The New Zealand dollar rose against major currencies today following the release of a decent employment report. While the currency reacted wildly to the release, jumping initially and slumping back down almost immediately, the kiwi largely moving up afterwards. The Statistics New Zealand reported that the unemployment rate fell from 4.5% in the December quarter of 2017 to 4.4% in the March quarter of 2018, in line with expectations. Employment grew by 0.6% after increasing … “NZD Moves Higher After Initial Violent Reaction to Employment Data”
Month: May 2018
AUD Hangs Above Opening, Getting Boost from China’s Manufacturing
The Australian dollar was rising today, getting boost from a decent macroeconomic report about China’s manufacturing sector. While the currency has retreated from its daily highs by now, it is still trading above the opening level. The Caixin China General Manufacturing PMI was at 51.1 in April, rising marginally from the reading of 51.0 registered in March. The actual value was close to the figure of 50.9 predicted by analysts. Despite … “AUD Hangs Above Opening, Getting Boost from China’s Manufacturing”
Canadian Dollar Gains as Canada’s Economy Recovers
The Canadian dollar rallied against its major peers, though failed to gain on the US dollar, after the Canadian economy rebounded stronger than expected from the previous decline. Canada’s gross domestic product recovered in February, rising 0.4%, following the slight 0.1% decrease in January. Economists were anticipating a bit slower growth by 0.3%. The report cited following factors contributing to the rebound: The growth was led by a rebound in the mining and oil and gas … “Canadian Dollar Gains as Canada’s Economy Recovers”
US Dollar Continues to Demonstrate Strength Ahead of Fed Announcement
The US dollar continued to demonstrate strength today, gaining for nine times in 11 days against the euro. Trading was thinner than usual during the current trading session as markets in many countries were closed for the May Labor Day. Macroeconomic data released in the United States on Tuesday was rather mixed. In particular, the manufacturing Purchasing Managers Index reported by the Institute of Supply Management fell in April to the lowest level since July 2017. … “US Dollar Continues to Demonstrate Strength Ahead of Fed Announcement”
USD: FOMC Unlikely To Trigger Fresh Bullish Triggers For USD On Wed – BTMU
Has the greenback gone too far? Perhaps a hawkish Fed may not be enough after the recent stretch. Here is the view from BTMU: Here is their view, courtesy of eFXdata: BTMU Research discusses the USD outlook around the FOMC decision on Wednesday. “The Fed is expected to acknowledge that inflation has come closer to … “USD: FOMC Unlikely To Trigger Fresh Bullish Triggers For USD On Wed – BTMU”
Australian Dollar Reverses Gains After RBA Stands Pat
The Australian dollar attempted to rally intraday but halted its advance after the Reserve Bank of Australia announced its monetary policy decision. The RBA kept its main interest rate at 1.5%, as was widely expected. The central bank predicted that the Australian economic growth will pick up to a bit above 3% in 2018 and 2019. The bank also mentioned that “employment has grown strongly over the past year” but … “Australian Dollar Reverses Gains After RBA Stands Pat”
Sterling Pound Declines on Weak UK Manufacturing PMI
The Sterling pound today declined significantly against the US dollar following the release of the Markit/CIPS UK Manufacturing PMI in the early European session. The pound’s decline was further accelerated by the US dollar’s recovery as it extended its gains at the start of the new month. The GBP/USD currency pair lost over 100 points to decline from an opening high of 1.3773 to trade at a low of 1.3667 at the time of writing. The currency pair’s decline begun in the Asian session … “Sterling Pound Declines on Weak UK Manufacturing PMI”