The British pound traded within a tight range against the euro and the US dollar on Thursday after erasing some of the gain it posted on Wednesday. Comments made by an official from the Bank of England pushed the British currency higher yesterday, despite lingering concerns about ongoing Brexit negotiations with the European Union. Bank of England Chief Economist Andy Haldane said in a speech yesterday that he believes interest rates in the United Kingdom … “British Pound Steadies, Shows Little Reaction to Positive Manufacturing Data”
Month: June 2017
EUR/USD Trades in a Tight Range Despite Positive Eurozone Economic Bulletin
The EUR/USD currency pair today traded in a tight range despite the positive economic report released by European Central Bank during the European session. The US dollar was also flat during today’s session as tracked by the US Dollar Index, which was trading below its opening price of 97.55 for most of the day’s session. The currency pair was trading within a 30 point range for most of the day with a high being set … “EUR/USD Trades in a Tight Range Despite Positive Eurozone Economic Bulletin”
Canadian Dollar Surges Against US Peer on Solid Retail Sales in April
The Canadian dollar surged against the US dollar and the British pound on Thursday following the release of retail sales data for April, which revealed solid growth. The positive data came after a wholesale sales report earlier this week, which showed stronger than expected increase in the same month and improved investorsâ confidence in the Canadian economic growth. Statistics Canada, the nationâs official statistical office, released a retail trade report at 12:30 GMT … “Canadian Dollar Surges Against US Peer on Solid Retail Sales in April”
Japanese Yen Rises as Oil Falls, Trims Gains Later
The Japanese yen rose against other most-traded currencies as the drop of crude oil weighed on inflation in developed economies. The yen was rising today as US crude dropped to almost $42. Lower energy prices lead to lower inflation, and that hurt most currencies. Yet oil prices bounced later (to $42.72 as of now), making the yen trim its gains. USD/JPY was down from 111.37 to 110.94 intraday before trading at about … “Japanese Yen Rises as Oil Falls, Trims Gains Later”
NZ Dollar Rallies After RBNZ Policy Meeting
The New Zealand dollar rose today after the monetary policy meeting of the Reserve Bank of New Zealand dollar, which was considered to be hawkish by market participants. The RBNZ kept its main interest rate at 1.75% as was widely expected. The central bank did not complain too much about the strength of the currency, even though it said: A lower New Zealand dollar would help rebalance the growth outlook towards … “NZ Dollar Rallies After RBNZ Policy Meeting”
US Dollar Trades Within Tight Range Versus Euro Despite Strong Housing Data
The US dollar traded within a tight range against the euro on Wednesday following strong gains earlier this week that were stoked by an improved outlook for higher interest rates in the United States. The greenback edged slightly lower against the shared currency today to erase a gain that followed the release of solid existing home sales this afternoon. A report released by the National Association of Realtors at 14:00 GMT today revealed that existing … “US Dollar Trades Within Tight Range Versus Euro Despite Strong Housing Data”
GBP: Here Is Why Further Downside Is Likely Limited From
The pound jumps and falls on central bankers’ musings. What’s next? Here is their view, courtesy of eFXnews: BTMU FX Strategy Research holds an optimistic assessment of the Brexit negotiations moving toward a favorable transition phase (2yrs perhaps) beyond the current end-date of negotiations currently set at 29th March 2019. “We believe it is in the interest … “GBP: Here Is Why Further Downside Is Likely Limited From”
British Pound Rallies Against US Dollar After Queen Elizabeth’s Speech
The GBP/USD currency pair rallied higher today after Queen Elizabeth‘s speech at the Mansion House during the opening of the UK parliament. The currency pair was also boosted by comments from the Bank of England‘s Chief Economist, Andrew Haldane, who outlined a hawkish view regarding future rate hikes. The currency pair gained over 110 points after the Queen’s and Haldane’s comments, which reversed the selling pressure that had engulfed the cable … “British Pound Rallies Against US Dollar After Queen Elizabeth’s Speech”
Canadian Dollar Follows Crude Oil Down
The Canadian dollar fell during the Tuesday’s trading session, tracking the decline of crude oil prices. Positive domestic macroeconomic data was unable to help Canada’s currency. Crude oil fell on Tuesday amid persisting concerns about oversupply on the market. As crude is Canada’s biggest export, the loonie usually closely follows moves of the commodity. As for Canadian economic data, it was good with wholesale sales rising 1.0% in April. That … “Canadian Dollar Follows Crude Oil Down”
Euro Falls vs. Majors, Beats Vulnerable Pound
The euro fell against most of its major peers today, though managed to gain on the Great Britain pound, which was weakened by the comment’s from the British central bank’s chief. Tuesday’s macroeconomic data released in the eurozone was not helpful to the shared 19-nation currency. The German Producer Price Index fell 0.2% in May from April, a bit more than analysts had predicted (0.1%). The eurozone current account surplus shrank … “Euro Falls vs. Majors, Beats Vulnerable Pound”