While US nonfarm payrolls were arguably the most important economic release for the Forex market during the past trading week, the Bank of England policy meeting held special significance for the Great Britain pound. Traders were rather optimistic ahead of the BoE meeting, leading to a rally for the sterling. Yet the rally came to an abrupt end after the central bank demonstrated dovish stance and revised growth forecasts down. Friday’s nonfarm payrolls were … “Bank of England Makes Pound End Week Extremely Soft”
Month: August 2017
Pound Heads to Worst Two Days in Almost a Month
The Great Britain pound fell against its most-traded rivals during the Friday’s trading session as better-than-expected US nonfarm payrolls prompted market participants to trim long positions on other currencies. The official report about US jobs market turned out to be rather good, with all indicators being solid. In particular, employment rose by 209,000 last month, exceeding the average forecast of 182,000. With that said, there were … “Pound Heads to Worst Two Days in Almost a Month”
US Dollar Surges on Impressive Job Gains and Shrinking Trade Deficit
The US dollar surged against the euro and other major counterparts on Friday, as the economy in the United States created more jobs than expected in July. The gap between US imports and exports narrowed in June, which pushed an index that tracks the greenbackâs strength toward its best level in 7 trading sessions. The Bureau of Labor Statistics said in an employment report that was released earlier today that nonfarm labor payroll gained … “US Dollar Surges on Impressive Job Gains and Shrinking Trade Deficit”
Canadian Dollar Declines Against US Dollar on Positive NFP
The Canadian dollar today declined against its US counterpart after the release of positive US non-farm payrolls data and a better than expected US trade deficit. Statistics Canada also reported that the country added more jobs than expected, but Canada’s trade deficit was higher than expected resulting in a weaker loonie. The USD/CAD currency pair gained over 100 points at the height of its rally after the release … “Canadian Dollar Declines Against US Dollar on Positive NFP”
Euro Little Changed as Data Mixed, Traders Wait for NFP
The euro was little changed during the current trading session as economic data released in the eurozone was mixed. Besides, traders were cautious of adding positions ahead of US nonfarm payrolls due to release later today. German factory orders rose 1.0% in June from the previous month (adjusted to season variations), more than analysts had predicted — 0.6%. Italian retail sales increased 0.6% in June from May, also … “Euro Little Changed as Data Mixed, Traders Wait for NFP”
Australian Dollar Gains Following Retail Sales & RBA Statement
The Australian dollar rose against its most traded rivals today following the release of retail sales data and the Monetary Policy Statement from the Reserve Bank of Australia. Australian retail sales rose 0.3% in June from the previous month, above the consensus forecast of 0.2%. The indicator provided a positive surprise for the third month in a row. Meanwhile, the RBA was fairly optimistic in its Statement, saying: Domestic economic data have been mostly … “Australian Dollar Gains Following Retail Sales & RBA Statement”
GBP post BOE – can it continue falling?
The pound suffered from the BOE’s rate decision. The following press conference by Carney did not help. Yet this may not be the end of it. Can the pound continue falling? GBP/USD and EUR/GBP come into play: GBP: A Dovish Twist From BoE; EUR/GBP Set To Gain Further – Danske Danske Bank Research still views … “GBP post BOE – can it continue falling?”
USD/CAD Trims Gains as Traders Are Getting Ready for Friday’s Releases
The Canadian dollar trimmed losses versus its US counterpart as traders were getting ready for tomorrow’s employment data in the United States and Canada. The loonie was weak against other majors as crude oil dropped. Market participants wait for tomorrow’s nonfarm payrolls, hoping that the employment report will give hints whether the US economy is robust enough for the Federal Reserve to continue monetary tightening. Reports released earlier this … “USD/CAD Trims Gains as Traders Are Getting Ready for Friday’s Releases”
US Dollar Remains near Lowest Level in 3 Years as Business Activity Lags Behind Forecast
The US dollar weakened against the euro on Thursday to remain near its lowest level in almost 3 years. A fresh data release that revealed lagging business activity in the United States added to mounting evidence that economic growth is losing momentum, which weighed on the greenback. The non-manufacturing purchasing managersâ index from the Institute for Supply Management lost 3.5 points, from 57.4 in June to 53.9 in July, according to a report published … “US Dollar Remains near Lowest Level in 3 Years as Business Activity Lags Behind Forecast”
Euro Rallies Higher Against US Dollar on Weak US ISM Data
The euro today rallied higher against the US dollar after the release of weak US ISM Services/Non-Manufacturing Composite data during the North American session. The EUR/USD currency pair was largely trading sideways during most of the European session due to the release of mixed Markit data from the Eurozone. The EUR/USD currency pair rallied to daily highs above 1.1870 after the release of the weak US ISM data. The Markit Italy Services PMI … “Euro Rallies Higher Against US Dollar on Weak US ISM Data”