The European Central Bank convenes for its first decision in 2018. The new year already saw the halving of the bond-buying volume to 30 billion euros from 60 billion beforehand. The program is set to run through September, and the big question is: will it end in September? Here is a preview of the big event … “ECB Preview: A buy opportunity on Draghi trying to down the euro?”
Month: January 2018
USD Slumps as Mnuchin Talks About Benefits of Weaker Currency
The US dollar slumped against all other major currencies today following the remarks from US Treasury Secretary Steven Mnuchin, who talked about benefits of weaker currency. Mnuchin said in Davos today: Obviously a weaker dollar is good for us as it relates to trade and opportunities. Many analysts pointed out that such comments oppose the policy of strong currency that the United States had for years, even … “USD Slumps as Mnuchin Talks About Benefits of Weaker Currency”
GBP/USD Rallies to New Highs on Positive UK Jobs Report
The GBP/USD currency pair today rallied to new highs above the 1.4100 level last witnessed before the historic Brexit vote. The pound rallied higher against the greenback buoyed by the positive UK labour market report released early in the European session. The GBP/USD currency pair gained over 180 points to rally from a low of 1.4001 to a high of 1.4190 at the time of writing. The British pound rallied higher in the early European session boosted by the positive … “GBP/USD Rallies to New Highs on Positive UK Jobs Report”
South African Rand Reaches 12 per Dollar for First Time Since 2015
Today, the South African rand reached the 12 per dollar level for the first time since May 2015. That happened thanks to the growing optimism about the future of the country’s economy as well as due to the general risk-positive market sentiment. Investors and economists have started to look more favorably on South Africa after Cyril Ramaphosa won the election for the leadership of the ruling African National Congress in December, hoping that he will win presidency … “South African Rand Reaches 12 per Dollar for First Time Since 2015”
Euro Rallies to 3-Year Highs Against US Dollar on Mixed Eurozone PMIs
The euro today rallied to 3-year highs against the US dollar after the release of upbeat flash PMIs from different Eurozone countries by Markit Economics. The manufacturing activity across the Eurozone slowed down in January as measured by the PMI, while the composite and services PMIs registered new all-time highs. The EUR/USD currency pair today rallied by over 60 points from a low of 1.2291 to hit a high of 1.2356 in the early European session. The release of the upbeat … “Euro Rallies to 3-Year Highs Against US Dollar on Mixed Eurozone PMIs”
Japanese Yen Gains as Manufacturing Accelerates
The Japanese yen managed to rise against a range of its most-traded peers, including the US dollar and the euro, despite mixed macroeconomic data released in Japan over the trading session. Japan’s trade balance surplus shrank from ¥0.29 trillion in November to ¥0.09 trillion in December. Economists had promised a much smaller decrease to ¥0.27 trillion. Meanwhile, the Nikkei Flash Japan Manufacturing Purchasing Managers’ Index showed an increase from 54.0 in December … “Japanese Yen Gains as Manufacturing Accelerates”
Will the ECB send EUR/USD higher or lower? 5 opinions
The European Central Bank’s decision is coming tomorrow and the fresh dollar weakness sent EUR/USD to new three-year highs ahead of the publication. In our preview, we discussed a buying opportunity on the EUR/USD around the ECB. Here are 5 more opinions: Here is their view, courtesy of eFXnews: EUR/USD: 3 Reasons Why Draghi’s Tone … “Will the ECB send EUR/USD higher or lower? 5 opinions”
EUR/USD Rallies Higher on Positive German ZEW Survey
The EUR/USD currency pair today traded mostly in a tight range after heading lower in the Asian session and the early European session, before heading higher after the release of the German ZEW survey data. The pair’s initial downtrend was largely triggered by news that Congress had resolved the US government shutdown, which triggered a slight recovery in the greenback. The EUR/USD currency pair today traded in a 50-point range having hit a low of 1.2223 … “EUR/USD Rallies Higher on Positive German ZEW Survey”
Dollar Gains After US Government Reopens
The US dollar gained against the vast majority of most-traded currencies (with the exception of the Japanese yen) after the news that the US government is going to reopen. The Senate voted for and President Donald Trump signed the bill that ended the government shutdown. The bill was a stopgap measure, though, as the government stays opened just through February 8 unless a new agreement between politicians will be reached. Nonetheless, the dollar reacted positively … “Dollar Gains After US Government Reopens”
Yen Rises After BoJ Makes No Changes to Monetary Policy
The Japanese yen gained against its main rivals today after the Bank of Japan kept monetary policy without change. Positive macroeconomic data also provided some support, though its impact was subdued. The BoJ left the main interest rate at -0.1% and the size of annual asset purchases at ¥80 trillion as was widely expected. Analysts pointed out that the central bank said in the statement: Medium- to long-term inflation … “Yen Rises After BoJ Makes No Changes to Monetary Policy”