The Australian dollar fell today as inflation missed forecasts and the central bank’s chief made dovish comments. While the currency has rebounded from the day’s lows as of now, currently it is still trading below the opening level. Australia’s Consumer Price Index rose 0.2% in the June quarter from the previous three months (not seasonally adjusted). It was a slower growth than 0.4% predicted by experts and 0.5% registered in the March … “Australian Dollar Weakens on Inflation, Comments from RBA Chief”
Month: July 2017
US Dollar Recovers Briefly on Positive US Consumer Confidence
The US dollar today rallied briefly against its peers after the release of positive US consumer confidence data by the Conference Board. The US dollar rallied briefly against the euro, which saw the single currency decline against the greenback from 52-week highs recorded earlier today. The positive consumer confidence data led to the US Dollar Index recovering from a daily low of 93.64 to trade at 93.94 at the time of writing. The release of the consumer … “US Dollar Recovers Briefly on Positive US Consumer Confidence”
Euro Climbs on Upbeat German Business Confidence
The euro rose against the US dollar on Tuesday, after a new report showed better business confidence in Germany than previously expected, the biggest economy in the European Union. The shared currency had smaller gains against the British pound following a tweet from US President Donald Trump that mentioned a trade deal with the United Kingdom. Business climate in Germany improved in July, according to a fresh release from the ifo Institute for Economic … “Euro Climbs on Upbeat German Business Confidence”
Great Britain Pound Rallies, Ignores IMF Downgrade
The Great Britain pound gained against its most-traded rivals during the current trading session, rising for the first time after five consecutive sessions of losses versus the Swiss franc and the Japanese yen, even though the International Monetary Fund revised its growth outlook for the United Kingdom. Traders hold breath waiting for Britain’s and European Union ministers to negotiate trade deal, hoping that it will smooth the process of the nation’s departure … “Great Britain Pound Rallies, Ignores IMF Downgrade”
Canadian Dollar Gains as Wholesale Sales Rise to Record
The Canadian dollar rose today thanks to the surprisingly good wholesale sales reading, which increased chances for monetary tightening from the Bank of Canada. Canada’s wholesale sales rose 0.9% in May, exceeding the median forecast of 0.5% and reaching the record high. The April gain was revised from 1.0% to 0.8%. The positive indicator added to the slew of positive data that make analysts believe in monetary tightening from the BoC in the near future. Today’s … “Canadian Dollar Gains as Wholesale Sales Rise to Record”
US Dollar Edges Higher Ahead of Fed Meeting, Despite Disappointing Home Sales
The US dollar edged higher against a basket of major currencies on Monday ahead of the Federal Reserveâs monetary policy meeting that starts tomorrow. The greenback was able to maintain todayâs gain even after a report revealed disappointing existing home sales in June. The Federal Open Market Committee will start a meeting that will last two days tomorrow to decide the US monetary policy. Bullish outlook by Federal Reserve officials … “US Dollar Edges Higher Ahead of Fed Meeting, Despite Disappointing Home Sales”
Euro Loses Ground on Slew of Lackluster Business Activity Data
The euro lost ground against the US dollar on Monday, declining from the highest level since January 2015 in the wake of fresh reports on business activity within the euro zone. The shared currency also dropped against the British pound after being weighed by similar releases in France and Germany, the two biggest economies in the European Union. IHS Markit, which releases monthly flash readings for business activity in the euro zone, stated earlier today … “Euro Loses Ground on Slew of Lackluster Business Activity Data”
Japanese Yen Gains Despite Slower Manufacturing Growth
The Japanese yen gained against its major peers even though the growth of the nation’s manufacturing sector slowed more than expected this month according to the preliminary reading. Markit reported that the Nikkei Flash Japan Manufacturing PMI fell from 52.4 in June to 52.2 in July. It was slightly below the average forecast of 52.3. But the yen did not pay heed to the data, possibly gaining strength from the World … “Japanese Yen Gains Despite Slower Manufacturing Growth”
Polish Zloty Gains as President Duda Vetos Controversial Reform
The Polish zloty gained today after Polish President Andrzej Duda made a surprise announcement that he is going to veto part of the controversial reform to the judicial system. Duda said that he will repeal two of the three bills that could threaten the division of power, which led to protests across the country. The President said: I have decided that I will send back to Sejm (lower house of parliament), which means … “Polish Zloty Gains as President Duda Vetos Controversial Reform”
Euro Strong During Week of ECB Meeting
The euro was strong during the past trading week due to the statement of the European Central Bank, which market participants considered to be hawkish. Comments of ECB President Mario Draghi after the policy meeting had something both for the doves as well as for the hawks. Yet markets focused on the hawkish part of his speech, believing that the mention of quantitative easing discussion in fall means that the central bank may start QE tapering as soon … “Euro Strong During Week of ECB Meeting”