The New Zealand dollar logged gains during the trading week. It is a surprising fact considering that both domestic and global fundamentals worked against the currency. This week’s trading has started on a positive note for the kiwi as comments of the New Zealand Prime Minister supported the currency. Things quickly worsened, though, as commodities were experiencing losses, dragging commodity currencies down. As for domestic events, they were also bad as New … “NZ Dollar Logs Gains, Resisting Adverse Fundamentals”
Month: July 2015
Gold looks down, bearish descending triangle July 25 2015
There has now been a clear trigger of a bearish descending triangle formation in Gold (XAU/USD), as can be seen in the monthly chart below. Initially, there was a false breakout last November (dropped below $1,180.20), and another test of support of the pattern in March of this year. Each time Gold managed to rally … “Gold looks down, bearish descending triangle July 25 2015”
Canadian Dollar Pares Losses After Drop
The Canadian dollar dropped today, tracking decline of crude oil. Signs of slowdown in economies around the world were hurting currencies, especially those tied to growth. Yet the loonie is attempting to bounce right now, and it looks like the currency may pare most of its losses by the end of Friday’s trading. Crude oil was attempting to hold its position during the current trading session but failed and declined more than … “Canadian Dollar Pares Losses After Drop”
Dollar Loses Gains vs. Majors After Release of US Economic Data
The US dollar was rising earlier today as economic reports from Europe and China prompted traders to seek refuge, buying safer currencies. Yet the greenback erased its gains against other majors after data from the United States themselves turned out to be negative as well. US new home sales fell unexpectedly 517,000 in May to 482,000 in June. And the May’s reading itself was negatively revised from 546,000. … “Dollar Loses Gains vs. Majors After Release of US Economic Data”
Yen Gains as Japan’s Economic Data Beats Expectations
Today’s economic data released from Japan was very good, in contrast to reports released from other parts of the world. This allowed the Japanese yen to gain on its major peers. Unlike macroeconomic indicators from China, Europe and the United States, Friday’s data from Japan was not only good but actually better than expectations. The flash Nikkei Flash Japan Manufacturing Purchasing Managersâ Index advanced from … “Yen Gains as Japan’s Economic Data Beats Expectations”
Australian Dollar Weakest Since 2009 vs. US Counterpart
The Australian dollar dropped more than 1 percent today, reaching the lowest level in more than 6 years against its US counterpart. The reason for the slump was the depressing manufacturing data from China. According to the Markit/Caixin survey, the flash China’s manufacturing PMI unexpectedly dropped from 49.4 to 48.2 in July — the weakest reading in more than a year. The news was very negative to Aussie, suggesting lower demand for raw … “Australian Dollar Weakest Since 2009 vs. US Counterpart”
Rand Drops vs. Dollar Even as South African Central Bank Hike Rates
The South African rand dropped against the US dollar today even though the nation’s central bank increased its main interest rate, continuing with the hiking cycle. The South African Reserve Bank hiked the repurchase rate by 25 basis points to 6 percent at today’s meeting. The central bank improved its outlook for this year’s inflation and economic growth, but also acknowledged risks associated with international developments (like … “Rand Drops vs. Dollar Even as South African Central Bank Hike Rates”
Dollar Loses to Euro, Stands Ground vs. Other Majors
The US dollar dropped against the euro today as Greece made additional steps to secure an aid from foreign creditors. The greenback retreated despite supportive US macroeconomic data. At the same time, the US currency gained on the Great Britain pound and was flat versus the Japanese yen. The Greek parliament approved another set of reforms demanded by international lenders in a bid to receive the much-needed bailout. The signs of progress in the Greek debt story helped the euro … “Dollar Loses to Euro, Stands Ground vs. Other Majors”
Euro Gains After Greek Passage of Economic Reforms
The passage of another round of economic reforms by the Greek parliament is helping the euro today. While some are still concerned about the euro in the long-term, for now the 19-nation currency appears to be shoring up. Last week, amid protests, members of the Greek parliament passed a package of economic reforms aimed at appeasing creditors and keeping Greece in the eurozone. Earlier today, Greece passed a second package of reforms. These reforms are necessary if … “Euro Gains After Greek Passage of Economic Reforms”
USD/JPY: Trading the US New Home Sales Jul 2015
US New Home Sales indicator is released monthly, and provides analysts with important data the health and direction of the housing sector. A higher reading than the market prediction is bullish for the dollar. Here are all the details, and 5 possible outcomes for USD/JPY. Published on Thursday at 14:00 GMT. Indicator Background US New … “USD/JPY: Trading the US New Home Sales Jul 2015”