The South African rand gained against the US dollar today ahead of the results of voting for the country’s ruling party leadership. The ruling African National Congress party was voting for a new leader to replace President Jacob Zuma. Market participants were betting on victory of Deputy President Cyril Ramaphosa, whom they consider preferable to his only opponent former cabinet minister Nkosazana Dlamini-Zuma. Still, the difference in votes expected to be very … “South African Rand Gains as Traders Wait for ANC Leadership Vote Results”
Month: December 2017
Yen Gains on Dollar, Retreats Against Other Major After Trade Balance
The Japanese yen rose against the US dollar today but failed to maintain gains against other major currencies even though Japan’s trade balance came out better than expected. The trade surplus increased a bit from ¥0.35 trillion in October to ¥0.36 trillion in November. That is instead of a decrease to ¥0.27 trillion predicted by analysts. The reason for such disparity was the fact that imports missed expectations, though they … “Yen Gains on Dollar, Retreats Against Other Major After Trade Balance”
USD & EUR End Week Soft, AUD & NZD Strongest
The US dollar ended the week rather soft, though got a boost by the weekend. The euro was weak as well. Meanwhile, the Australian and New Zealand dollars were the winners on the Forex market during the past week. The greenback weakened during the week as core inflation missed expectations and, while the Federal Open Market Committee raised interest rates, there were two dovish dissenters. The dollar rose on Friday, though, from signs that … “USD & EUR End Week Soft, AUD & NZD Strongest”
NZ Dollar Resumes Rally After Drop on Thursday
The New Zealand dollar fell on Thursday after four consecutive days of gains but resumed the rally on Friday thanks to the positive report released overnight. Business NZ released its Performance of Manufacturing Index as of 21:30 on Thursday. The index showed an increase from 57.3 to 57.7 in November. The reading above 50.0 indicates an expansion of the sector, and the index stayed above that level since October 2012. NZD/USD advanced from 0.6981 to 0.7006 as of 15:59 … “NZ Dollar Resumes Rally After Drop on Thursday”
Japanese Yen Trades Higher After Tankan Survey
The Japanese yen gained today following the release of the Tankan survey. The currency has trimmed gains against some of its rivals by now, but maintained the upward momentum against others. The Business Condition for larger manufacturers rose from 22 in the September quarter of 2017 to 25 in the December quarter, above the median forecast of 24. What is more, that level was the highest in 11 years. Meanwhile, the non-manufacturing index for large enterprises missed … “Japanese Yen Trades Higher After Tankan Survey”
GBP/USD Trades Sideways on Brexit Jitters and US Data
The GBP/USD currency pair today traded in a sideways range during the early European session given the empty UK economic docket. Much of the currency pair’s movement was in reaction to news concerning Brexit negotiations and yesterday’s US macro data. The GBP/USD currency pair was trading in a tight 36-point range establishing support at 1.3412 and a high at 1.3448 below the crucial 1.3450 resistance level. The currency pair spent the early part of the European session … “GBP/USD Trades Sideways on Brexit Jitters and US Data”
USD/CAD Struggles to Rally Higher Despite Positive US Data
The USD/CAD currency pair today retraced some of its earlier gains despite the release of positive US advance retail sales data. The currency pair remained in a slight uptrend boosted by a sharp decline in global crude oil prices as tracked by the West Texas Intermediate. The USD/CAD currency pair retreated from its daily high of 1.2866 set during the European session to an intraday low of 1.2814, and struggled to rally higher in the early American session. … “USD/CAD Struggles to Rally Higher Despite Positive US Data”
Pound Rallies on UK Retail Sales and Declines on BoE Decision
The British pound today rallied higher against the US dollar after the release of upbeat UK retail sales data for the month of November. The pound declined significantly from its daily highs after the Bank of England kept interest rates at their current levels as was expected. The GBP/USD currency pair rallied higher in the early European session to hit a daily high of 1.3466, but later declined after the BoE rate decision to an intraday … “Pound Rallies on UK Retail Sales and Declines on BoE Decision”
Euro Maintains Gains Against US Dollar as Manufacturing Activity Grows in December
The euro maintained its gains against the US dollar on Thursday following a series of data releases that revealed strong activity in the manufacturing sector throughout the European Union. However, the shared currency failed to remain strong against the British pound, which was supported by solid growth in UK retail sales last month. IHS Markit, a financial research firm that releases monthly readings for manufacturing activity in major economies, stated earlier … “Euro Maintains Gains Against US Dollar as Manufacturing Activity Grows in December”
Yuan Gains on Dollar After China Releases Set of Solid Economic Indicators
The Chinese yuan gained in the US dollar today following the release of positive macroeconomic data in China. The National Bureau of Statistics of China reported that industrial production grew by 6.1%, fixed asset investment rose by 7.2%, and retail sales increased by 10.2% in November on year-on-year basis. All indicators were within expectations. The data suggested that the Chinese economy retains solid growth. USD/CNY fell by 0.16% to 6.6087 as of 12:00 GMT today. If you … “Yuan Gains on Dollar After China Releases Set of Solid Economic Indicators”