Month: May 2017

The Canadian dollar traded lower against its major counterparts today as the credit rating downgrade of six Canadian banks by Moody’s Investors Service damaged the attractiveness of the currency to investors. Moody’s reduced ratings of such banks as Toronto-Dominion Bank, Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, and Royal Bank of Canada. The rating agency cited following reasons for its decision: Today’s downgrade of the Canadian banks … “Loonie Weakens After Moody’s Downgrades Canada’s Banks”

Read More

The New Zealand dollar slumped today, tumbling more than 1% against its most-traded peers, after the monetary policy statement released by the central bank turned out to be not so hawkish as market participants had expected. The Reserve Bank of New Zealand left its main interest rate at 1.75% today, in line with expectations. The statement, while not necessarily dovish, was not as optimistic as economists had anticipated. … “New Zealand Dollar Tumbles After RBNZ Policy Meeting”

Read More

The Great Britain pound traded lower ahead of Bank of England policy meeting that will occur later today. The reason for the currency’s drop was the streak of rather weak macroeconomic indicators. UK industrial production fell 0.5% in March from February, a bit more than analysts had predicted (0.4%). Manufacturing production declined 0.6%, also more than was forecast (0.2%). Construction output was also down in March, … “Great Britain Pound Weak Ahead of BoE Meeting”

Read More

The Canadian dollar strengthened against the US dollar and the British pound on Wednesday, as oil prices climbed after a decline in US inventories improved the outlook for global supply. Traders’ concerns about trade relations between the United States and its northern neighbor eased today, which further supported the loonie. The US Energy Information Administration released a summary of weekly petroleum data for the week ended May 5 at 14:30 GMT today, which revealed … “Canadian Dollar Strengthens Against US Peer as Crude Inventories Fall”

Read More

The EUR/USD currency pair today dropped drastically before the speech by European Central Bank president, Mario Draghi, where he outlined a hawkish outlook. The currency pair recovered briefly after Mario Draghi‘s speech, but was trading at a much lower price than its opening price for most of the day. The currency pair lost over 35 points at the height of its decline to trade at a daily low before Draghi’s speech infused … “EUR/USD Continues Losing Streak Despite Mario Draghi Speech”

Read More