The Australian dollar dropped on poor retail sales and later on failed to find consolation on the unexciting RBA decision. What’s next for the Aussie? Here is their view, courtesy of eFXnews: AUD: Overvaluation In ‘Jeopardy’; Staying Short On Crosses – Credit Agricole Credit Agricole CIB Research argues that while global reflation would normally be positive … “The Aussie may be vulnerable, but perhaps more so on”
Month: April 2017
Canadian Dollar Recovers from Early Losses Despite Negative Housing Data
The Canadian dollar rose against its US counterpart and the euro on Thursday, after recovering from the losses it had earlier today. The loonie appeared unaffected by fresh housing data that revealed a smaller value of building permits in February. Statistics Canada, the nationâs official statistical office, released a report that stated that building permits issued in February totaled $7.5 billion, which is 2.5% lower than Januaryâs level. … “Canadian Dollar Recovers from Early Losses Despite Negative Housing Data”
EUR/USD Declines on Dovish ECB and the Release of US Jobless Claims Data
The EUR/USD currency pair has been on a major decline during today’s session following dovish comments from Mario Draghi and the positive US jobless claims data. The release of the minutes of the European Central Bank‘s March meeting also indicated that the bank would be maintaining its forward guidance into the future. The currency pair lost close to 20 points after the release of the US jobless claims data to extend its bearish … “EUR/USD Declines on Dovish ECB and the Release of US Jobless Claims Data”
Australian Dollar Drops on Chinese Services PMI, Manages to Bounce
The Australian dollar slumped after today’s data showed that growth of China’s services sector slowed unexpectedly. Yet by now, the currency managed to rebound and is trading near the opening level currently. The Caixin China Services PMI dropped from 52.6 in February to 52.1 in March instead of rising to 53.2 as analysts. China is Australia’s biggest trading partner, therefore data from the Asian country tends to influence performance of the Aussie strongly. … “Australian Dollar Drops on Chinese Services PMI, Manages to Bounce”
Czech Koruna Soars After Central Bank Removes Cap
The Czech koruna soared today after the nation’s central bank removed the cap on the currency against the euro (CZK27 per euro). The Czech National Bank announced today: At its extraordinary monetary policy meeting today, the CNB Bank Board decided to end the CNBâs exchange rate commitment. The bank warned that it will take measures in case of excessive volatility on the currency markets: The CNB stands ready to use its … “Czech Koruna Soars After Central Bank Removes Cap”
EUR/USD: Trading the US Nonfarm Employment Change
US Nonfarm Employment Change measures the change in the number of newly employed people in the US, excluding workers in the farming industry. A reading which is higher than the market forecast is bullish for the dollar. Here are the details and 5 possible outcomes for EUR/USD. Published on Friday at 12:30 GMT. Indicator Background Job … “EUR/USD: Trading the US Nonfarm Employment Change”
FOMC minutes provide room for hikes, balance sheet reduction
The FOMC meeting minutes from the March 15th event provided some hawkish tones. However, the dollar did not really react strongly enough to the news. Here are two additional opinions on the implications of the document. Here is their view, courtesy of eFXnews: FOMC Minutes: A Good NFP On Friday Means Another Fed Hike In … “FOMC minutes provide room for hikes, balance sheet reduction”
EUR/USD Weakens as Uncertainty Looms over French Elections
The EUR/USD currency pair declined today following the uncertainty surrounding the French presidential election after the second election debate where Marine Le Pen gained against Emmanuel Macron. The pair also traded much lower after the release of the US ADP Employment Change report, which beat expectations and significantly boosted the greenback. The currency pair had lost over 30 points at the height of its decline and has been trading in negative … “EUR/USD Weakens as Uncertainty Looms over French Elections”
US Dollar Climbs Following Positive ADP Employment Data
The US dollar moved higher against most of its main counterparts on Wednesday, following fresh data today that showed private sector employment surged in March. Employers in the United States hired more workers than expected, which overshadowed the effect of a disappointing reading for an index that tracks business environment. The ADP Research Institute said earlier today that non-farm private sector employment gained 263,000 jobs in March, which … “US Dollar Climbs Following Positive ADP Employment Data”
Rand Falls as Political Turmoil in South Africa Intensifies
Political turmoil in South Africa persists, and it continued to hurt the rand, which dropped more than 1% on Wednesday. South African President Jacob Zuma sacked Finance Minister Pravin Gordhan last week, a move that cost South Africa its investment grade. The decision was criticized not just by international markets, but politicians in the country itself, resulting in calls for the President to resign. Yet the ruling African National Congress … “Rand Falls as Political Turmoil in South Africa Intensifies”