Economic data out earlier highlighted the strength of the UK economy. Better than expected retail sales for July figures came out at 3.0% versus expectations of 2.7%. Food sales increased by 2.1%, their largest rise since April 2011 as sunny weather saw customers buy more food, alcohol and clothing. The better than expected figures gave … “Strength in Sterling against the US Dollar causing problems”
Month: August 2013
Aussie Flat as Traders Wait for Next Week’s RBA Minutes
The Australian dollar was flat today as Forex traders were unsure about future monetary policy of the nation’s central bank and were waiting for the minutes of this month’s policy meeting that will be released next week, hoping to understand what the bank will do. The Reserve Bank of Australia left interest rates unchanged this month and dropped hints about future rate cuts. Yet market participants are worried … “Aussie Flat as Traders Wait for Next Week’s RBA Minutes”
Dollar Weakens Despite Positive Unemployment Data
The US dollar tumbled today even as positive employment data fueled talks that the Federal Reserve is going to tamper back its stimulus program very soon, a move that should bolster the currency. Claims for unemployment benefits fell by 15,000 to 320,000 last week. It was a pleasant surprise for market participants who have expected no change. Other reports were not particularly good, resulting in doubts if … “Dollar Weakens Despite Positive Unemployment Data”
Canadian Dollar Struggles After US Data
Canadian dollar is struggling today after the release of US data. Positive US data is helping support the greenback against the loonie in the midst of a serious drop by stocks. Even higher oil prices can’t help the Canadian dollar right now. Canadian data recently has been a little disappointing, showing a bit of stagnation in the economy. Employment decreased by 39,000 in July, according to Statistics Canada. Additionally, there are still concerns … “Canadian Dollar Struggles After US Data”
No End to Good Reports from UK, Sterling Higher
Will traders see an end to the stream of good data from the United Kingdom anytime soon? It certainly does not look so and this is helping the Great Britain pound, which rallied for the fourth straight trading session against the Japanese yen today. Retail sales rose 1.1 percent in July from June, when the increase was at just 0.2 percent. The actual change beat the forecast of 0.7 percent. All … “No End to Good Reports from UK, Sterling Higher”
GBPUSD: Strengthens, Maintains Bullish Momentum
GBPUSD: With GBP closing higher on Wednesday and following through higher during early morning trading today, further upside is likely. This development exposes the 1.5600 level with a turn above here creating scope for further bullish offensive towards the 1.5676 level. Further out, resistance resides at the 1.5750 level. Its daily RSI is bullish and … “GBPUSD: Strengthens, Maintains Bullish Momentum”
NZ Dollar Gains with Another Positive Report
The New Zealand dollar strengthened today as a report showed that business activity expanded last month, adding to positive indicators that were released this week. The Business NZ Manufacturing Index rose by 4.3 points to 59.5. It was just another good report that helped to erase the negativity created by the bad news. The New Zealand dollar was the strongest currency this week. NZD/USD rose from 0.8024 to 0.8083 … “NZ Dollar Gains with Another Positive Report”
USD/CAD: Short-term Structure Is Pointing Towards 1.0120-1.0150 (Elliott Wave
USDCAD reversed sharply to the downside at the end of the last week, clearly in an impulsive fashion, so the structure is now pointing to a weaker USDCAD if we consider that the rally from 1.0243 was made in three legs, called a correction. We are talking about a wave B that has a high … “USD/CAD: Short-term Structure Is Pointing Towards 1.0120-1.0150 (Elliott Wave”
USD/JPY: Trading the UOM Consumer Sentiment Index August 2013
The University of Michigan Consumer Sentiment Index surveys consumer attitudes and expectations about the US economy. An increase in consumer confidence is a positive sign about the health of the economy, and a reading that is higher than forecast is bullish for the US dollar. Here are all the details, and 5 possible outcomes for … “USD/JPY: Trading the UOM Consumer Sentiment Index August 2013”
Economic Growth & Falling Unemployment Bring Pound Higher
The Great Britain pound remained strong against the US dollar and the euro after yesterday’s gains, but retreated versus the Japanese yen. The currency gained as another set of positive data was released in the United Kingdom. UK gross domestic product expanded 0.6 percent in the first quarter after growing 0.3 percent in the preceding quarter. Unemployment fell by 29,200 in July, more than was predicted. The unemployment rate stayed at 7.8 percent. … “Economic Growth & Falling Unemployment Bring Pound Higher”