The US dollar traded within a tight range against the euro on Tuesday despite a strong reading for consumer confidence in the United States. The greenback struggled to move higher today as mixed data in the eurozone gave enough support for the shared currency to hold its ground. The Conference Board released a fresh report on consumer confidence in October, which showed that the consumer confidence index rose to 125.9 this month from 120.6 in September. Analysts had … “US Dollar Struggles to Rise Against Euro Despite Strong Consumer Confidence”
Month: October 2017
Canadian Dollar Declines Against US Dollar on Weak GDP Data
The Canadian dollar today declined against its US counterpart after the release of Canada’s GDP data for August causing the USD/CAD currency pair to hit new highs. Other releases from the US docket such as the consumer confidence index for October, which beat expectations, served to boost the US dollar against its Canadian peer. The USD/CAD currency pair rallied by over 90 points from its daily lows to hit a high … “Canadian Dollar Declines Against US Dollar on Weak GDP Data”
EUR/USD Pair Trades Sideways on Conflicting Eurozone Data
The EUR/USD currency pair today traded sideways even as markets reacted to conflicting reports from the Eurozone regarding GDP growth and inflation levels. The release of the Eurozone GDP growth data for the third quarter boosted the pair as it beat expectations, while the Eurozone CPI data disappointed as it was lower than expected. The EUR/USD currency pair today traded in a 25-point range as the pair could not make a major break either higher … “EUR/USD Pair Trades Sideways on Conflicting Eurozone Data”
Japanese Yen Weakens as Bank of Japan Maintains Stimulus Easing Stance
The Japanese yen weakened against other major currencies on Tuesday as the Bank of Japan kept its interest rates unchanged and maintained its position on stimulus easing. The nationâs central bank also updated its outlook for inflation in 2017 and 2018, while keeping the 2019 forecast without a change. Following its latest monetary policy meeting, the bank of Japan decided to keep the short term interest rate at minus 0.10%. Investors widely expected … “Japanese Yen Weakens as Bank of Japan Maintains Stimulus Easing Stance”
USD/CAD: 4 Reasons To Sell The Loonie – CIBC
The Canadian dollar is still licking its wounds after the BOC’s dovish stance. What’s next? The team at CIBC sees big moves for the loonie. Here is their view, courtesy of eFXnews: CIBC Research argues that CAD is an attractive sell targeting a move in USD/CAD around 1.33 y end of Q1 of 2018. “The Canadian … “USD/CAD: 4 Reasons To Sell The Loonie – CIBC”
Russian Ruble Falls Along with Crude Oil
The Russian ruble fell today, following the drop of crude oil — Russia’s main export. December contract for Brent crude, a global benchmark for oil prices, fell by 0.39% to $60.66 per barrel on the Intercontinental Exchange today. Meanwhile, the tax payment period at the end of the month has come to an end, leaving the ruble without support from exporters converting their profits into the local currency. On top of that, it is expected that Russian … “Russian Ruble Falls Along with Crude Oil”
NZ Dollar Falls After Economic Data from New Zealand & China
The New Zealand dollar fell today due to negative macroeconomic data released during the current trading session in New Zealand and the country’s major trading partner, China. The official China manufacturing Purchasing Managers’ Index fell from 52.4 to 51.6 in October, below the median forecast of 52.2. The non-manufacturing PMI slid from 55.4 to 54.3. The ANZ Business Confidence dropped from 0.0 in September to -10.1 in October. New Zealand building consents … “NZ Dollar Falls After Economic Data from New Zealand & China”
Euro Rises vs. Dollar, Vulnerable vs. Other Majors
The euro rose against the weak US dollar, but traded flat-to-lower versus most other major currencies on Monday. Among factors influencing the currency were new developments in the Catalan situation and disappointing inflation data. Spanish Attorney-General Jose Manuel Maza accused Catalan leader Carles Puigdemont (and other politicians involved in the illegal referendum about Catalonia’s independence from Spain) of rebellion, sedition, fraud and misuse of funds. Puigdemont and his allies … “Euro Rises vs. Dollar, Vulnerable vs. Other Majors”
US Retreats amid Political Troubles, Fed Chair Uncertainty
The US dollar retreated today following the last week’s rally. Political issues in the United States overshadowed Monday’s positive macroeconomic data, sending the US currency down. Just when it looked like the political situation improves for US President Donald Trump as he was getting closer to fulfilling one of his election promises, a tax reform, a new development occurred in the investigation of supposed ties between Trump’s election campaign and Russia. … “US Retreats amid Political Troubles, Fed Chair Uncertainty”
Major Turning Point In Oil?
October 2017 – The Informed TraderDear Reader, This is part one of the first issue of the monthly newsletter “The Informed Trader”. I, Wian Stipp, am the head technical analyst at “4xTrading.co.uk”, a trading school with plenty of free resources. I want to thank Forex Crunch for giving me the opportunity to post on their … “Major Turning Point In Oil?”