Norwegian Crown, Oil-Sensitive Currency, and the US Dollar

The Australian dollar rose by 0.4%. The Canadian dollar rose by 0.4%. Norwegian, Swedish crowns are up by 0.6% and 0.4%, respectively.

Most trades paused from cashing with the latest profits. Thus, on Friday, the euro edged up slightly against the United States dollar. So, it was not far away from the three-month high it rose to earlier in the week.

Before recovering and trading higher against the safe-haven greenback, the Australian dollar and other risk-sensitive currencies gave up ground during the Asian trading session. Afterward, as a result, there was a rise in stocks in Europe.

There was a rapid build-up of bets on risk assets that had taken off, in hopes of a further re-opening of economies in many countries. However, following this, investors had decided to unwind their positions.

Charalambos Pissouros is a senior market analyst at JFD Group. He said that governments across the globe continue to ease their lockdown measures. Moreover, economic data continues to point out that the deep economic wounds due to coronavirus are behind us. Thus, we should treat the retreat as a corrective phase of the broader recovery.

The Dollar and Others

Pissouros also said that they would see decent chances for equities and other risk-linked assets to rebound again. Moreover, there is a chance for a renewed interest in selling safe-havens.

The euro rose by 0.1%, to $1.1315. Thus, it is staying close to the three-month high of $1.1422 reached on Wednesday.

After falling to a 10-day low of $0.6799 in the Asian session, the Aussie dollar rose by 0.4% to $0.6881.

The oil sensitive Canadian dollar also rose, as did the Nordic currencies. The Canadian dollar was last up by 0.3% at $1.3585. Rising by 0.6% to 9.5665 against the United States currency, the Norwegian crown was the biggest mover.

Britain spent the month in a tight coronavirus lockdown. So, the economy of Britain shrank by a record of 20.4% from March to April.