cable decline back below the 1.30 level and was trading at 1.2870 during afternoon.
Stock indices over the world rose sharply from daily lows on Wednesday and the US exchanges opened 0.6% higher, while the EU indices rose around 2% from daily lows as sentiment switched quickly from negative to positive.
Moreover, US inflation numbers came out mixed, with the headline CPI figure rising to 2.5% year-on-year in October, up from 2.3% in September, while the core gauge unexpectedly worsened marginally to 2.1%. Traders sold the greenback after these numbers and stocks rose notably.
The single currency was trading 0.5% higher during the US session and the euro erased more than half of Monday's losses as the EURUSD pair was hovering 20 pips below the 1.13 handle.
Stocks fell globally on Monday as investors priced in new political risks from Italy. The euro was dragged lower by the standoff between Rome and Brussels over Italy's budget proposals, which worsened the global sentiment and stock indices fell sharply.
The US dollar slipped on Friday and failed to appreciate after strong inflation PPI inflation and the dollar index was trading only marginally higher on the day, well down from its daily highs reached earlier in the day.
The New Zealand Dollar soared on Tuesday and was trading more than 0.70 per cent stronger on Wednesday as well, with the pair reaching fresh three-month highs near 0.6780.
The New Zealand dollar was trading near six week highs on Tuesday and the NZDUSD pair was 0.25% stronger during the US session, hovering near 0.6680.
Investors are eagerly waiting for tonight's New Zealand labor market data for the third quarter. The employment change is forecast to stay at 0.5%, while the unemployment rate should also stay unchanged at 4.5%. Moreover, the market expects the participation rate to remain at 70.9%.
Sentiment was mildly positive on Monday and US indices opened in a positive territory as the Midterm elections are ongoing in the US. Volatility has been minimal so far on the day, but stocks managed to erase all the daily losses and turned higher, despite China's stocks falling again.
Later in the day, the important non-manufacturing ISM for October will be released and is forecast to slow to 59.5 from 61.6 previously. This would still be a much faster sector growth than in the rest of the world.
The US dollar was trading lower against most of the major peers during the US session on Friday and the dollar index was down 0.1%, hovering near 96.25.
Earlier in the session, the US Department of Labor announced that the US economy created 250,000 new jobs in October, way above the expected 190,000 and more than double the 118,000 in September. The unemployment rate remained unchanged and stayed at 3.7%.
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