The Great Britain pound gained against the Japanese yen but remained flat against the US dollar during the current trading session. The currency got support from the report that showed an improvement of the services sector. The Markit/CIPS UK Services PMI advanced from 53.3 in September to 54.9 in October, beating the median forecast of 54.6. It was the first increase of the index since June. Not all indicators were good today as the BRC … “GBP Edges Higher vs. JPY as UK Services PMI Improves”
Month: November 2015
EURUSD Follows Through Lower, Sets Up For 1.0900 Level
EURUSD: EUR continues to look weak and vulnerable to the downside. It is currently weakening following through lower on the back of its Monday losses. Nearby support is located at the 1.0950 level with a break turning risk further lower towards the 1.0896 level. Further down, support lies at the 1.0850 level where a violation … “EURUSD Follows Through Lower, Sets Up For 1.0900 Level”
Aussie Rallies, Struggles to Keep Gains
The Australian dollar rallied today as economic data from both Australia and overseas was supportive for the currency. Nevertheless, the Aussie is struggling to keep gains right now. Australia’s trade balance shrank from A$2.71 billion in August to A$2.32 billion in September instead of rising as had been predicted by economists. Seasonally adjusted retail sales grew 0.4 percent in September, the same as in August and in line with expectations. The only negative indicator released … “Aussie Rallies, Struggles to Keep Gains”
New Zealand Employment Data Hurts New Zealand Currency
The New Zealand dollar slumped yesterday and retained its losses today due to poor employment data released from New Zealand by the end of the Tuesday’s trading session. New Zealand employment fell by 0.4 percent in the September quarter from the previous three months while analysts had predicted an increase at the same rate. The unemployment rate ticked up by 0.1 percentage point to 6.0 percent, in line with expectations. Released earlier during … “New Zealand Employment Data Hurts New Zealand Currency”
Pound Flat vs. Dollar, Gains on Yen
The Great Britain pound was little changed against the US dollar and gained on the Japanese yen even though today’s report showed that growth in the UK construction sector slowed. Yesterday, the currency performed worse even though economic data was far better. The seasonally adjusted Markit/CIPS UK Construction Purchasing Managersâ Index fell to 58.8 in October from 59.9 in September. Released yesterday, the seasonally adjusted Markit/CIPS Manufacturing Purchasing … “Pound Flat vs. Dollar, Gains on Yen”
The Spotlight is on the Bank of England
All the eyes this week are on the Bank of England as the Inflation Report, policy statement and MPC Minutes will be released on Thursday. Last time that this happened, in August, markets expected a “Super Thursday”. However, the reaction was not Super. GBP lost 0.77% against the USD to then rebound by 0.24%. In … “The Spotlight is on the Bank of England”
Australian Dollar Rallies as RBA Holds
The Australian dollar rallied today as the nation’s central bank left monetary policy unchanged. The currency gained even though the statement mentioned the possibility of an interest rate cut in the future. The Reserve Bank of Australia decided to keep its key cash rate at 2 percent at today’s policy meeting. Concluding the statement released after the gathering, Governor Glenn Stevens said: Members also observed that the outlook for inflation may afford scope for further … “Australian Dollar Rallies as RBA Holds”
Optimism for US Economic News Boosts Dollar
US dollar is getting a little bit of help today, thanks to some optimism about what might be next for the economy. It’s expected to be a big week for the US dollar. Recent economic data has been somewhat hopeful. While manufacturing activity is at a relatively weak level for October, but improved new orders data and increased construction spending helped balance it out. What many Forex traders … “Optimism for US Economic News Boosts Dollar”
Is a Freely Traded Chinese Yuan on the Way?
According to Chinese leaders, the time has come for a freely traded Chinese yuan. An announcement made today indicates that the Chinese are ready to let the yuan trade freely by 2020. Earlier today, Chinese leaders released a short statement claiming that last week the ruling Communist Party had decided that it’s time for the yuan trade freely, without the strict valuation controls currently in place. The statement is short, but … “Is a Freely Traded Chinese Yuan on the Way?”
GBP/USD: Trading the British Services PMI Nov. 2015
The British Services PMI (Purchasing Managers’ Index) is based on a survey of purchasing managers in the services sector. Respondents are surveyed for their view of the economy and business conditions in the UK. A reading which is higher than the market forecast is bullish for the pound. Update: UK Services PMI rises to 54.9 – GBP/USD rises Here are all … “GBP/USD: Trading the British Services PMI Nov. 2015”