The Japanese yen rose today, reaching the highest level since November 29 against the euro, after Bank of Japan Governor Haruhiko Kuroda signaled that he does not plan cutting interest rates deeper into the negative territory. Kuroda said on Wednesday: There is not much likelihood that we will further lower the negative rate. The decision to implement negative rates was heavily criticized for having limited … “Japanese Yen Gains as Kuroda Says No More Interest Rate Cuts”
Month: February 2017
Aussie Reaches Multi-Year Highs, Ignoring Economic Data
Macroeconomic data released from Australia today was mixed, but that did not prevent the Australian dollar from rising and even reaching multi-year highs against such currencies like the euro and the Swiss franc. The Westpac-Melbourne Institute Leading Index fell from 1.36% in December to 1.30% in January. Construction work done fell 0.3% in the December quarter from the previous three months while markets had expected an increase. The Wage … “Aussie Reaches Multi-Year Highs, Ignoring Economic Data”
AUD/USD: Trading the Australian Private Capital Expenditure
Australian Private Capital Expenditure is released each quarter and should be treated as a market-mover. Here is the information about this event, and 5 possible outcomes for the Australian dollar. Published on Thursday, at 00:30 GMT. Indicator Background Investments by factors in the private sector are a genuine gauge of economic activity over the quarter … “AUD/USD: Trading the Australian Private Capital Expenditure”
British Pound Struggles to Find Direction Despite Hawkish Comments from BoE Governor
The British pound today struggled to find direction as it demonstrated mixed results against its main competitors such as the US dollar, the euro, and the Japanese yen. The Bank of England Governor, Mark Carney, told the UK Parliament that a smooth Brexit process could lead to a faster rate of hiking interest rates. The British pound gained against the euro and the japanese yen, but was weaker against the US dollar during the European session. … “British Pound Struggles to Find Direction Despite Hawkish Comments from BoE Governor”
US Dollar Climbs as Comments from Fed Official Increase Expectations for Raising Rates
The US dollar rose against its major counterparts on Tuesday, after a Federal Reserve official made comments that increased US Treasury yields and supported the US Currency. Philadelphia Federal Reserve Bank President Patrick Harker said during an interview that an interest rates hike next month is still on the table. He indicated that the decision to raise rates will depend on economic releases ahead of the meeting of the Federal Open Market … “US Dollar Climbs as Comments from Fed Official Increase Expectations for Raising Rates”
Japanese Yen Shows No Discernible Trend After Mixed Data
The Japanese yen demonstrated a mixed performance today, rising against some currencies and falling against others, after the release of macroeconomic data, which was mixed as well. On the positive side, the Nikkei Flash Japan Manufacturing Purchasing Managers’ Index climbed from 52.7 in January to 53.5 in February. Not only it was a better reading than the predicted drop to 52.1, but it was also the highest level since March 2014. … “Japanese Yen Shows No Discernible Trend After Mixed Data”
Aussie Falls vs. Greenback, Posts Gains vs. Other Rivals After RBA Minutes
The Australian dollar fell against its US counterpart but logged moderate gains against other most-traded rivals after the Reserve Bank of Australia released relatively upbeat minutes of the February policy meeting. The RBA was rather optimistic in its notes, mentioning positive developments in the economies of Australia’s major trading partners, including China. With that said, the minutes also stated that “developments in China continued to be one of the main … “Aussie Falls vs. Greenback, Posts Gains vs. Other Rivals After RBA Minutes”
GBP/USD: Trading the UK Second Estimate GDP
UK Second Estimate GDP, one of the most important economic releases, is published each quarter. GDP measures production and growth of the economy, and is considered by analysts as one the most important indicators of economic activity. A reading which is better than the market forecast is bullish for the pound. Here are all the details, and 5 … “GBP/USD: Trading the UK Second Estimate GDP”
EUR/USD: A Deja Vu Of 2005-07 But Little Benefit In
EUR/USD is drifting downwards once again, pulled by USD strength. What’s next? Here is their view, courtesy of eFXnews: For all the talk of discord and chaos on the US political scene, this environment reminds us of the period around 2005-07 when commodities were strong, equity markets lacked volatility while making new highs and all forms … “EUR/USD: A Deja Vu Of 2005-07 But Little Benefit In”
Canadian Dollar Steadies as Wholesale Trade Exceeds Forecasts
The Canadian dollar traded within a tight range against its US counterpart on Monday, following a week that was void of any big events. The Canadian currency was supported by wholesale trade growth data today, but it failed to gain any steady momentum. Statistics Canada released its report for wholesale trade at 13:30 GMT today. The report said that Canadian wholesale sales index gained 0.7% to $57.3 … “Canadian Dollar Steadies as Wholesale Trade Exceeds Forecasts”