The Australian dollar rallied today after extremely positive domestic employment data that showed growth of jobs market that was far bigger than was forecast. The Australian Bureau of Statistics reported that Australian employers added 54,200 jobs in August (adjusted for seasonal variations), more than double expectations of 17,500. What is especially important, the bulk of the increase consisted of full-time jobs. The unemployment rate remained stable at 5.6%. … “Australian Employment Growth Beats Forecast by More Than Twice”
Month: September 2017
Mixed Employment Data Leaves Sterling Without Direction
The Great Britain pound demonstrated mixed performance today, rising against some majors, while falling versus others. That could be explained by the Wednesday’s release of employment data, which had both good and bad parts. According to the report from the Office for National Statistics, the unemployment rate demonstrated an unexpected drop from 4.4% to 4.3% in the period from May to July, reaching the lowest level since 1975. The number of claims for unemployment … “Mixed Employment Data Leaves Sterling Without Direction”
Euro Weakens Against US Dollar After Release of US Data and Tax Plan
The euro today was largely weaker against the US dollar and the release of positive US MBA Mortgage applications data mid-European session drove the pair lower. Releases from the European docket including the Eurozone industrial production data and employment data could not boost the single currency. The EUR/USD currency pair lost over 100 points at the height of its decline as the US dollar rallied against the euro. Several releases from the European … “Euro Weakens Against US Dollar After Release of US Data and Tax Plan”
Canadian Dollar Drops Despite Favorable Trading Environment
The Canadian dollar fell versus its US counterpart today as a range of factors were supporting the greenback. The losses against other majors were harder to explain considering that the trading environment looked favorable to the loonie. One of the reasons for the US dollar’s strength was the fact that tensions between the United States and North Korea did not escalate further. Yet the same factor should have been supportive to the Canadian dollar as well … “Canadian Dollar Drops Despite Favorable Trading Environment”
AUD/USD: Spec Bet & Technical Setup Increasingly Bullish; Levels
The Australian dollar enjoyed the weakness of the US dollar to advance. Mostly positive Australian data helps as well. What’s next? Here is the view from BTMU: Here is their view, courtesy of eFXnews: BTMU FX Strategy Research notes that the latest IMM positioning report revealed that the AUD has been the main beneficiary amongst … “AUD/USD: Spec Bet & Technical Setup Increasingly Bullish; Levels”
Euro Gains on Rivals as Traders Anticipate QE Tapering from ECB
The euro rallied today as speculators continued to anticipate quantitative easing tapering from the European Central Bank. While the shared 19-nation currency was unable to beat the very strong Great Britain pound, it gained on other most-traded peers, especially safe haven currencies. ECB President Mario Draghi attempted to talk down the euro at last week’s press conference, which followed the decision to keep monetary policy unchanged. Yet market … “Euro Gains on Rivals as Traders Anticipate QE Tapering from ECB”
US Dollar Rises Against Major Peers as Businesses Look for More Employees
The US dollar rose against the euro and the Japanese yen on Tuesday as employers in the United States looked for more workers than expected in July. However, the greenback was weaker against the British pound as strong inflation data in the United Kingdom supported the cable. US job openings hit a new record as companies continued to have strong demand for new jobs, despite the lowest unemployment rate in years. The Department of Labor reported today that job … “US Dollar Rises Against Major Peers as Businesses Look for More Employees”
British Pound Rallies Against US Dollar on Positive UK Inflation Data
The British pound today rallied to new yearly highs against the US dollar after the release of headline UK inflation data, which beat expectations, early in the European session. The stronger US dollar, as tracked by the US Dollar Index, could not derail the pound’s strong rally even as US treasury yields rallied higher. The GBP/USD currency pair rallied by over 120 points from its daily lows at the height of its rally, … “British Pound Rallies Against US Dollar on Positive UK Inflation Data”
Aussie Holds Ground Even as Business Confidence Deteriorates
The Australian dollar was little changed today even as the business confidence of Australian firms deteriorated. Moreover, the Aussie gained on currencies perceived to be safe, like the Japanese yen and the Swiss franc. National Australia Bank reported that the business confidence index dropped 12 in July to 5 in August, falling below the long-run average. As for factors considered to be the most important for the drop, the report explained: For those indicating deterioration in confidence, the biggest concerns … “Aussie Holds Ground Even as Business Confidence Deteriorates”
UN Votes for Watered-Down Sanctions on North Korea, Yen Drops
The Japanese yen fell against other most-traded currencies during today’s trading as the situation around North Korea were calming down, prompting Forex market participants to leave safer currencies in favor of higher-yielding ones. The United Nations voted for sanctions against North Korea. Yet that was a watered-down version of sanctions planned by the United States initially. In particular, the USA dropped oil embargo to win support from Russia and China, who … “UN Votes for Watered-Down Sanctions on North Korea, Yen Drops”