The Australian and New Zealand dollars struggled during the month of November and could continue enduring pressure in the last month of 2016: Here is their view, courtesy of eFXnews: The chart below shows our proxy for macro hedge fund positioning. It suggests that macro funds are short oil currencies but long high-beta currencies like AUD … “AUD, NZD: Fade Rallies As Risk Aversion Likely To Pickup”
Month: November 2016
Canadian Dollar Surges Against Euro Following OPEC’s Output Cut
The Canadian dollar rose against the euro on Wednesday, as a surge in oil prices supported the currency of the oil exporting nation. The Organization of the Petroleum Exporting Countries concluded a meeting in Vienna today, which was closely watched by traders to look for signs of a possible agreement to cut production. The organization announced that a deal was reached between its member countries. According to this deal, which is the first since 2008, OPECâs collective production will … “Canadian Dollar Surges Against Euro Following OPEC’s Output Cut”
Dollar Sharply Gains as US Data Releases Lift It Higher
The dollar rose higher against other major currencies on Wednesdayâs trading session. The US currencyâs gains came as a stack of data releases in the United States and news of a highly anticipated agreement to cut oil production lifted investorsâ optimism today. The US Automatic Data Processingâs report for national employment said that non-farm private sector employment rose by 216,000 in November, from 147,000 in October. The data surpassed expectations of an increase by 165,000. At the same … “Dollar Sharply Gains as US Data Releases Lift It Higher”
CAD: ‘Rates Trump Oil’; Where To Target? – BofA Merrill
USD/CAD is stuck between Donald and oil. Which factor will win? The team at Bank of America Merrill Lynch assesses the situation: Here is their view, courtesy of eFXnews: Themes: rates trump oil. We pushed up our USD-CAD forecast sizably, and now expect 1.43 at end-2017. The shift in view reflects several developments: First, Donald Trump’s election increases … “CAD: ‘Rates Trump Oil’; Where To Target? – BofA Merrill”
New Zealand Dollar Trims Gains Following Earlier Rally
The New Zealand dollar rose today, though trimmed its gains versus the US dollar and the euro by now. The ANZ business confidence fell from 24.5 to 20.5 in November, but the report was not pessimistic, saying: The economy is still riding the wave: the level of firmsâ own activity and profit expectations, together with employment and investment intentions, all flag strong growth. The tide is still out when it … “New Zealand Dollar Trims Gains Following Earlier Rally”
Polish Zloty Weakens Slightly as Growth Forecast Revised Lower
The Polish zloty fell a bit today after the outlook for this year’s economic growth in Poland was revised lower. Polish Finance Minister Mateusz Morawiecki stated that Poland’s economy is likely to grow between 2.5% to 3% this year. That is compared to the previous forecast of 3.4%. The Organization for Economic Co-operation and Development predicted growth of 2.6% in 2016 and around 3% in 2017–18 for Poland. USD/PLN ticked up 0.03% to 4.1665 … “Polish Zloty Weakens Slightly as Growth Forecast Revised Lower”
EUR/USD En-Route To 0.95; Parallels With The Reagan Era
Euro/dollar reached a double-bottom at 1.0520 but has bounced nicely since then. What’s next? The team at ABN AMRO is very bearish: Here is their view, courtesy of eFXnews: Since the US presidential elections the US dollar has firmed against most currencies. While it has risen by more than 5% against the yen and 3.5% against the … “EUR/USD En-Route To 0.95; Parallels With The Reagan Era”
AUD/USD: Trading the Chinese Caixin Manufacturing PMI
Chinese Caixin Manufacturing PMI (Purchasing Managers’ Index) is based on a survey of purchasing managers in the manufacturing sector. Respondents are surveyed for their view of the economy and business conditions in China. A reading which is higher than the market forecast is bullish for the Australian dollar. Here are all the details, and 5 possible … “AUD/USD: Trading the Chinese Caixin Manufacturing PMI”
British Pound Climbs Against Euro as UK Mortgage Approvals Increase
The British pound appreciated against the euro on Tuesday, after a report that was published by the Bank of England earlier today showed that UK mortgage approvals rose for the second month in a row in October. The report said that official data display an increase in mortgage approvals to 67,518 in October, which is the highest level since March. The number brings mortgage approvals back to their pre-Brexit level, which means that the housing market … “British Pound Climbs Against Euro as UK Mortgage Approvals Increase”
US Dollar Rises on Best US Growth Rates in Two Years
The dollar returned to gains against most of its major peers on Tuesday, as newly released data in the United States revealed that the growth rate of gross domestic product was stronger than previously expected during the third quarter. The Bureau of Economic Analysis published a report earlier today, which included the Bureau’s second estimate for GDP growth in the third quarter of 2016. The growth rate was revised to 3.2% from 2.9% in a previous estimate … “US Dollar Rises on Best US Growth Rates in Two Years”