EUR consolidating its position outside the safe haven camp

EUR/USD reached the highest levels since August 2015, breaking above 1.16, only to be slashed back over 100 pips and settle around 1.15. The peak was 1.1616, around 100 pips short of that summer peak, correlated with the crash of the crash of the Chinese stock market at that time. What happened? The US dollar made a comeback across the … “EUR consolidating its position outside the safe haven camp”

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UK Manufacturing PMI Below 50.0 — Pound Sinks

The Great Britain pound dropped against its major rivals today as the manufacturing index dropped unexpectedly, showing contraction of the sector. The Markit/CIPS UK Manufacturing PMI fell from 50.7 to 49.2 in March. The reading below 50.0 indicates that the manufacturing sector is in decline. Forecasters were totally wrong, promising an increase to 51.3. GBP/USD plunged from 1.4672 to 1.4554 as of 15:53 GMT today, retreating from the daily high of 1.4767. GBP/JPY … “UK Manufacturing PMI Below 50.0 — Pound Sinks”

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Swiss Franc Gains, Ignoring Adverse Fundamentals

The Swiss franc gained today even though fundamentals did not look particularly supportive for the currency. Switzerland’s State Secretariat for Economic Affairs released a report about consumer confidence, showing a drop of the index from -14 to -15 in the three months through March. Experts had predicted in increase to -12. Thomas Jordan, Chairman of the Swiss National Bank, was speaking yesterday, and he reiterated that the exchange rate of the franc remains too … “Swiss Franc Gains, Ignoring Adverse Fundamentals”

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Australian Dollar Sinks Over 1% After RBA Makes Surprise Cut

The Australian dollar sank today, falling more than 1% against its major peers, after the Reserve Bank of Australia shocked the market, slashing its benchmark cash rate. Poor economic data from China weakened the currency further. The RBA announced today that it is reducing its main interest rate by 25 basis points to 1.75%. It was a big surprise as the vast majority of analysts had not … “Australian Dollar Sinks Over 1% After RBA Makes Surprise Cut”

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USD Into NFP: Unjustified Weakness – Barclays

There seems to be no love lost between markets and the US dollar. The sufferfest continues but may be unjustified. Here is their view, courtesy of eFXnews: The recent leg in the dollar depreciation looks little justified, in our view. Even though the probability of a June hike has decreased in the past few weeks, … “USD Into NFP: Unjustified Weakness – Barclays”

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Wayne McDonell celebrates 10 years of NFP coverage on

The Non-Farm Payrolls release is the “King of Forex Trading” in terms of anticipation, volatility and impact. On FXStreet, one of the leading forex portals, Wayne McDonell has been covering the event with a 3 hour webinar for already 10 full years. The 120th edition will be a special one. Here are all the details from the … “Wayne McDonell celebrates 10 years of NFP coverage on”

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Euro Hits the $1.15 Level Against the Dollar

Euro continues to show strength, even though many analysts thought it would be much lower by now. Much of the current strength is likely coming from the fact that the United States probably won’t raise interest rates in the near future. For the first time since August 2015, the euro hit the $1.15 level against the US dollar. Right now, the 19-nation currency has slipped back below that level, … “Euro Hits the $1.15 Level Against the Dollar”

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Australian Dollar Gains vs. Major Peers

The Australian dollar gained against its most liquid peers after mixed economic data released from Australia on Monday. Now, traders wait for manufacturing data from China and the policy decision of the Reserve Bank of Australia due to release tomorrow. The Australian Industry Group Australian Performance of Manufacturing Index plunged by 4.9 points to 53.4 points in April, remaining above the neutral 50.0 level. The Melbourne Institute Monthly Inflation Gauge increased … “Australian Dollar Gains vs. Major Peers”

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Yen Backs Off from Multi-Year Highs

The Japanese yen backed off today following the last week’s strong rally but not before touching the highest level in a year and a half against the US dollar and the strongest rate in three years versus the euro. The yen rallied strongly in the second half of the last week after the Bank of Japan had stood pat, refraining from adding monetary stimulus. It is not a surprise to see a correction after such a strong jump. … “Yen Backs Off from Multi-Year Highs”

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