The euro surged today against its major peers after the release of relatively positive macroeconomic data from the eurozone. Subsiding fears about Europe’s political issues were also helping the currency. Eurozone gross domestic product rose 0.5% in the first quarter of this year, the same as in the previous three months and withing expectations. The ZEW Indicator of Economic Sentiment for Germany went up from 19.5 to 20.6 in May. While it was … “Euro Surges on Economic Data & Merkel’s Victory”
Month: May 2017
Aussie Down After RBA Minutes & Oil Prices Rise
The Reserve Bank of Australia released minutes of its May policy meeting today, though they did not reveal anything particularly new. With no major news to drive the Australian dollar, the currency was moving down. The RBA said in the notes: The Board continued to judge that developments in the labour and housing markets warranted careful monitoring. With uncertainties surrounding those two important sectors, the central bank had no … “Aussie Down After RBA Minutes & Oil Prices Rise”
Great Britain Pound Fails to Capitalize on Positive UK Data
Macroeconomic reports released from the United Kingdom today were almost universally good, including the most important of them — the Consumer Price Index. The Great Britain pound attempted to rally against the US dollar on the back of the good data but failed to maintain the upward momentum. The sterling did not even attempt to rise against such currencies as the euro and the Swiss franc. The CPI rose 2.7% in April, year-on-year, beating the analysts’ median estimate … “Great Britain Pound Fails to Capitalize on Positive UK Data”
USD: Key FX Themes For 2017 Are All Working Against
The US dollar is on the back foot. While the most recent point of pressure comes from Trump’s revelation of sensitive information to the Russians (Sending EUR/USD above 1.10), there are other reasons to be doubtful. What’s next? Here is their view, courtesy of eFXnews: BTMU FX Strategy Research notes that the USD has been weakening as … “USD: Key FX Themes For 2017 Are All Working Against”
EURUSD- Maybe Time to Go… Down
The euro is at a 6-month high in expectation of the release of the first euro zone data. Traders are looking at the revised GDP figure in an anticipatory mode due to the uncertainty of the ECB’s stimulus program and how fast the EU would scale it back. If fundamentals were left aside, the short-term … “EURUSD- Maybe Time to Go… Down”
EUR/USD: ‘Keep The Faith’ In A Decisive Break Higher –
EUR/USD is making a second and cautious attempt to top 1.10. IS this break for real? The team at NAB calls us to keep the faith: Here is their view, courtesy of eFXnews: NAB FX Strategy Research maintains holding a bullish EUR view following Emmanuel Macron’s victory in the French elections, expecting further EUR/USD gains … “EUR/USD: ‘Keep The Faith’ In A Decisive Break Higher –”
US Dollar Weakens Against Commodity Currencies as Oil Prices Surge
The US dollar weakened against the euro and a group of commodity currencies on Monday, as oil prices surged following reports of an extension for a deal that reduces oil output of major producers. Demand for the greenback was muted today as traders anticipate major data releases later this week, including the number of building permits in April and a new report on manufacturing activity in Philadelphia this month. Saudi Arabia and Russia agreed on Monday to extend crude production cuts for nine … “US Dollar Weakens Against Commodity Currencies as Oil Prices Surge”
Canadian Dollar Follows Crude Oil, Moving Higher
The Canadian dollar followed the move of crude oil to the upside, logging gains during the current trading session. By now, the currency has pared the rally against some of its rivals, but maintained gains against others. Saudi Arabia and Russia signaled that they are willing to extend oil productions cuts, implemented back in November to reduce oversupply of crude oil on the market, to the first quarter of 2018. The two countries are the biggest oil … “Canadian Dollar Follows Crude Oil, Moving Higher”
Swiss Franc Ignores Domestic Data, Rallies vs. Majors
The Swiss franc managed to gain on some of its most-traded counterparts during the current trading session, even though domestic macroeconomic data was detrimental to the currency. The Producer Price Index fell 0.2% in April, whereas forecasters predicted no change. Yet that did not prevent the currency from rallying against its major rivals as it was probably boosted by risk aversion caused by the North Korean missile launch and poor … “Swiss Franc Ignores Domestic Data, Rallies vs. Majors”
GBP/USD Shows Muted Reaction to Negative Comments on Brexit Talks
The GBP/USD currency pair did not react to negative comments made by the UK’s Brexit secretary, David Davis, regarding the EU’s negotiation timetable. The pair also shrugged of the disappointing US Empire State Manufacturing Index data, which was released during the early American session. The pair gained over 50 points at the height of its rally during the European session before retracing some of its gains. The currency pair also did … “GBP/USD Shows Muted Reaction to Negative Comments on Brexit Talks”