The British pound today came under increased selling pressure after the release of positive US GDP data by the Bureau of Economic Analysis as well as personal consumption data. The British pound was under intense selling pressure today as UK politics take center stage given that the Conservative Party has lost significant ground against the Labor Party. The GBP/USD currency pair lost over 150 points at the height of its decline today … “British Pound Weakens Against US Dollar amid UK Politics and Strong US Data”
Month: May 2017
CAD Gains on USD, Other Majors as Oil Prices Stabilize
The Canadian dollar rallied against its major peers (including the US dollar, which itself was strong) during the current trading session after prices for crude oil stabilized following the initial sell-off. With that said, the loonie failed to beat the very firm Japanese yen. The Organization of Petroleum Exporting Countries announced yesterday that it and some other major oil producers are extending oil productions cuts. Initially, … “CAD Gains on USD, Other Majors as Oil Prices Stabilize”
Malaysian Ringgit Gains Following Oil Production Cuts Extension
The Malaysian ringgit logged gains today following the announcement of an oil production cuts extension from the members of the Organization of Petroleum Exporting Countries and some non-OPEC producers, including Russia. The OPEC announced an extension of the previously agreed upon cuts till the first quarter of 2018. That should support prices for crude, which will be good for oil-producing Malaysia. The ringgit gained on the US dollar also because of the disappointing policy minutes from the Federal … “Malaysian Ringgit Gains Following Oil Production Cuts Extension”
Japanese Yen Gains as Tokyo’s Inflation Tops Expectations
The Japanese yen gained today after inflation in Tokyo, Japan’s most populated city, topped market expectations. Other macroeconomic indicators released during the trading session were not as good, but that did not bother the currency, at least for now. The Tokyo core Consumer Price Index rose 0.1% in May from a year ago, which was a better result than no change predicted by analysts and the drop by 0.1% registered … “Japanese Yen Gains as Tokyo’s Inflation Tops Expectations”
EUR/USD rally was fully justified, but can it break high
Our special focus is on euro/dollar, which gradually made its way to the upside. The odds are improving for the common currency. Politics looks better in the euro-zone, and that’s a novelty. But the dollar is also lagging behind on growth and the travel of direction for central banks, even if the US has a … “EUR/USD rally was fully justified, but can it break high”
GBP: What Would A Labor Win Mean For GBP? – Nomura
the pound is on the back foot, partially due to the downgrade of GDP. In the meantime, campaigning is resuming and Labour continues to narrow its gap against the Conservatives. What does it mean for sterling? Here is their view, courtesy of eFXnews: Nomura FX Strategy Research notes that Conservative lead over Labor is falling and … “GBP: What Would A Labor Win Mean For GBP? – Nomura”
US Dollar Climbs Against Commodity Currencies After OPEC Meeting
The US dollar rose against currencies that are closely tied to oil prices on Thursday, after the conclusion of a meeting between the Organization of the Petroleum Exporting Countries and other oil major producers. Todayâs meeting discussed a possible extension for an agreement made last year that limits crude outputs to counter a global oversupply that forced oil prices lower. During the meeting a deal was made to extend the agreement, which would have … “US Dollar Climbs Against Commodity Currencies After OPEC Meeting”
EUR/USD Trades Lower on Depressed Oil Prices and Mixed US Data
The EUR/USD currency pair today hit new lows mid-European session as the US dollar rallied against the single currency boosted by weak global oil prices. The currency pair hit a session low after the release of the US Advance goods trade balance for April, which was lower than expected. The currency pair started the day’s session on an upward trend as the greenback extended losses incurred after the release of the FOMC minutes yesterday. However, … “EUR/USD Trades Lower on Depressed Oil Prices and Mixed US Data”
Australian Dollar Drops with Commodity Currencies
The Australian dollar dropped together with other commodity currencies today, most likely due to the sharp decline of crude oil prices, after showing decent performance during the previous trading session. The Aussie weathered yesterday’s announcement of China’s credit rating downgrade rather well, ending the session with gains against major peers. Yet today, the currency dropped after prices for crude sank about 1% while the Organization of Petroleum … “Australian Dollar Drops with Commodity Currencies”
Pound Swings Back & Forth After UK GDP
The Great Britain pound was volatile after the release of Britain’s gross domestic product report. The data was bearish, therefore the currency sank after the release, but the sterling is currently attempting to recover and is actually trading near the opening level against such majors like the US dollar and the euro. The economy of the United Kingdom grew just 0.2% in the first quarter of this year from the previous three months according to the second … “Pound Swings Back & Forth After UK GDP”