The US dollar is taking a tumble this morning after US retail sales from July failed to grow at all from the month before, missing analysts’ 0.4% sales growth target. As a result, many other world currencies are receiving a lift against the dollar heading into the weekend.
Across the pond, the weaker dollar is helping the euro climb to the highest levels since the day before the Brexit vote. The euro is also being buoyed as Germany’s second quarter GDP data showed the European powerhouse country growing at a healthy 1.8% compared to the prior year.
The pound is rising back above $1.30 on the dollar’s weakness, despite trading lower earlier after the Bank of England’s stimulus program kicked in.
Despite a light day for data, both the Australian and the Canadian dollars are gaining against the falling US dollar. The Japanese yen is also making a big bounce as investors begin to look at the Eastern currency again as possible a safe-haven alternative to the US dollar.
EURUSD: The euro is up to pre-Brexit levels on a weaker US dollar.
GBPUSD: The pound is trading higher with the US dollar falling, despite BoE stimulus kicking in.
AUDUSD: The Aussie dollar is rising on a weaker greenback.
USDCAD: The Canadian dollar is up against the weaker US dollar and slightly higher crude oil prices.