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Month: April 2018
Aussie Unsure Where to Go in Turbulent Environment
The Australian dollar was little changed today against some rivals, while falling versus the strong yen, amid mixed domestic macroeconomic data, poor data from China (Australia’s biggest trading partner), and escalating trade wars between China and the United States. Talking about Australian economic reports, on the positive side, retail sales rose 0.6% in February from January (seasonally adjusted), two times the forecast rate of increase. … “Aussie Unsure Where to Go in Turbulent Environment”
Yen Gains as Trade War Between US & China Escalates
The Japanese yen rose today on signs that the trade war between the United States and China escalates. In response to the US tariffs on Chinese goods, China announced its plans to impose tariffs on about $50 billion of US imports. The new duties will be applied to 106 US products. Trade wars between two world’s biggest economies does not bode well to the global economy, therefore the news spurred investors to seek … “Yen Gains as Trade War Between US & China Escalates”
USD: 5 Reasons Behind Equity Market Turmoil; USD Set To Gain N-Term – Nordea
The stock markets are suffering enhanced turbulence that is affecting currencies as well. What is going on? Here is their view, courtesy of eFXnews: Nordea Research discusses the recent equity market conditions and argues that along with trade tensions, there are larger forces at play, such as… “i) a weaker global macro environment (PMIs are falling), ii) the tide of dollar … “USD: 5 Reasons Behind Equity Market Turmoil; USD Set To Gain N-Term – Nordea”
Canadian Dollar Gains amid Hopes for NAFTA Deal
The Canadian dollar jumped against its rivals today on optimism about the NAFTA deal and as prices for crude oil, Canada’s main export commodity, rebounded after yesterday’s slump. Bloomberg reported that Trump administration is pushing for a preliminary deal for the North American Free Trade Agreement at the summit in Peru next week. The sources asked to remain unnamed as the discussion between US politicians was private. The United States are Canada’s biggest … “Canadian Dollar Gains amid Hopes for NAFTA Deal”
Japanese Yen Soft Even as BoJ Discusses Stimulus Exit
The Japanese yen fell against its most-traded rivals today even as the Bank of Japan was discussing internally an exit from unprecedented monetary stimulus. Some currencies, though, have trimmed their gains against the yen by now. Governor Haruhiko Kuroda said that BoJ members were discussing stimulus exit among themselves: Internally weâre conducting various discussions. Yet he stated that releasing details of such talks … “Japanese Yen Soft Even as BoJ Discusses Stimulus Exit”
Euro Drops Against US Dollar on Mixed Eurozone Manufacturing PMIs
The euro today declined against the US dollar following the release of mixed manufacturing PMI data from across the euro area. The euro’s decline was further accelerated by renewed demand for the US dollar fueled by the risk-on investor sentiment. The EUR/USD currency pair lost over 80 points to decline from a high of 1.2336 to trade at a low of 1.2253 at the time of writing. The currency pair’s decline was triggered by the release of the Markit Italy Manufacturing PMI, … “Euro Drops Against US Dollar on Mixed Eurozone Manufacturing PMIs”
Pound Pares Gains Caused by Better-Than-Expected Manufacturing PMI
The Great Britain pound gained today, propelled higher by a better-than-expected manufacturing report, but has lost most of its gains by now. The IHS Markit/CIPS UK Manufacturing PMI registered a reading of 55.1 in March, little changed from 55.0 in February. Analysts had predicted a lower value of 54.8. The better-than-expected print fueled speculations that the Bank of England will raise interest rates in May. GBP/USD was little changed at 1.4039 as of 11:26 … “Pound Pares Gains Caused by Better-Than-Expected Manufacturing PMI”
Aussie Gains After RBA & Economic Releases
The Australian dollar gained on its most-traded peers today even as the nation’s central bank remained passive and macroeconomic reports released over the trading session were rather unimpressive for the most part. The Reserve Bank of Australia left its main interest rate unchanged at 1.5%, as was widely expected. The central bank did not change its statement much, though mentioned the impact of prospects for trade wars: Equity market volatility has … “Aussie Gains After RBA & Economic Releases”
Canadian Dollar Reverses Rally, Follows Crude Oil in Decline
After rallying earlier today, the Canadian dollar fell against its most-traded peers, following the slump of crude oil prices. Prices for crude slumped more than 2% today. There were various reasons for that, including trade war fears and an increase of oil production in Russia. Oil is the major export commodity for Canada, therefore it has a big impact on performance of the Canadian currency. The IHS Markit Canada Manufacturing PMI … “Canadian Dollar Reverses Rally, Follows Crude Oil in Decline”