On the back of the slowing down of the French and German economies and the European Commission's requirement that Italy modifies its budget proposal, the Euro took a hit against the American dollar on Wednesday.
The Euro dropped by around 0.4% and was trading at 1.14 against the dollar. On the Euro posting a loss against the dollar, BNY Mellon's chief forex analyst Derrick Mellon was quoted by Reuters as, "There are good reasons why you would want to be cautious.
All of these things support a market that is going to remain risk off." Meanwhile, the Japanese yen which had gained against the dollar on Tuesday shelved some of its gains but continued to maintain its momentum on the day.
It was trading at around 112.48 against the dollar. The Australian dollar posted a gain of about 0.1% against its American cousin and was trading at 0.70 against the US dollar. On account of the continued Brexit discussions happening within the members of the ruling party, the Conservatives, the Pound Sterling was also trading lower against the dollar.
It was trading at 1.29 and had posted a loss of about 0.2%. Lastly, the Canadian dollar was also trading lower against its southern counterpart. The Canadian dollar had an exchange value of 1.30 against the US dollar.