The US dollar dropped against the British Pound on Friday as the US Senate decided to delay a key part of the Republican tax reform for one year. The delay widely disappointed investorsâ hopes for a swift release of a list of tax cuts that would have provided a boost for the economy. Republicans at the Senate unveiled a tax plan on Thursday that greatly differed from the plan that Republicans of the House were hoping to pass. The Senateâs plan will delay … “US Dollar Declines Against British Pound as Concerns About Tax Reform Grow”
Month: November 2017
GBP/USD Trades Higher on Upbeat UK Trade Balance Data
The GBP/USD currency pair today rallied slightly higher after the release of upbeat UK trade balance data by the Office for National Statistics. The pair opened the European session trading in negative territory, which was quickly reversed after the release of the positive UK manufacturing data. The GBP/USD currency pair rallied by over 50 points from daily lows hit earlier in the session to hit a high of 1.3168 after the releases. The release of the UK industrial … “GBP/USD Trades Higher on Upbeat UK Trade Balance Data”
GBP/USD: Forget the hike, watch Brexit
Pound/dollar is still trading at the same wide range between 1.3030 to 1.3320, but leans towards the downside. The dust has settled from the rate hike and the focus returns to the Brexit talks. Here are two opinions: Here is their view, courtesy of eFXnews: GBP: BoE’s Hike Just A ‘One-Off’; Brexit Talks Back As … “GBP/USD: Forget the hike, watch Brexit”
Swiss Franc Supported by Low Unemployment
The Swiss franc was flat against some currencies and rose versus others today as a report showed that unemployment in Switzerland remained extremely low. The State Secretariat for Economic Affairs reported that the unemployment rate was at 3.0% in October (3.1% if adjusted for seasonal variations), unchanged from September and in line with market expectations. It was the lowest level since October 2014. Meanwhile, Thomas Jordan, Chairman of the Governing Board … “Swiss Franc Supported by Low Unemployment”
USD/CAD Recovers Lost Ground on Canadian Housing Price Index
The USD/CAD currency pair today recovered initially lost ground after the release of Canada’s housing price index data in the early American session. The pair had lost significant ground earlier in today’s session due to yield spread differentials that were much stronger than the impact of global oil prices on the loonie. The USD/CAD currency pair recovered over 40 points from its daily lows hit earlier in today’s session … “USD/CAD Recovers Lost Ground on Canadian Housing Price Index”
British Pound Gives up Early Gains as Political Troubles Linger
The British pound gave up some of its early gains against the US dollar and the euro on Thursday as investors remained concerned about the political stability of the British cabinet. Economic data in the United Kingdom added to the pressure on the British currency as home prices rose less than what analysts had previously expected. A number of recent scandals delivered a powerful blow to Prime Minister Theresa Mayâs cabinet over the past week. A sudden resignation … “British Pound Gives up Early Gains as Political Troubles Linger”
Euro Gains Against US Dollar on ECB Economic Bulletin
The euro today gained significantly against the US dollar after the European Central Bank released its economic bulletin. The US dollar was largely weaker against the euro on the back of increased skepticism surrounding the Republican tax reform bill, details of which are to be released later today. The EUR/USD currency pair had gained about 40 points from daily lows hit earlier today and was on an uptrend at the time of writing. … “Euro Gains Against US Dollar on ECB Economic Bulletin”
Aussie Flat-to-Lower After Australian & Chinese Reports
The Australian dollar traded flat-to-lower today, the same as its New Zealand counterpart, even though macroeconomic reports from China, Australia’s biggest trading partner, were good. Domestic economic data was not so good, though. The National Bureau of Statistics of China reported that the Consumer Price Index rose 1.9% in October from a year ago. It was a bigger increase than 1.6% registered in the prior month and 1.8% … “Aussie Flat-to-Lower After Australian & Chinese Reports”
NZ Dollar Soft Following RBNZ Policy Decision
The New Zealand dollar was flat-to-lower today following yesterday’s policy decision announced by the Reserve Bank of New Zealand. The RBNZ left key interest rate unchanged at 1.75% as was widely expected. The central bank had mixed outlook for the domestic economy, saying: Global economic growth continues to improve, although inflation and wage outcomes remain subdued The bank was not concerned about the exchange rate: The exchange rate has eased … “NZ Dollar Soft Following RBNZ Policy Decision”
EUR/USD: ‘Making Cents’ Of US Tax Plan; Where To Target?
EUR/USD is going nowhere fast. While it recovered from the lows thanks to the issues with the US tax plan, it is hard to see it taking a new direction. What’s next? Here is the view from ING: Here is their view, courtesy of eFXnews: ING FX Strategy Research discusses the USD outlook in light … “EUR/USD: ‘Making Cents’ Of US Tax Plan; Where To Target?”