The South African rand rallied more than 1% at the start of the current trading week after rating agencies maintained South Africa’s credit grade at the end of the last week. Fitch Ratings and Moody’s Investors Service kept the sovereign credit rate above the junk level, but both services had a negative outlook. They cited political uncertainty among reasons for the pessimistic view. Yet for now, South Africa keeps its investment … “Rand Climbs as South Africa’s Credit Ratings Preserved”
Month: November 2016
EUR/USD: Trading the US Preliminary GDP
US Preliminary GDP is a measurement of the production and growth of the economy. Analysts consider GDP one the most important indicators of economic activity, and publication of Preliminary GDP could have a significant impact on the movement of EUR/USD. A reading which is higher than the market forecast is bullish for the dollar. Here are all … “EUR/USD: Trading the US Preliminary GDP”
EUR/USD: Look Out Below As Cyclical Low In Sight – BTMU
EUR/USD managed to stage a recovery and created a double-bottom. However, there may be room for more falls: Here is their view, courtesy of eFXnews: Renewed downward momentum for the euro against the US dollar remains firmly in place in the near-term. EUR/USD is now moving to within touching distance of testing key technical support … “EUR/USD: Look Out Below As Cyclical Low In Sight – BTMU”
GBP: 3 Factors Behind This Squeeze; 1.15 Remains The
GBP/USD seems to have found some stability. However,the team at Bank of America Merrill Lynch lists three reasons for seeing a dip to lower ground: Here is their view, courtesy of eFXnews: The consolidation in GBP that we had anticipated into year-end has materialized and has been given a boost following the election of Donald … “GBP: 3 Factors Behind This Squeeze; 1.15 Remains The”
EUR/USD: ‘Increasingly Confident’ In Parity & Beyond: 3 Reasons
EUR/USD bounced from the double bottom but has not given up on dropping. The team at Deutsche Bank lists three reasons why the pair could go all the way to parity. Here is their view, courtesy of eFXnews: We are feeling increasingly confident that EUR/USD will break out of its 1.05- 1.15 range and trade through … “EUR/USD: ‘Increasingly Confident’ In Parity & Beyond: 3 Reasons”
Dollar Mixed During Abbreviated Holiday Week
The US dollar was mixed during the past week. Abbreviated trading and absence of any big news meant that there was no change for the market sentiment and fundamentals remained the same for the US currency. Thanksgiving in the United States resulted in thin trading in the second half of this week. Meanwhile, the greenback continued to be driven by anticipation of an interest rate hike from the Federal Reserve in December, and the Fed’s minutes released this week reinforced … “Dollar Mixed During Abbreviated Holiday Week”
US Dollar Falls as Traders Anticipate Exchange Rate Correction
The dollar dropped against all of its major peers today as traders collected profits from the US currencyâs strong rally that began once Donald Trump became the latest US President-elect. Trading volumes were thin on Friday after the Thanksgiving holiday in the United States. The dollar touched its strongest level in 14 years earlier this week on increased investorsâ confidence that Trumpâs administration will boost fiscal spending … “US Dollar Falls as Traders Anticipate Exchange Rate Correction”
Yen Mixed as Deflation Persists
The Japanese yen was mixed today, falling against some currencies and rising versus others (though still touching multi-month lows intraday). Fundamentals were not supportive for the currency as economic data showed that deflation persists despite efforts of policy makers. Japan’s core Consumer Price Index fell 0.4% in October, matching forecasts but with a bit slower pace than in September (0.5%). The Tokyo core CPI also … “Yen Mixed as Deflation Persists”
Positive Data Doesn’t Prevent Fall of Britain’s Pound
The Great Britain pound traded lower against other major currencies (with the exception of the US dollar) during today’s trading session despite solid macroeconomic data released from the United Kingdom on Friday. The second estimate of Britain’s gross domestic product showed growth by 0.5% between the second quarter and the third quarter of 2016, unrevised from the first estimate and in line with expectations. The Index of Services was up 0.8% in the third quarter … “Positive Data Doesn’t Prevent Fall of Britain’s Pound”
British Pound Appreciates on Mortgage Approvals Growth
The British pound was pushed higher against the US dollar today after data released on Thursday revealed an increase in the United Kingdomâs mortgage approvals. The British Bankersâ Association, a trade association that represents UK banking and financial services sector, said in a report earlier today that mortgage approvals for house purchases rose for the second month in a row last October. Mortgage approvals increased by 40,851 in October, surpassing an estimated increase by 39,000 … “British Pound Appreciates on Mortgage Approvals Growth”