The USD/JPY currency pair today hit new 2-week lows as the US dollar grappled with increased selling pressure and low bond yields. The Japanese yen started gaining against the US dollar late in the Asian session, a trend which continued into the European and American sessions. The currency pair lost over 70 points from its daily high at the peak of its decline, but has since retraced some of its losses. … “USD/JPY Hits New 2-Week Low amid Strong Japanese Data and Mixed US Data”
Month: May 2017
Canadian Dollar Finds No Relief in Robust Growth of GDP
Canada’s gross domestic product grew in March more than was expected. Yet that brought no relief to the Canadian dollar as the currency dropped today, dragged down by the slump of crude oil prices. GDP increased 0.5% in March following no change in the previous month, exceeding the analysts’ median projection of 0.3%. The report said that the growth was broad-based across all the industries: Growth was widespread across goods-producing and service-producing … “Canadian Dollar Finds No Relief in Robust Growth of GDP”
GBP/USD Tumbles Lower Then Rallies Higher After Release of Opinion Poll Results
The GBP/USD currency pair today hit new weekly lows early in the European session before quickly retracing its losses and hitting new highs after the release of a PanelBase poll. The currency pair was on a downward trend after the release of a YouGov poll, which indicated that Theresa May‘s party might lose twenty seats in the upcoming elections. The currency pair gained over 150 points at the height of its rally to hit a daily … “GBP/USD Tumbles Lower Then Rallies Higher After Release of Opinion Poll Results”
Euro Largely Ignores Negative Macroeconomic Data
The euro rallied today, rising against the US dollar and the Japanese yen, as it largely ignored Europe’s macroeconomic indicators that were poor for the most part. With that said, the shared 19-nation currency trimmed its gains against the Great Britain pound (though it was rather the result of sterling’s strength rather than euro’s weakness) and slid versus the Swiss franc. Eurozone annual inflation slowed to 1.4% in May, down … “Euro Largely Ignores Negative Macroeconomic Data”
US Dollar Drops Against Euro Despite Steady Interest Rates Outlook
The US Dollar dropped against the euro and other major currencies on Wednesday even as traders remained optimistic about an interest rate hike from the Federal Reserve in June. The Federal Open Market Committee will begin a meeting that will last two days on June 13 to review the US economic conditions and possibly raise interest rates. A slew of economic reports yesterday painted a lackluster picture of the health of the economy. Despite a small gain … “US Dollar Drops Against Euro Despite Steady Interest Rates Outlook”
New Zealand Dollar Gains on Improving Outlook for Economy
The New Zealand dollar gained today, reaching the highest level since March 2 against its US counterpart, as the New Zealand central bank was relatively upbeat about domestic economic developments. Businesses felt the same way as the business confidence improved. The Reserve Bank of New Zealand was modestly optimistic in its semi-annual Financial Stability Report, saying: New Zealandâs financial system remains sound and is operating effectively. … “New Zealand Dollar Gains on Improving Outlook for Economy”
Yuan Climbs as China’s Macroeconomic Indicators Stabilize
The Chinese yuan gained today after macroeconomic indicators released in China during the current trading session showed stabilization, halting slowdown of growth. That made the currency more attractive to investors. China’s manufacturing Purchasing Mangers’ Index stayed at 51.2 in May, unchanged from April, whereas experts had predicted a drop to 51.0. Furthermore, the services PMI rose from 54.0 to 54.5. Analysts are divided over whether this means … “Yuan Climbs as China’s Macroeconomic Indicators Stabilize”
USD: 5 Reasons Why USD Bulls Need To Be Patient
The US dollar seems a bit confused, looking for a new direction. What’s next for the greenback? Here is the view from Bank of America Merrill Lynch: Here is their view, courtesy of eFXnews: Bank of America Merrill Lynch FX Strategy Research advises USD bulls to be patient in light of the following 5 reasons: “1- It could take … “USD: 5 Reasons Why USD Bulls Need To Be Patient”
GBP: No Point Of Speculating On Elections Outcome; Sell
A significant narrowing of the polls weighs on the pound, which failed to recover from the lows. Is all this speculation justified? Here is their view, courtesy of eFXnews: ANZ FX Strategy Research notes that the initial rally in sterling based on expectations of a landslide victory for PM May in the 8 June general election … “GBP: No Point Of Speculating On Elections Outcome; Sell”
US Dollar Declines amid Unimpressive Economic Releases and Rising Global Woes
The US dollar weakened against the Japanese yen on Tuesday as traders grew more cautious due to increasing political uncertainty in Europe, which raised demand for assets perceived as safe havens. The greenback also declined against the euro and the British pound following the release of lackluster data in the United States. Anticipation for the general election that will be held in the United Kingdom on June 8 lowered tradersâ appetite for risk ahead of the vote that is … “US Dollar Declines amid Unimpressive Economic Releases and Rising Global Woes”