Lately, the Great Britain pound has been struggling to continue its rally, and economic data released from the United Kingdom today did not help the matter at all. UK retail sales dropped unexpectedly last month, leading to losses of the currency against major rivals. Retail sales were down 0.2 percent in June from May following the 0.3 percent gain in the previous reporting period. It was a nasty surprise … “Unexpected Decline of UK Retail Sales Leads to Drop of Sterling”
Month: July 2015
NZ Dollar Leaps After RBNZ Cuts Interest Rate
The Reserve Bank of New Zealand cut its main interest rate today, and such a move was in line with expectations. What was surprising is the reaction of the New Zealand dollar to the news as the currency surged after the event. Usually, interest rate cuts affect currencies very negatively. The RBNZ slashed the Official Cash Rate by 25 basis points to 3 percent today. Governor Graeme Wheeler said in the statement that, despite … “NZ Dollar Leaps After RBNZ Cuts Interest Rate”
Canadian Dollar Resumes Decline with Crude Oil
The Canadian dollar dropped today, reaching the lowest level since March 2009 against the US dollar, as crude oil prices resumed decline, joining other commodities in free fall. Crude oil failed to hold onto yesterday’s gains, sinking more than 1 percent during Wednesday’s trading. The West Texas Intermediate grade fell below the $50 per barrel level for the first time since April. Crude accelerated its … “Canadian Dollar Resumes Decline with Crude Oil”
US Dollar Regains Footing After Existing Home Sales Report
The US dollar was struggling during today’s trading session but found support in the form of housing data that was better than analysts’ expectations. As a result, the greenback managed to gain on the euro and the Japanese yen. The US currency also was able to trim its losses versus the Great Britain pound. This week is light on economic data, and this means that even single report can affect the market considerably. … “US Dollar Regains Footing After Existing Home Sales Report”
EURAUD Price Action Reversal Sell Signal – Swing Trade
The EURAUD market has been dropping lower highs on the 4 hour chart as it progressively weakness, swinging down into lower prices. The daily chart also is dropping below support levels and look quite bear heavy. The daily chart is testing resistance now, which corresponds to the intra day swing level I have marked on … “EURAUD Price Action Reversal Sell Signal – Swing Trade”
Great Britain Pound Firm After BoE Minutes
The Great Britain pound demonstrated solid performance today even though the minutes of the nation’s central bank policy meeting showed that UK policy makers are rather cautious in their outlook regarding the monetary policy. The Bank of England released Bank of England of its July meeting, and they showed that the decision to hold interest rates stable was unanimous and “clear cut.” The BoE members were worried that, while the UK … “Great Britain Pound Firm After BoE Minutes”
Australian Dollar Little Changed After CPI Meets Expectations
The Australian was little changed today, trading slightly below the opening level but far above the session lows. In fact, the currency barely moved during the past couple of weeks. Australia’s Consumer Price Index rose 0.7 percent in the second quarter of this year from the previous three months, in line with expectations. Inflation accelerated from the first quarter when it was at 0.2 percent. Yet the positive data did … “Australian Dollar Little Changed After CPI Meets Expectations”
GBP/USD: Trading the British Retail Sales Jul 2015
British Retail Sales is considered one of the most important economic indicators. A reading that is higher than the market forecast is bullish for the British pound. Here are all the details, and 5 possible outcomes for GBP/USD. Published on Thursday at 8:30 GMT. Indicator Background Retail Sales is the primary gauge of consumer spending, a critical component of economic … “GBP/USD: Trading the British Retail Sales Jul 2015”
CAD Rallies vs. USD as Crude Oil Halts Decline
The Canadian dollar gained on its US peer today as crude oil prices steadied, helping the loonie to halt its decline. The Canadian currency did not fare as well against other major rivals, being flat against the Japanese yen and sinking versus the euro. Prices for raw materials got support from the drop of the US dollar, helping commodity currencies. The Canadian dollar is one of such currencies. Prices for crude oil, … “CAD Rallies vs. USD as Crude Oil Halts Decline”
Dollar Pulls Back on Tuesday
The US dollar pulled back today as the market sentiment improved, reducing the need for safety provided by the currency, and traders started to take profit from their long positions. The greenback also fell due to the market sentiment that has been improving after Greece reached a deal with its European creditors. The dollar’s drop benefited commodities, priced in the US currency, and commodity currencies as a result. The near-term outlook for the greenback remains bullish on prospects … “Dollar Pulls Back on Tuesday”