The EUR/USD currency pair today declined sharply following the release of weak Eurozone Flash PMIs by IHS Markit in the early European session. The pair’s decline was triggered by disappointing PMI reports such as the Markit Germany Composite PMI, which came in below expectations. The EUR/USD currency pair lost over 80 points to decline from a high of 1.2390 to a low of 1.2307 at the time of writing. The currency pair opened today’s session on an uptrend following … “EUR/USD Declines Sharply on Weak Eurozone Markit PMIs”
Month: March 2018
Dollar dives on reluctant dot-plot upgrade
The Federal Reserve raised rates as expected but left the interest rate forecast for 2018 at three hikes. The Fed did upgrade the forecast for 2019, 2020, and the long-term, but the moves are limited. The US Dollar does not like this cautious approach and drops across the board. The FOMC decided to raise the interest rate … “Dollar dives on reluctant dot-plot upgrade”
GBP/USD Rallies Higher on Positive UK Labour Market Report
The GBP/USD currency pair today rallied to new highs following the release of the UK labour market report for March. The report indicated that wages for workers in the UK had improved greatly, which shifted investor sentiment towards the pound, and triggered the pair’s rally. The GBP/USD currency pair today gained over 75 points to rally from an early low of 1.4000 to a high of 1.4079. The release of the UK labour market report by the Office for National Statistics … “GBP/USD Rallies Higher on Positive UK Labour Market Report”
Positive Economic Data Fails to Support New Zealand Dollar
The New Zealand dollar fell against other major currencies and, similarly to its Australian counterpart, ignored domestic macroeconomic data, which was extremely good. Credit card spending rose 7.0% in February year-on-year and 0.7% month-over-month. The number of visitors arrived in New Zealand increased by 7% last month compared to the same period a year ago and by 2% from the previous month, showing a healthy state of the tourism sector, which is … “Positive Economic Data Fails to Support New Zealand Dollar”
Australian Dollar Falls Even as Leading Index Improves
The Australian dollar erased its intraday gains versus the US dollar and fell against other most-traded currencies today even as Australia’s leading indicators were improving. The Westpac-Melbourne Institute Leading Economic Index in Australia rose 0.3% in February from the previous month. The indicator was down 0.2% in January — the sharpest decline since December 2015. Yet today’s positive report failed to help the Aussie, perhaps because traders were nervous … “Australian Dollar Falls Even as Leading Index Improves”
Canadian Dollar Supported by Strong Rally of Crude Oil
The Canadian dollar was little changed against its US counterpart and gained on other most-traded rivals thanks to the strong rally of crude oil — Canada’s most important export commodity. Prices for crude jumped more than 2%, touching the highest level in three weeks intraday, on the outlook for shrinking global glut. Meanwhile, Statistics Canada reported that wholesale sales rose 0.1% in January, matching forecasts exactly. The sales were down … “Canadian Dollar Supported by Strong Rally of Crude Oil”
US Dollar Rallies as Markets Prepare for Fed Hike
The US dollar gained against other most-traded currencies today as market participants were preparing for tomorrow’s policy announcement from the Federal Reserve. The Fed will conclude its two-day meeting and announce the policy decision at 18:00 GMT tomorrow. It will be followed by a press conference at 18:30 GMT. The gathering will be the first with Jerome Powell as a chairman. Markets consider an interest rate hike at tomorrow’s meeting almost guaranteed, … “US Dollar Rallies as Markets Prepare for Fed Hike”
Euro Sinks to New Lows on Weak German ZEW Survey Data
The euro today booked significant losses against the US dollar following the release of German ZEW survey data for March. The ZEW data triggered a decline that extended from the early European session into the American session as the US dollar gained ground against the single currency. The EUR/USD currency pair today lost over 90 points to drop from a high of 1.2354 to a low of 1.2262. The release of the German ZEW survey expectations for March, … “Euro Sinks to New Lows on Weak German ZEW Survey Data”
Pound Loses Ground Following Weak UK Inflation Data
The British pound today declined against the US dollar following the release of the UK Consumer Price Index data for February. The pound gave up all of its earlier gains accumulated during the late Asian session and early European session before the release of the UK inflation data. The GBP/USD currency pair today lost over 80 points to decline from a high of 1.4067 to trade at a low of 1.3983 at the time of writing. The Sterling pound gave … “Pound Loses Ground Following Weak UK Inflation Data”
Swiss Franc Vulnerable Despite Positive Fundamentals
The Swiss franc slipped versus the US dollar today despite supportive fundamentals. Against other currencies, the Swissie was mixed. Switzerland’s trade balance surplus widened from CHF 1.1 billion in January to CHF 3.2 billion in February, above the consensus forecast. The economic forecast by the Federal Governmentâs Expert Group painted a positive picture of the Swiss economy. Yet all that was not particularly helpful to the Swissie, perhaps because traders … “Swiss Franc Vulnerable Despite Positive Fundamentals”