The Canadian dollar enjoyed the weakness of the dollar and more importantly, the rise in oil prices. What’s next? Has it gone too far? Stephen Poloz will be speaking later today. Here is their view, courtesy of eFXnews: TD Research argues that near-term dynamics point to USD/CAD is likely to remain to hover around the predictable 1.32-1.36 range … “USD/CAD: Looks Cheap Here; High-Frequency Model Targets A Push”
Month: June 2017
US Dollar Plummets Against Euro to Lowest Level Since August Despite Positive Data
The US dollar plummeted against the euro to the lowest level since August 2016, despite a strong reading for consumer confidence that was published earlier today. Tradersâ appetite for the greenback deteriorated in the wake of a speech by European Central Bank President Mario Draghi, which raised confidence in the euro zoneâs economic recovery and supported the shared currency. Consumer confidence improved in June, according to a fresh report released by the Conference Board at 14:00 GMT today. … “US Dollar Plummets Against Euro to Lowest Level Since August Despite Positive Data”
Canadian Dollar Mixed During Tuesday’s Trading
The Canadian dollar was mixed today, rising versus the US dollar and the Japanese yen, but falling against the euro and the Swiss franc. The loonie got some support from the rising crude oil prices. Futures for crude gained more than 1% in New York as traders were waiting for US supply reports. Looking ahead, there will be a couple of events that can potentially be important for the Canadian currency. Stephen … “Canadian Dollar Mixed During Tuesday’s Trading”
Euro Surges in Wake of Draghi Comments on Inflation and Growth Sustainability
The euro surged against the US dollar and the British pound following comments from European Central Bank President Mario Draghi earlier today. Draghiâs remarks reflected a bullish assessment of the recovery in the European Union and revealed confidence in the road ahead for the monetary policy of the region. Speaking at the European Central Bank Forum on Central Banking, which was held in Sintra, Portugal, Draghi said that monetary stimulus needs to be maintained until sustainable … “Euro Surges in Wake of Draghi Comments on Inflation and Growth Sustainability”
British Pound Rallies Higher Against US Dollar on BoE’s Carney Speech
The British pound today rallied higher against the US dollar even after the Bank of England Governor Mark Carney took a slightly dovish tone in his speech. The US dollar was largely weaker against its main peers, which also fueled the rally amid lackluster data reported from the US docket. The currency pair gained about 50 points at the height of its rally as the cable traded in positive territory for the fifth … “British Pound Rallies Higher Against US Dollar on BoE’s Carney Speech”
NZ Dollar Rallies on Trade Data, Loses Gains Later
The New Zealand dollar rallied today following the release of trade data. By now, the currency has almost lost all of its gains and erased them completely against the euro. The New Zealand trade surplus fell to NZ$103 million in May from NZ$536 million in April. Yet the report was not altogether bad as both exports and imports actually rose last month. In fact, exports increased to the highest level since March 2014. … “NZ Dollar Rallies on Trade Data, Loses Gains Later”
US Dollar Drops Against Euro as Disappointing Economic Release Kicks off Busy Data Week
The US dollar fell against the euro and the Canadian dollar on Monday, to begin a week busy with major economic releases on a negative note. The greenback weakened in the wake of a disappointing reading for the growth of durable goods orders today, which further signaled a loss of economic momentum that weighed on the US dollar in recent weeks. New orders for durable goods manufactured in the United States decreased in May, according to a report released by the US Census Bureau at 12:30 … “US Dollar Drops Against Euro as Disappointing Economic Release Kicks off Busy Data Week”
GBP/USD Rallies Higher After News of UK Government Deal
The GBP/USD currency pair today rallied higher after news emerged that Theresa May had struck a deal with the DUP to form a minority government. The British pound rallied higher against the US dollar after the release of disappointing US durable goods orders figures by the Census Bureau, which did not meet expectations. The currency pair opened the day’s session n a positive note before a major decline occasioned by a sudden … “GBP/USD Rallies Higher After News of UK Government Deal”
Positive Market Sentiment Drives Swiss Franc Down
The market sentiment was positive to risky currencies today, driving the Swiss franc down against its most-traded counterparts. Global stocks around the world rallied during the Monday’s trading session, indicating that speculators favored assets with high yield. The likely reason for the traders’ optimism was the rally of crude oil prices. Safe currencies, like the Swiss franc and the Japanese yen, usually struggle to find demand when market participants … “Positive Market Sentiment Drives Swiss Franc Down”
Japanese Yen Falls After BoJ Summary of Opinions
The Japanese yen fell today against its major peers after the Bank of Japan released the Summary of Opinions expressed during the June policy meeting. The optimistic market sentiment was also unfavorable to the currency. The Summary of Opinions showed that Japanese policy makers are not in a hurry to abandon unprecedented stimulus. One of the BoJ members said: The fundamental issue for a policy exit is that its timing cannot be foreseen, given … “Japanese Yen Falls After BoJ Summary of Opinions”