The Japanese yen slumped against basically all most-traded currencies today. At the present time, it is hard to say whether it is because of the poor macroeconomic data or the political scandal. The Producer Price Index rose 2.5% in February from a year ago, matching expectations but slowing from the previous month’s 2.7% growth. The Indices of Tertiary Industry Activity fell 0.6% in January from December, missing the average forecast of a 0.2% … “Yen Drops Against Other Most-Traded Currencies”
Month: March 2018
Aussie Drops Even as Business Conditions Index Reaches Record High
The Australian dollar dropped today against its most-traded rivals, though not against the extremely weak Japanese yen, even as Australia’ business conditions index reached a record high. Yet by now, it looks like the currency managed to pare its losses. The National Australia Bank reported that the business conditions index climbed from +18 to +21 in February, reaching a record high. At the same time, the business confidence index declined … “Aussie Drops Even as Business Conditions Index Reaches Record High”
Japanese Yen Rallies Following Poor Domestic Data
The Japanese yen rallied against its most-traded peers today even as macroeconomic data released in the Asian nation over the trading session was rather poor. The Japanese Ministry of Finance reported that the Business Survey Index for all industries fell from 6.2 in the December quarter of 2017 to 3.3 in the current quarter. The manufacturing index dropped from 9.7 to 2.9. While the data was bad, market analysts thought that it would … “Japanese Yen Rallies Following Poor Domestic Data”
Australian Dollar Fails to Maintain Rally Despite Positive Fundamentals
The Australian dollar attempted to rally today but failed and has lost gains versus most of its major rivals by now. The rally was a response to the generally positive market sentiment that was caused by Friday’s good employment report in the United States. Additionally, the Aussie got support from the news that Australia will be exempt from the US tariffs. US President Donald Trump announced duties of 25% on steel and 10% … “Australian Dollar Fails to Maintain Rally Despite Positive Fundamentals”
USD/CAD Declines on US and Canadian Employment Reports
The USD/CAD currency pair today declined to new lows after the release of mixed employment reports from both the USA and Canada. The currency pair was on a downward trend from earlier in the session after President Donald Trump exempted Canada and Mexico from the new steel and aluminum tariffs. The USD/CAD currency pair lost over 85 points to decline from a high of 1.2908 to a low of 1.2821 at the time of writing. The pair’s decline was triggered … “USD/CAD Declines on US and Canadian Employment Reports”
GBP/USD Trades Sideways on Weak UK Macro Releases
The GBP/USD currency pair today traded in a tight range following the release of several UK macro reports, most of which did not meet expectations. The currency pair lacked enough momentum to rally higher following yesterday’s massive decline occasioned by higher demand for the US dollar. The GBP/USD currency pair traded in a tight range marked by a high of 1.3831 and a low of 1.3787 at the time of writing. The release of the UK January trade balance report by the Office … “GBP/USD Trades Sideways on Weak UK Macro Releases”
EUR/USD Plummets on Draghi Speech After ECB Rate Decision
The EUR/USD currency pair today plummeted to new lows following comments made by Mario Draghi regarding weak inflation in the euro area. The currency pair retraced all the gains it had made after the European Central Bank left its monetary policy intact at today’s meeting. The EUR/USD currency pair lost over 100 points as it plummeted from a high of 1.2446 to hit a low of 1.2340 at the time of writing. The currency pair … “EUR/USD Plummets on Draghi Speech After ECB Rate Decision”
USD/CAD Rallies on BoC Rate Decision amid Trade Tensions
The Canadian dollar today weakened against its US counterpart after the Bank of Canada left interest rates intact, which drove the USD/CAD currency pair to new highs. The Canadian dollar was also under intense selling pressure due to fears that a trade war with the USA would hurt the country’s economy as the US is a major export market. The USD/CAD currency pair rallied by over 100 points from a low … “USD/CAD Rallies on BoC Rate Decision amid Trade Tensions”
Euro Rallies Against US Dollar on North Korea Progress
The euro today rallied higher against the US dollar as investors embraced the risk-on mood in the market after it emerged that North Korea was considering possible denuclearization. The news emerged from talks between North Korea and its Southern counterpart, and its impact was significant enough to outweigh the effect of the Italian general election on the single currency. The EUR/USD currency pair gained over 80 points to rally from a low of 1.2327 … “Euro Rallies Against US Dollar on North Korea Progress”
Australian Dollar Gains After Volatile Session
The Australian dollar was rather volatile today. The currency rallied after somewhat mixed domestic macroeconomic data, fell following the release of a services sector report from China, but has recovered by now. The Australian Industry Group Australian Performance of Services Index, released overnight, showed a drop from 54.9 to 54.0 in February. The Melbourne Institute Inflation Gauge slipped 0.1% in February, month-on-month. The number of building approvals jumped by 17.1% in January … “Australian Dollar Gains After Volatile Session”