The Hungarian forint fell today after the monetary policy meeting of the Magyar Nemzeti Bank (Hungary’s central bank). While the bank decided to keep its central bank base rate unchanged, it reduced some other interest rates. The MNB kept its key interest rate stable at 0.9%. At the same time, the central bank cut the overnight collateralised lending rate and the one-week collateralised lending rate, which have been higher … “Hungarian Forint Falls After Central Bank’s Policy Meeting”
Month: November 2016
Yen’s Attempt to Rally Fails amid Unimpressive Economic Reports
The Japanese yen attempted to rally at the start of the current trading session but has failed and is trading below the opening level against its major rivals as of now. Economic data released over the trading session was better-than-expected but that did not make it actually good. Japan’s household spending fell 0.4% in October from a year ago while retail sales were down 0.1%. The actual figures were … “Yen’s Attempt to Rally Fails amid Unimpressive Economic Reports”
Top 10 FX Trades For 2017 – Morgan Stanley
The US dollar has a strong run to end 2016. What’s up for 2017? The team at Morgan Stanley lists the Top 10 trades for the upcoming year: Here is their view, courtesy of eFXnews: USD has entered its last leg within a secular bull market. We expect USD to be driven by widening rate and investment … “Top 10 FX Trades For 2017 – Morgan Stanley”
UK’s borrowing costs projected to rise at an estimated
The UK’s Office for Budget Responsibility says that an estimated £58.7 billion will be needed on top of the £122 billion borrowing plans laid out by the new government last week. The independent official budget watchdog said that Britain’s decision to leave the EU accounts for nearly half of the extra borrowing the nation will … “UK’s borrowing costs projected to rise at an estimated”
USD/CAD: Trading the Canadian GDP
Canadian GDP is a measurement of the production and growth of the economy. Analysts consider GDP one the most important indicators of economic activity. A reading which is better than the market forecast is bullish for the Canadian dollar. Here are all the details, and 5 possible outcomes for USD/CAD. Published on Wednesday at 13:30 … “USD/CAD: Trading the Canadian GDP”
Canadian Dollar Follows Crude Oil to Upside, Rally in Danger
The Canadian dollar rallied against most of major peers on Monday, tracking the rise of crude oil prices. There is a decent probability, though, that the crude’s rally will fizzle soon, dragging the loonie down. Crude oil futures demonstrated significant gains on Monday. Considering that the Canadian currency often follows the moves of the commodity, it is not surprising to see the loonie rising on Monday as well. The problem is that the rally … “Canadian Dollar Follows Crude Oil to Upside, Rally in Danger”
Euro Rises Against Few Rivals, Retreats Versus Most
The euro was mixed today, rising against the Great Britain pound and the Swiss franc, but falling against other most-traded currencies, even losing its earlier gains versus the US dollar. Mario Draghi, President of the European Central Bank, was speaking in Brussels today, and he was relatively upbeat, saying: The euro area economy continues to expand at a moderate but steady pace, despite the adverse effects of global economic … “Euro Rises Against Few Rivals, Retreats Versus Most”
British Pound Tumbles on Renewed Brexit Concerns
The pound opened trading this week with a negative decline today following new reports that pointed at increasing legal difficulties for the United Kingdom to maintain its access to the single market area in Europe within a Brexit scenario. Currency traders lowered their demand for the currency to an extremely weak level today, which forced the British currency to perform poorly. Tradersâ caution was stoked by a renewed worry that the UK government will … “British Pound Tumbles on Renewed Brexit Concerns”
US Dollar Drops Against Yen as Traders Collect Profits
The dollar retreated as it trailed a drop in the yields of US Treasury notes on Monday. The greenbackâs decline followed increased worries that the Organization of the Petroleum Exporting Countries might fail to reach a deal to cut output in a meeting later this week. Investors reversed some of the US currencyâs gains over the past 3 weeks as caution overshadowed trading today, ahead of a busy week for data releases and economic events. Oil producers within OPEC … “US Dollar Drops Against Yen as Traders Collect Profits”
Malaysian Policy Makers Fail to Prevent Ringgit Sell-Off
The Malaysian ringgit slipped against the US dollar today as efforts of Malaysian policy makers to limit currency speculation failed to prevent a downfall of the ringgit. The Bank Negara Malaysia sent letters to offshore bank, demanding that they and their clients stopped trading the ringgit on the non-deliverable forward markets. Yet according to the Bank, only a half-dozen offshore firms agreed to sign the letters. The ringgit was the worst-performing Asian currency, falling almost 7% over … “Malaysian Policy Makers Fail to Prevent Ringgit Sell-Off”