The Canadian dollar failed to move higher against its major peers on Monday, even as higher oil prices initially supported the currency. Demand for the loonie was weak today as traders held their positions ahead of an interest rate decision that the Bank of Canada will announce in two days. The Canadian central bank is widely expected to keep its interest rates unchanged at 0.50% when it announces its decision at 15:00 … “Canadian Dollar Fluctuates on Weak Demand Ahead of BoC Decision, Despite Higher Oil Prices”
Month: February 2017
US Dollar Tumbles on Mixed Economic Releases as Markets Await Trump Speech
The US dollar today declined against its main rivals even as economic releases indicated that durable goods orders rose, while core orders declined. The pending home sales for January declined, while the Dallas Fed Manufacturing Business Index rose. However, the positive economic releases could not boost the US dollar as investors remained cautious awaiting Trump’s speech. The US Dollar Index, which tracks the greenback’s performance against … “US Dollar Tumbles on Mixed Economic Releases as Markets Await Trump Speech”
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. Update: US GDP disappoints, … “EUR/USD: Trading the US Preliminary GDP”
Sterling Goes Down as Brexit Concerns Return
The theme of the Brexit returned to the attention of Forex traders, and that made the Great Britain pound fall against its most-traded counterparts during the Monday’s trading session. The major concern that is currently haunting the sterling is the question of Scotland’s independence referendum. Scotland has voted in 2014 for staying in the United Kingdom, but that was because the Scots thought that staying in the UK is the only sure way to remain a part of the European … “Sterling Goes Down as Brexit Concerns Return”
Positive Economic Data Doesn’t Prevent Fall of Australia Dollar
Monday’s economic data from Australia was very good with a huge jump of corporate profits, but that did not prevent the Australian dollar from falling against its major rivals. Australia’s company gross operating profits climbed by 20.1% (seasonally adjusted) in the December quarter from the previous three months. The increase was far bigger than 8.0% predicted by analysts. The Aussie had been rising before the report … “Positive Economic Data Doesn’t Prevent Fall of Australia Dollar”
Dollar’s Performance Lukewarm During Trading Week
The US dollar demonstrated a tepid performance during the past trading week, rising against the euro, falling versus the Japanese yen, and the week close to the opening level against most other major currencies. The week started good for the greenback, with dollar bulls hoping that the Federal Reserve policy minutes would suggest an interest rate hike in the near future. And indeed, the minutes were relatively hawkish, saying that monetary tightening may … “Dollar’s Performance Lukewarm During Trading Week”
Canadian Dollar Edges Higher Against US Counterpart on Strong Inflation Data
The Canadian dollar moved higher against its US counterpart on Friday, following fresh data that revealed that Canadaâs inflation improved to a healthier level. However, the loonieâs gains against the greenback were limited as new home sales improved in the United States, which supported the US dollar. Statistics Canada, the nationâs office for statistical releases, said today that the consumer price index rose 2.1% in January from a year earlier, … “Canadian Dollar Edges Higher Against US Counterpart on Strong Inflation Data”
US Dollar Rallies Briefly After Release of Home Sales Data, Later Retraces Gains
The US dollar rallied briefly against its main competitors after the release of new homes sales data for the month of January as reported by the Census Bureau. The greenback’s brief rally was also supported by the release of a positive consumer confidence index report for February as tracked by the University of Michigan. The US Dollar Index, which tracks the greenback’s performance, hit a daily high of 101.09 after the two announcements. However, the index retraced most of its daily gains to trade … “US Dollar Rallies Briefly After Release of Home Sales Data, Later Retraces Gains”
Pound Heads to Weekly Gains Despite Falling on Friday
The Great Britain pound fell today but remained on track to weekly gains as political uncertainties in the United States and the European Union drew traders’ attention away from the Brexit. Analysts said that traders focused on European elections and news from the United States, meaning that the Brexit has lesser impact on the currency market now than it had before. Yet they also argued that Britain’s exit from the EU … “Pound Heads to Weekly Gains Despite Falling on Friday”
EUR/USD: Oscillating Amid Counterintuitive Reaction To Data; Positioning Key
EUR/USD has not always provided the “correct” reaction to economic data releases. What does it mean? The team at ANZ provides some answers: Here is their view, courtesy of eFXnews: The response in currency markets to data releases over the past week has been instructive in that it has been counterintuitive. In the wake of … “EUR/USD: Oscillating Amid Counterintuitive Reaction To Data; Positioning Key”