Economic data released from New Zealand today was not particularly good, but it had little bearing on the nation’s currency that joined a rally of other high-beta currencies. The Westpac/McDermott Miller Consumer Confidence logged a decline from 109.6 in the March quarter to 106.0 in the June quarter. The reading above 100.0 indicates optimism, but that optimism is clearly waning. The report confirmed that, commenting on the result: Thatâs the seventh … “New Zealand Dollar Rallies Ignoring Domestic Fundamentals”
Month: June 2016
Canadian Dollar Goes Higher with Help of Crude Oil & Brexit Outlook
The Canadian dollar rallied today with the help of rising prices for crude oil and the positive general market sentiment that was beneficial to commodity-linked currencies. The traders’ mood was positive today as prospects for the Brexit were waning. This led to a rally of riskier currencies linked to commodities and economic growth. The Canadian dollar was one of such currencies, and it also got additional help for the rally of crude oil. The rise of oil prices was … “Canadian Dollar Goes Higher with Help of Crude Oil & Brexit Outlook”
Pound Jumps More than 1% Against Dollar & Yen
The Great Britain pound continued to soar against other most-traded currencies, particularly safer ones like the US dollar and the Japanese yen, as prospects for the Brexit had waned significantly. Last week’s deadly attack on the pro-EU lawmaker caused a serious shift in the Britons’ sentiment, and now prospects for Britain leaving the European Union look slim. It is not impossible, but polls show that the “remain” votes rose to 72% as of now. This … “Pound Jumps More than 1% Against Dollar & Yen”
Australian Dollar Opens Sharply Higher, Moves Further Up
The Australian dollar opened sharply higher today and is now trading above the opening level as traders felt less concerned about the possibility of the Brexit. Traders felt more inclined to purchase riskier currencies as the sentiment shifted and prospects for the Brexit waned. As for domestic fundamentals, the Reserve Bank of Australia will release minutes of its latest policy meeting on Tuesday. The RBA has refrained from cutting interest rates earlier this month, and the minutes … “Australian Dollar Opens Sharply Higher, Moves Further Up”
Better to Avoid Sterling Ahead of Britain’s Referendum
Britain’s upcoming referendum about membership in the European Union remains a hot topic in the news and speculations of market participants. Many analysts advise to stay away from the Great Britain pound ahead of the event. Moves of the sterling have been hard to predict recently as they were highly dependent on results of polls. Currently, polls show that votes for staying in the EU lead, but that may yet change. And volatility is likely to increase … “Better to Avoid Sterling Ahead of Britain’s Referendum”
EURUSD Prints Rejection Candle, Eyes Recovery
EURUSD: With EURUSD closing higher on a rejection candle the past week, a move higher in the new week could be building up. Support lies at the 1.1200 level. Further down, support comes in at the 1.1150 level where a violation will aim at the 1.1100 level. A break of here will target the 1.1050 … “EURUSD Prints Rejection Candle, Eyes Recovery”
Pound Starts Week Poorly, Bounces Later
The theme of Great Britain’s referendum about leaving the European Union remained a hot topic during the week. While the week had started negative for the currency, the sterling rebounded by the weekend. The pound had started trading on a weak footing as, according to polls, votes for leaving the EU were having a lead. Yet things have changed after an attack on the pro-EU lawmaker. Now, it looks more probable for Britain to remain in the Union. Talking about things … “Pound Starts Week Poorly, Bounces Later”
New Zealand Dollar Gets Little Help from GDP Data
New Zealand gross domestic product rose more than analysts had expected, but that provided little help to the nation’s currency. The New Zealand dollar barely moved against is major rivals after the report and is trading not far from the opening level currently. GDP grew 0.7% in the March quarter compared to the analysts’ average forecast of 0.5%. Global Dairy Trade price index showed no change … “New Zealand Dollar Gets Little Help from GDP Data”
Pound Remains Firm After Bank of England Meeting
The Great Britain pound remained relatively firm following yesterday’s policy meeting of nation’s central bank. As it was expected, the Bank of England kept its monetary policy unchanged. The BoE maintained the Bank Rate at 0.5% and the size of the asset purchase program at £375 billion. Unsurprisingly, the central bank’s members were concerned about the prospects for the Brexit, saying: The outcome of the referendum continues to be the largest immediate risk facing UK financial … “Pound Remains Firm After Bank of England Meeting”
Major Currency Views Impact From Brexit – Morgan Stanley
The tragic murder of MP Jo Cox has triggered a bounce in the value of the pound amid a strengthening of the Brexit camp. Everything is open and the impact on only on the pound can be huge. Here are the currencies to watch according to Morgan Stanley: Here is their view, courtesy of eFXnews: Our poll … “Major Currency Views Impact From Brexit – Morgan Stanley”