The Canadian dollar dropped against its most-traded rivals today. That was puzzling considering that the employment report released during the trading session was good and crude oil prices rose. Automatic Data Processing reported that non-farm employment in Canada increased by 32,676 in February from January. Looking closer at the details about specific sectors, the biggest increase was registered in education and healthcare, while manufacturing showed the biggest decrease. … “Canadian Dollar Fails to Find Support from Positive Fundamentals”
Month: March 2018
Dollar Receives Support from Fed Policy Outlook & Economic Data
The US dollar gained against the basket of major currencies today (though fell versus the Japanese yen) amid speculations that the Federal Reserve is going to raise interest rates next week. Positive macroeconomic data also provided support to the US currency. With the unexpectedly big jump of the Empire State Manufacturing Index, the increase of both import and export prices, and the drop of jobless claims, the vast majority of Thursday’s economic reports were … “Dollar Receives Support from Fed Policy Outlook & Economic Data”
Norwegian Krone Gains as Norges Bank Hints at Interest Rate Hike
The Norwegian krone rallied today after the nation’s central bank kept its monetary policy without change but hinted at a possibility of an interest rate hike in the near future. The Norges Bank maintained its key interest rate at 0.5%, making no surprise. Unlike the Swiss franc, though, Norway’s currency reacted positively to the monetary policy announcement. The likely reason for that was the fact that the Norwegian central bank hinted at possibility … “Norwegian Krone Gains as Norges Bank Hints at Interest Rate Hike”
Swiss Franc Drops as SNB Keeps Monetary Stimulus
The Swiss franc slipped today after the nation’s central bank kept monetary policy unchanged and showed not intention to tighten its unconventional accommodative policy. The Swiss National Bank kept its interest rates unchanged in the negative territory, in line with market expectations. The central bank continued to complain about the strength of the franc, saying that “the Swiss franc remains highly valued.” As a result, the SNB pledged to continue intervening in the currency markets … “Swiss Franc Drops as SNB Keeps Monetary Stimulus”
GBP/USD Declines as Britain Expels Russian Diplomats
The GBP/USD currency pair declined after news emerged that the UK government had expelled 23 Russian diplomats following the poisoning of a Russian ex-spy. The currency pair traded choppily today as it had spiked higher following the release of the US advance retail sales data, which did not meet expectations. The GBP/USD currency pair lost about 70 points to decline from a high of 1.3996 to a low of 1.3925 at the time of writing. … “GBP/USD Declines as Britain Expels Russian Diplomats”
Euro Trades Lower on Mario Draghi’s Dovish Comments
The euro today dropped to new lows against the US dollar following the ECB President Mario Draghi‘s dovish comments during a speech in Frankfurt. Mixed releases from the Eurozone such as Germany’s Consumer Price Index for February could not reverse the euro’s decline. The EUR/USD currency pair lost over 60 points to decline from a high of 1.2412 to a low of 1.2348 at the time of writing. The main trigger behind the currency pair’s decline was … “Euro Trades Lower on Mario Draghi’s Dovish Comments”
Australian Dollar Climbs, Supported by Domestic & Chinese Data
The Australian dollar climbed against its most-traded peers today after the release of macroeconomic data, both domestic and in China. The Westpac Melbourne Institute Index of Consumer Sentiment rose 0.2% in March from February following the 2.3% drop last month. Westpac Senior Economist, Matthew Hassan, commented on the report: Sentiment continues to hold in slightly optimistic territory with March marking the fourth consecutive monthly reading above the 100 level. That … “Australian Dollar Climbs, Supported by Domestic & Chinese Data”
Swedish Krona Gains as Inflation Remains Stable
The Swedish krona rose today after the report that showed inflation remained stable in Sweden last month. Statistics Sweden reported that the Consumer Price Index with a fixed interest rate rose 1.7% in February year-on-year, the same as in January, and 0.7% month-over-month. The biggest contributors to the gain were higher prices from clothing, package holidays, transport services, and energy. The Harmonised Index of Consumer Prices was up 1.6% in February year-on-year, … “Swedish Krona Gains as Inflation Remains Stable”
EUR/USD Rallies Higher on Trump Firing Rex Tillerson
The EUR/USD currency pair today rallied to new highs after President Trump fired Rex Tillerson as Secretary of State and nominated Mike Pompeo the CIA Director as his replacement. The pair was on an uptrend from the early European session after the European Central Bank‘s Governing Council member, Philip Lane hit the wires stating that the bank was not worried about the euro’s current level. The EUR/USD currency pair gained over … “EUR/USD Rallies Higher on Trump Firing Rex Tillerson”
Is the Oil Rally on the Rise?
Aside from cryptocurrencies being the main subject of the markets recently, commodities are reaching new heights with crude oil on the rise with solid growth. For the first time since 2014, Brent oil reached $71 per barrel, as well as WTI crude futures rising to $66.35 per barrel, the highest price mark since December 2016. Both … “Is the Oil Rally on the Rise?”