The Canadian dollar retreated against its US counterpart and other major peers on Tuesday, despite a report that revealed a stronger trade surplus in Canada than expected. The US dollar has been strongly supported this week by higher odds of an interest rate hike from the Federal Reserve. Statistics Canada, the central statistical office of the country, released its report for the international trade balance, which said that Canadian trade surplus … “Canadian Dollar Trades near Lowest Level in Two Months After Trade Data”
Month: March 2017
Brexit Fears & Poor Macroeconomic Data Drive Pound Down
The Great Britain pound fell today, trading near the lowest level since January 17 versus the US dollar, driven down by Brexit fears and poor macroeconomic reports. British Retail Consortium reported that like-for-like retail sales fell 0.4% in February from a year ago. The Halifax House Price Index was up just 0.1% last month from the previous month versus the 0.4% increase predicted by analysts. Meanwhile, … “Brexit Fears & Poor Macroeconomic Data Drive Pound Down”
Australian Dollar Welcomes RBA Decision to Stay Pat
The Reserve Bank of Australia maintained its cash rate unchanged during the monetary policy meeting on Tuesday. The Australian dollar reacted positively to the news. Currently, the Aussie trades off the day’s highs but still above the opening level. The RBA left its main interest rate at 1.5%. Such decision was widely anticipated by market participants, providing no surprises. The policy statement had few changes compared to the previous ones, remaining … “Australian Dollar Welcomes RBA Decision to Stay Pat”
US Dollar Bounces as Traders Continue to Anticipate Fed Hike
The US dollar rose on Monday as expectations of March interest rate hike from the Federal Reserve allowed the currency to bounce after Friday’s profit-taking sell-off. The Fed will conduct its two-day policy meeting next week and will announce the decision on March 15. Currently, the probability of March hike shown by CME FedWatch is at 86.4%, up from 79.7% a day before. Additionally, traders wait for February US nonfarm payrolls released … “US Dollar Bounces as Traders Continue to Anticipate Fed Hike”
EUR/USD Rallies Briefly, Later Retraces Gains as Uncertainty Plagues the Eurozone
The EUR/USD currency pair rallied briefly during the early European session despite the announcement by former French premier, Alain Juppe, that he won’t run for president. The currency pair’s rally was also supported by the weaker US dollar, but the greenback later rallied higher. The currency pair’s brief rally occurred around 8:00 GMT after which the currency pair retraced all its gains as news emerged that Greece’s economy had contracted … “EUR/USD Rallies Briefly, Later Retraces Gains as Uncertainty Plagues the Eurozone”
Australian Dollar Ignores China’s Growth Target Revision
The Australian dollar gained today even though news from China, Australia’s biggest trading partner, was not supportive. Perhaps, the currency gained support from positive domestic fundamentals. China’s Premier Li Keqiang said that the target for economic growth this year was cut down to 6.5% this year, down from the range of 6.5%-7.0% last year. The nation’s economy grew 6.7% in 2016 — the slowest pace in 26 … “Australian Dollar Ignores China’s Growth Target Revision”
Yen Strengthens After North Korean Missile Launch
The Japanese yen was almost flat versus the US dollar and gained on its other most-traded rivals after North Korean missile launch increased geopolitical tensions. South Korean military sources reported that North Korea launched several missiles into the sea northwest of Japan’s coast. That triggered angry objections form Japan and South Korea. Several other countries also voiced concern about the event. The yen tends … “Yen Strengthens After North Korean Missile Launch”
USD: We Now See 3 Fed Hikes This Year In
The US dollar certainly received a boost from the growing prospects of a rate hike by the Federal Reserve in March. What does this mean going forward: Here is their view, courtesy of eFXnews: In Friday’s speech, Fed Chair Janet Yellen confirmed that the Fed is set to hike rates at the upcoming meeting ending on … “USD: We Now See 3 Fed Hikes This Year In”
US Dollar Rallies over Week, Loses Gains vs. Euro by Weekend
The US dollar was performing well for the most part of the trading week thanks to the monetary policy outlook and the speech of US President Donald Trump. The greenback retreated a bit versus its rivals on Friday, though against the euro it dropped sharply, losing all weekly gains. The major positive factor contributing to the dollar’s strength were expectations of an interest rate hike from the Federal Reserve. Comments from various Fed officials led … “US Dollar Rallies over Week, Loses Gains vs. Euro by Weekend”
EUR/USD Retreats from Daily High After Release of US ISM Data
The EUR/USD currency pair retreated from its bullish run during the European session after the release of the US ISM Non-Manufacturing PMI data, which beat expectations. The currency pair rallied during the European session as the results of an election poll released by polling agency Odoxa indicated that Emmanuel Macron was leading the presidential race in France followed by Marine Le Pen. At the height of its rally, the EUR/USD had gained close to 70 points … “EUR/USD Retreats from Daily High After Release of US ISM Data”