The EUR/USD currency pair today retreated from its daily highs based on rumors that the European Central Bank would downgrade its inflation forecast at tomorrow’s meeting. The currency pair had risen to a new daily high earlier in the day’s session despite the soft German data released by the Federal Statistical Office, but quickly retraced most of its gains due to the rumor. The currency pair lost over 70 points at the height … “EUR/USD Trades Lower on Rumors Regarding the ECB’s Inflation Forecast”
Month: June 2017
Japanese Yen Extends Rally as Traders Brace for Super Thursday
There will be several important events tomorrow, prompting market participants to call the day Super Thursday. With no way to know the outcome of those events, traders preferred to buy safe assets. That allowed the Japanese yen to extend yesterday’s rally, though the currency was rising with slower pace. Tomorrow, markets will see three key events: the testimony of former FBI chief James Comey, the general election … “Japanese Yen Extends Rally as Traders Brace for Super Thursday”
ECB Preview: balanced risks could provide a buying opportunity
The European Central Bank convenes in Estonia in one of its more important meetings: a meeting with new forecasts. Given the recent improvement, it may be time for a change in tone, setting the stage for a bigger announcement in September, about the path to stop bond buying, or if you wish, money printing. Will EUR/USD … “ECB Preview: balanced risks could provide a buying opportunity”
Australian Dollar Gets Help from GDP & Construction Reports
The Australian dollar gained today, rising for the fourth consecutive session against the US dollar and the euro, as reports about economic growth and the construction sector were beneficial to the currency. Australia’s gross domestic product rose 0.3% in the March quarter from the previous three months on a seasonally adjusted basis. While it was a noticeable slowdown from the previous quarter’s 1.1% growth, the actual figure was better than predicted 0.2%. The Australian Industry … “Australian Dollar Gets Help from GDP & Construction Reports”
3 Scenarios For UK Election & Targets For GBP/USD – SEB
The UK elections are held tomorrow and tension is mounting. Where will the pound trade afterward? Here is their view, courtesy of eFXnews: SEB FX Strategy Research outlines 3 main scenarios for the UK elections on Thursday and the potential GBP direction for each of them. “1) Tory majority: This is by far the most expected outcome and … “3 Scenarios For UK Election & Targets For GBP/USD – SEB”
GBP/USD Loses Ground to Test New Lows After Latest YouGov Poll
The GBP/USD currency pair today lost ground after the release of a new YouGov poll, which indicated that Theresa May‘s party might not get the necessary majority in the upcoming UK election. The currency pair began the day’s session on an upward trend before losing ground after the YouGov poll indicated that the Conservative Party would fall short of a majority by 22 seats. The currency pair lost over 70 points at the height … “GBP/USD Loses Ground to Test New Lows After Latest YouGov Poll”
US Dollar Retreats amid Higher Political Fears Ahead of James Comey Testimony
The US dollar moved lower against a basket of its major peers on Tuesday as geopolitical risks increased following a diplomatic rift between Arab states. Tradersâ anticipation for a parliamentary vote in the United Kingdom and a testimony by Federal Bureau of Investigation Director James Comey added to risk aversion mood in the market. Saudi Arabia moved in coordination with Bahrain, United Arab Emirates, and Egypt to end diplomatic ties with Qatar on accusations that the nation … “US Dollar Retreats amid Higher Political Fears Ahead of James Comey Testimony”
Australian Dollar Gains After RBA Policy Meeting
The Australian dollar rallied today against its most-traded rivals (with the exception of the very strong Japanese yen) following the release of monetary policy statement from the Reserve Bank of Australia. The RBA left its main interest rate at 1.5%, exactly as market participants were expecting. RBA Governor Philip Lowe acknowledged the economic slowdown in the first quarter of this year but predicted the growth will resume in the future: Looking forward, economic … “Australian Dollar Gains After RBA Policy Meeting”
Yen Thrives as Geopolitical Risks Strengthen
The Japanese yen surged today amid the risk-averse market sentiment, caused by various geopolitical problems across the world. The most recent event, which caused concerns for investors, was the rift between Qatar and several other Middle Eastern countries. The more pressing concern, though, was the departure of Great Britain from the European Union and worries and risks associated with it. But the most important issue, fueling the risk-off sentiment, was the upcoming … “Yen Thrives as Geopolitical Risks Strengthen”
Canadian Dollar Erases Earlier Losses as Weak US Data Overshadows Lower Oil Prices
The Canadian dollar rose against its US counterpart on Monday to erase losses it had posted earlier following a drop in oil prices. A slew of economic releases in the United States uncovered lackluster data, which weighed on the US dollar and gave way for the loonie to move higher today. Despite initial gains, oil prices declined today as a political rift between Qatar and other Arab countries widened. Saudi Arabia, Egypt, United … “Canadian Dollar Erases Earlier Losses as Weak US Data Overshadows Lower Oil Prices”