Daily Forex News

The Euro showed weakness against its major counterparts in early trading on Wednesday.

The British pound extended its Asian session’s uptrend against other major currencies during early European deals on Wednesday. The pound soared to a 2-day high against the Swiss franc.

During early European deals on Wednesday, the Canadian dollar fell sharply against its major counterparts as the crude oil prices fell for a second day, heading for a record annual drop, on speculation that U.S. fuel stockpiles are increasing as the recession cuts demand. The loonie dropped from a 2-day high against the greenback during this time.

The Singapore dollar recovered the losses it incurred in early Wednesday Asian trading against other major currencies at the end of the session. The Singapore dollar thus soared to a 13-day high against its US and Hong Kong counterparts.

Wednesday in Asia, the New Zealand dollar traded higher against its US, European and Japanese counterparts. On the other hand, against the aussie, the kiwi advanced in early trading but pared its gains shortly.

During early European deals on Tuesday, the dollar declined against its major counterparts on persistent concern over the tensions in the Middle East following Israeli air strikes on the Hamas-ruled Gaza Strip weighed on the U.S. currency.

During early deals on Tuesday, the British pound edged down against the currencies of US, Europe, Japan and Switzerland.

During early deals on Tuesday, the Canadian dollar fell sharply against its major counterparts as the crude oil prices fell below $40 a barrel today as demand concerns overshadowed Middle East crude supply fears amid the Israeli-Hamas conflict. The Canadian dollar slumped to a 3-month low against the aussie and an 11-day low against the greenback and the yen.

The US dollar that strengthened to a 6-day high against the yen in early Tuesday Asian trading reversed direction around 7:55 pm ET. Meanwhile, the dollar remained lower against the currencies of Europe, UK and Switzerland during this time.

Monday during early deals, the US dollar slumped to new multi-day lows against its European, Japanese and Swiss counterparts on speculation that Israel’s conflict with Hamas in the Gaza Strip may disrupt supplies of oil to the U.S., the world’s biggest consumer.