The Great Britain pound retained its weakness against the US dollar today, following yesterday’s losses and touching the lowest level in a month. Against the Japanese yen, the sterling continued to trade sideways. Britain’s retail sales rose just 0.1 percent in June from May. Market participants counted on at least 0.2 percent growth. The data followed yesterday’s Bank of England policy minutes, which put heavy pressure on the UK currency, suggesting … “UK Retail Sales Disappoint FX Market, GBP Retains Weakness”
Month: July 2014
Yuan Rises as Manufacturing Growth Beats Expectations
The Chinese yuan advanced today after the gauge of the nation’s manufacturing sector demonstrated an increase this month which was above economists’ projections. The HSBC Flash China Manufacturing Purchasing Managersâ Index climbed from 50.7 in June to 52.0 in July, reaching the highest level in 18 months. The actual reading was above the median forecast of 51.2. The data eased concerns about economic slowdown in China, allowing the yuan to gain ground. USD/CNY … “Yuan Rises as Manufacturing Growth Beats Expectations”
NZ Dollar Sinks After RBNZ Statement
The New Zealand dollar sank today after the Reserve Bank of New Zealand raised its key Official Cash Rate but signaled that it is going to pause the interest rate hike cycle. The central bank also said that the current exchange rate is “unjustified”. The RBNZ lifted its benchmark interest rate by 25 basis points to 3.5 percent, exactly as was expected. Yet at the same time Reserve … “NZ Dollar Sinks After RBNZ Statement”
US Dollar Index Heads Higher as Gold Drops
US dollar index is heading higher, gaining ground as gold drops. It’s an interesting situation today, since the dollar index is gaining, even though the euro is heading higher against the dollar for the time being. US dollar is getting a bit of a boost today from the fact that jobless claims have hit an eight-year low. The news is once again spurring speculation that the Federal Reserve will … “US Dollar Index Heads Higher as Gold Drops”
GBP/USD: Trading the British Preliminary GDP Jul 2014
British Preliminary Gross Domestic Product (GDP) is a key release and is published each quarter. GDP measures production and growth of the economy, and is considered by analysts as one the most important indicators of economic activity. A reading which is better than the market forecast is bullish for the pound. Update: UK GDP 0.8% as … “GBP/USD: Trading the British Preliminary GDP Jul 2014”
EURJPY: Triggers Recovery, Eyes More Strength
EURJPY- With a temporary bottom formed and recovery higher triggered, further strength is now envisaged. On the upside, resistance resides at the 137.50 level where a break if seen will threaten further upside towards the 1.38.00. Further out, resistance resides at the 139.27 level where a break will aim at the 140.00. We may see … “EURJPY: Triggers Recovery, Eyes More Strength”
Hungarian Forint Rises as Central Bank Ends Interest Rate Cut Cycle
The Hungarian forint advanced today after yesterday’s monetary policy meeting of the nation’s central bank. While the bank cut its main interest rate more than was expected, it also announced an end to the longest cycle of interest rate cuts in Europe. The Magyar Nemzeti Bank cut its key central bank base rate by 20 basis points to 2.1 percent, reducing borrowing costs for the 24th consecutive month. At the same … “Hungarian Forint Rises as Central Bank Ends Interest Rate Cut Cycle”
Indonesian Rupiah Bounces to Two-Month High
The Indonesian rupiah climbed today, touching the highest level in two months, as it was announced that Joko Widodo is the victor in the nation’s presidential elections. This gives hope that political uncertainty will not be driving investors away from nation’s assets any longer. The election commision announced that Widodo won with 53.15 percent of votes. The newly elected president said that he aimd at boosting … “Indonesian Rupiah Bounces to Two-Month High”
Euro Struggles to Maintain Gains With Russian Sanctions Possible
Euro is struggling right now, trying to maintain the gains it eked out earlier in the session. However, that is proving a bit difficult, given the possibility of harsher sanctions against Russia over the whole issue of what’s happening in Ukraine. As the situation in Ukraine continues to trouble just about everyone, the euro is struggling. The 18-nation currency lost ground yesterday, but is trying to eke out gains today. However, the European … “Euro Struggles to Maintain Gains With Russian Sanctions Possible”
BOE Minutes Weigh on UK Pound
UK pound is down pretty much across the board today, thanks in large part to the release of the minutes from the latest Bank of England meeting. It looks as though loose monetary policy is going to continue for a little while longer, and that is keeping the sterling down against its major counterparts. The minutes to the latest Bank of England Monetary Policy Committee meeting, held earlier this month, were released earlier … “BOE Minutes Weigh on UK Pound”