The Great Britain pound dropped today, extending its losing streak against the euro and the Japanese yen for the fourth consecutive day. The sterling remained soft after yesterday’s monetary policy meeting of Britain’s central bank that showed unwillingness of policy makers to embark on monetary tightening. The outlook for tighter policy was the major component in the currency’s strength, and without it the pound is very vulnerable. The UK currency was trying to hold its … “Great Britain Pound Extends Losing Streak”
Month: February 2016
AUDUSD Extends Bullish Price Strength
AUDUSD rallied through its key resistance at the 0.7140 level on Wednesday and followed through higher on Thursday. This leaves risk of more strength on the cards. On the downside, support resides at the 0.7200 level where a breach will aim at the 0.7150 level. Below that level will set the stage for a run … “AUDUSD Extends Bullish Price Strength”
Chinese Yuan a Bit Stronger During Friday’s Trading
The Chinese yuan strengthened against the US dollar today as China’s central bank allowed the currency to appreciate, though gains were rather limited. The People’s Bank of China set the reference rate to 6.5690 per dollar during the current trading session from yesterday’s rate of 6.5777. Analysts predict that the currency would weaken this year, though no massive devaluation is expected. The yuan has fall 1 percent so … “Chinese Yuan a Bit Stronger During Friday’s Trading”
Australian Dollar Pauses to Decide Where to Go Next
The Australian dollar was not moving in any particular direction at the start of Friday’s trading session. Traders were digesting economic data and the Statement of Monetary Policy released by the Reserve Bank of Australia. Australian Industry Group reported that the construction index fell from 46.8 to 46.3 in January. The reading below 50.0 indicates that the sector is in decline. Seasonally adjusted retail sales demonstrated no change in December. That was a disappointment … “Australian Dollar Pauses to Decide Where to Go Next”
Dollar Weakened by Economic Data & Dovish Comments
The US dollar fell against its major peers during the Thursday’s trading session as poor economic data and dovish comments from some Fed policy makers led to speculations that the Federal Reserve would not be able to continue with its planned monetary tightening. New York Fed President William Dudley made dovish comments on Wednesday, saying: One thing I think we can say with more … “Dollar Weakened by Economic Data & Dovish Comments”
Swiss Franc Firmer on Thursday, Remains Fundamentally Bearish
The Swiss franc gained on the extremely weak US dollar today. The currency also halted its decline against the euro after 10 consecutive sessions of losses. Still, the Swissie remains an inherently bearish currency due to the negative fundamentals. State Secretariat for Economic Affairs released its consumer confidence survey today that said “consumers still rather downbeat.” The monetary policy outlook also remains a negative factor to the Swiss currency. With … “Swiss Franc Firmer on Thursday, Remains Fundamentally Bearish”
Aussie Gains vs. Greenback, Loses Gains vs. Euro
The Australian dollar rallied against its US counterpart during the Thursday’s trading session. The currency had also attempted to rally against other major peers but has lost its gains versus other currencies, including the euro. National Australia Bank released its Quarterly Business Survey today, showing an increase of the business confidence index from 1 to 4 in the final quarter of the last year. On Tuesday, the Reserve Bank of Australia … “Aussie Gains vs. Greenback, Loses Gains vs. Euro”
BOE Decision Weighs on Pound
The latest interest rate decision from the Bank of England is weighing on the pound right now, sending it lower against many of its counterparts. Although sterling is still higher against the greenback, it’s fading a bit. The latest policy announcement saw the BOE maintaining its record low interest rates. One of the most significant changes in this month’s decision was the voting. Ian McCafferty has been voting for months … “BOE Decision Weighs on Pound”
Oil Rally Helps Canadian Dollar Against Other Currencies
The Canadian dollar is getting help today from the fact that oil prices are on the rise. Concerns about oil have been weighing on the loonie, and while there is still some weakness likely ahead, for now the Canadian dollar has the upper hand. Oil prices are heading higher, even though there remains a glut of supply in the markets. Part of the increase has been somewhat expected since it’s refinery … “Oil Rally Helps Canadian Dollar Against Other Currencies”
EUR/USD Set To Rally In 2016, Now Is The Time
EUR/USD is certainly already on the move, thanks to the big dollar dive. To be fair, this assessment from Danske was released before the move. Here is their reasoning: Here is their view, courtesy of eFXnews: One argument for a lower EUR/USD: – Relative rates: still in favour of USD… …but several arguments for a higher EUR/USD: … “EUR/USD Set To Rally In 2016, Now Is The Time”