The Canadian dollar gained on its weak US counterpart during Tuesday’s trading but was unable to beat such strong currencies as the euro and the Japanese yen despite supportive fundamentals. Canada’s gross domestic product rose 0.4% in November, exceeding the analysts’ median projection of 0.3%. What is more, the previous month’s change was revised from -0.3% to -0.2%. The Raw Materials Price Index increased 6.5% in December, far surpassing … “Canadian Dollar Doesn’t Pay Heed to Supportive Fundamentals”
Month: January 2017
Euro Soars After Comments from Trump Trade Advisor
The euro gained today on its major counterparts today, soaring 1% against the US dollar, after comments from Peter Navarro, head of US President’s new National Trade Council. Navarro claimed that Germany uses the “grossly undervalued” euro to take advantage over the United States and other countries. German Chancellor Angela Merkel denied the accusations, saying that the government cannot influence the currency and stating: Germany is a country … “Euro Soars After Comments from Trump Trade Advisor”
CHF Retreats vs. EUR After Trading Near Highest Since Brexit Vote
The Swiss franc gained on the US dollar during the current trading session. The Swissie fell against the euro, but its daily high was near the highest level since the Brexit announcement. The recent gains of the franc against the euro led to speculations that the Swiss National Bank, which was previously aggressively intervening on markets to bring the exchange rate down, is content with letting the Swiss currency to appreciate. Analysts point out … “CHF Retreats vs. EUR After Trading Near Highest Since Brexit Vote”
Turkish Lira Weakens amid Complicated Environment
The Turkish lira fell against the US dollar today as complicated environment makes it hard for the central bank to support the currency. On one hand, the falling currency and accelerating inflation prompt the Central Bank of Republic of Turkey to tighten its monetary policy. On the other hand, the central bank remains under pressure from the government to keep interest rates low to bolster economic growth. The bank resorted to raising various rates without touching its … “Turkish Lira Weakens amid Complicated Environment”
British Pound Drops Ahead of Parliament’s Debate of Article 50
The British pound declined against the euro, US dollar, and other major peers on Tuesday, as Parliament prepared to begin discussing the governmentâs triggering of Article 50. The debate, which decides the future of the United Kingdom departure of the European Union, is keeping investors away from the British currency. The UK government is pushing for its Article 50 bill to be approved by Parliament as soon as possible, as Prime Minister Theresa May attempts to start the Brexit … “British Pound Drops Ahead of Parliament’s Debate of Article 50”
USD/JPY Set to Record Its First Monthly Decline Since September
The USD/JPY currency pair is positioned to record its first monthly decline since September 2016 if the US dollar does not recover by the end of today. The US dollar is on a major downslide following controversial policies implemented by President Donald Trump barely ten days after he assumed office. The currency pair has lost almost 100 pips earlier today causing the US Dollar Index, which tracks … “USD/JPY Set to Record Its First Monthly Decline Since September”
GBP/USD: Trading the UK Manufacturing PMI
The UK 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 the UK. A reading which is higher than the market forecast is bullish for the pound. Here are all the details, and 5 possible outcomes for … “GBP/USD: Trading the UK Manufacturing PMI”
CBI survey: UK manufacturers post the fastest growth in
Manufacturing firms in the UK experienced one of the fastest growth in domestic orders ever recorded in more than two years, during the three months through January, industry data showed. The uptick in domestic orders underpinned the fact that rising consumer prices did not curb demand at the turn of last year, survey data from … “CBI survey: UK manufacturers post the fastest growth in”
EUR/USD: Poor Performance Of Shorts To Stay For Some
EUR/USD has been wobbling between mixed data and Trump’s messy start. What’s next? Here is their view, courtesy of eFXnews: US policy uncertainty and Fed-ECB monetary policy divergence are likely to continue alternating as drivers of the EURUSD in the short term. This week, the FOMC meeting could remind markets that risks are titled in … “EUR/USD: Poor Performance Of Shorts To Stay For Some”
CAD Rallies vs. EUR & USD, Falls vs. CHF & JPY
The Canadian dollar rose a bit against its US counterpart on Monday and accelerated the rally on Tuesday as the US immigration ban hurt the greenback. The Canadian currency also rose versus the euro but fell against the safe haven currencies — the Swiss franc and the Japanese yen. The decision of US President Donald Trump to halt immigration from seven countries with Muslim majority and to stop accepting refugees caused a huge amount of confusion and turmoil on markets, … “CAD Rallies vs. EUR & USD, Falls vs. CHF & JPY”