The British pound dropped against its major peers on Tuesday, after UK Supreme Court ruled that Theresa Mayâs government needs a parliamentary vote to be able to trigger Article 50. The ruling, which decides the future road of the nationâs exit from the European Union, was decided by the majority of the court. The decision, which was handed down at 9:30 GMT, means that the UK government cannot proceed with departing from … “British Pound Falls Following Supreme Court’s Ruling on Triggering Article 50”
Month: January 2017
Turkey’s Central Bank Raises Interest Rates, Lira Unimpressed
The Turkish lira slid today even though Turkey’s central bank raised some of its interest rates, including the key Marginal Funding Rate. The Central Bank of Republic of Turkey increased its main interest rate from 8.5% to 9.25% and the lending rate from 10% to 11%. The one-week repo rate and the borrowing rate remained steady at 8% and 0% respectively. Apparently, markets had anticipated a stronger move from the central bank … “Turkey’s Central Bank Raises Interest Rates, Lira Unimpressed”
Hungarian Forint Falls After Policy Meeting
The Hungarian forint fell today after Hungary’s central bank preserved its extremely loose monetary policy and hinted that it can make the policy even more accommodative if it is required. The Magyar Nemzeti Bank left its main interest rate at the record low of 0.9%. Other rates also remained without change. The bank said in the statement that it has capacity for additional monetary easing: The Magyar … “Hungarian Forint Falls After Policy Meeting”
EUR/USD Falters Despite Release of Positive Markit PMI Data on the Eurozone
The euro weakened slightly against its major peers despite the release of positive Markit PMI data earlier today. The Markit PMI data indicated that there was positive growth in the Eurozone, but this was not enough to stop the European Central Bank to abandon its loose economic policies. Market sentiment towards the euro remained bearish as the currency lost ground briefly against the US dollar, the British pound and the Japanese … “EUR/USD Falters Despite Release of Positive Markit PMI Data on the Eurozone”
US Dollar Falls on Concerns Towards Trump’s Administration
The US dollar dropped against its major peers on Monday, the first trading day since Donald Trumpâs inauguration last Friday, as traders remained uncertain towards the presidentâs economic plans. The greenbackâs drop opened a window for the British pound to reach its strongest level in a month. Uncertainty loomed over the US markets as investors digested the protectionist emphasis that Donald Trump used during his inauguration speech. Worries of political obscurity … “US Dollar Falls on Concerns Towards Trump’s Administration”
GBP/USD Rallies Ahead of UK Supreme Court Ruling on Article 50
The GBP/USD opened the week on a major rally boosted by positive market sentiment towards the British pound as markets await tomorrow’s ruling by the UK Supreme Court on whether Theresa May needs the approval of parliament to trigger article 50. The strong rally in the currency pair was also triggered by negative sentiment towards the US dollar after Donald Trump assumed office on Friday. The pound sterling gained about 100 points or one cent as at the time of writing. The US dollar … “GBP/USD Rallies Ahead of UK Supreme Court Ruling on Article 50”
After May’s speech, UK Supreme Court to give its
The British Prime Minister Theresa May last week said in a scheduled press conference that the UK was charting a course towards a clean break with the European Union. Her comments put to rest whatever speculation that remained about a volte-face. PM May’s scheduled speech was well telegraphed and was widely anticipated and comes at … “After May’s speech, UK Supreme Court to give its”
USD: The Consensus Trade Is Questioned Amid ‘Jerky’ FX
Trump’s presidency is off to a rocky start, at least with the US dollar. The greenback is selling off across the board. What’s next? Here is their view, courtesy of eFXnews: The first hundred days of the Trump Presidency has started. He is likely to adopt pro-growth and dollar-supportive policies, while he may repeat his resistance … “USD: The Consensus Trade Is Questioned Amid ‘Jerky’ FX”
US Dollar Remains Weak, Dollar Bulls Remain Optimistic
The US dollar remained relatively soft during the past trading week, but there are still plenty of dollar bulls who believe that the currency’s fall is just a correction in a long-term bullish trend. The greenback was held back by cautiousness ahead of the inauguration of Donald Trump as US President (though the actual event had little impact on markets after it happened). At the same time, solid economic data was supportive … “US Dollar Remains Weak, Dollar Bulls Remain Optimistic”
Canadian Dollar Shows Mixed Results After Release of CPI Data for December 2016
The Canadian dollar today weakened against its major peers such as the US dollar following the release of retail data for the month of December that was below expectations. Statistics Canada reported that the Consumer Price Index for December rose by 1.5% year-over-year, which was below the widely expected figure of 1.7%. The Canadian dollar gained briefly against its main trading partners including the US dollar, the Australian dollar and the Japanese yen before … “Canadian Dollar Shows Mixed Results After Release of CPI Data for December 2016”