The euro is under pressure but it managed to stabilize around 1.18. What´s next? Maybe it can go lower. Societe Generale Cross Asset Strategy Research discusses EUR/USD outlook and notes that the break of 1.1825 opens the door towards December’s lows at 1.1720, which was the springboard for the move to 1.25. Meanwhile, ScoGen thinks that BTP/Bund spread … “EUR/USD: Market Bias Is To Sell Bounces; Eyes Dec Low At 1.1720 – SocGen”
Month: May 2018
NZ Dollar Fails to Rally, Trades Near Opening
The New Zealand dollar behaved somewhat similarly to its Australian counterpart today, attempting to rally intraday, but losing gains by now. Statistics New Zealand reported that the input Producer Price Index rose 0.6% in the March quarter from the previous three months, slowing from the 0.9% rate of growth registered in the previous quarter but beating expectations of a 0.3% increase. The output PPI rose 0.2%, in line with expectations but … “NZ Dollar Fails to Rally, Trades Near Opening”
Aussie Rallies After Mixed Employment Data, Struggles to Keep Gains
The Australian dollar attempted to rally intraday but has trimmed its gains against most major rivals by now and lost them versus the US dollar entirely. The rally followed employment data, which actually was somewhat mixed. According to the report from the Australian Bureau of Statistics, Australia’s employers added 22,600 jobs in April, beating the average forecast of 19,800. Furthermore, the increase was a result of growth in full-time employment, while part-time … “Aussie Rallies After Mixed Employment Data, Struggles to Keep Gains”
EUR/USD Hits New 2018 Lows Despite Positive Eurozone CPI Data
The EUR/USD currency pair today hit fresh 2018 lows in the mid-European session despite the release of mostly positive Eurozone CPI data. The currency pair had a muted reaction to the European Central Bank President Mario Draghi’s speech in Frankfurt today, but headed lower triggered by the stronger US dollar. The EUR/USD currency pair today lost over 90 points to decline from a high of 1.1854 to a low of 1.1763. The currency pair maintained … “EUR/USD Hits New 2018 Lows Despite Positive Eurozone CPI Data”
Australian Dollar Firm in Face of Disappointing Reports
The Australian dollar was firm today despite underwhelming domestic macroeconomic reports released over the current trading session. The Westpac-Melbourne Institute Consumer Sentiment Index for Australia declined 0.6% in May, the same as in April. The Australian Bureau of Statistics reported that the Wage Price Index rose 0.5% in the first quarter of this year from the previous three months, matching the increase in the fourth quarter of the last year. Analysts were counting on a somewhat faster … “Australian Dollar Firm in Face of Disappointing Reports”
Japanese Economy Halts Growth, Yen Doesn’t Care
Japan’s economy surprised economists, unexpectedly halting growth last quarter. Yet that did not bother the Japanese yen, which rose against its major rivals today. Japan’s Cabinet Office reported that gross domestic product fell 0.2% in the first quarter of this year from the previous month. Analysts had predicted no growth. At the same time, the annual GDP deflator rose 0.5%, beating forecasts of a 0.3% … “Japanese Economy Halts Growth, Yen Doesn’t Care”
Euro Drops Against a Strong US Dollar Amid Mixed Eruozone Data
The euro today registered a significant drop against the US dollar from the mid-European session following high demand for the greenback boosted by higher US Treasury yields. Mixed data from a cross the Eurozone such as the weak German GDP data released earlier today also contributed to the euro’s weakness against the greenback. The EUR/USD currency pair today lost over 110 points to drop from a high of 1.1940 to a low of 1.1820. The currency pair … “Euro Drops Against a Strong US Dollar Amid Mixed Eruozone Data”
The dollar roller coaster is back
US Retail Sales mostly met expectations, but revisions were to the upside. The US Dollar was already on the move ahead of the release on higher yields The US Retail Sales report was only an excuse. The real story is the resumption of the rally in 10-year yields. US yields are above 3.05%, the highest … “The dollar roller coaster is back”
British Pound Remains Depressed on Mixed UK Jobs Report
The British pound today remained depressed against the US dollar despite the release of the mostly positive UK labour market report for May. The increase in the 10-year US Treasury yields to levels above the crucial 3.00% level exerted downward pressure on the cable restricting any positive moves by the currency pair. The GBP/USD currency pair today lost 50 points to decline from a high of 1.3572 to a low of 1.3522, but later rallied slightly higher. … “British Pound Remains Depressed on Mixed UK Jobs Report”
Australian Dollar Stable After RBA Minutes & China’s Data
The Australian dollar was rather stable today, rising against some rivals and falling versus others, but only just a little bit. Fundamentals were somewhat mixed, giving the currency no help in finding direction. Among important events during the current trading session were the policy minutes from the Reserve Bank of Australia and China’s macroeconomic releases. The RBA released minutes of its latest policy meeting today. In them, the central … “Australian Dollar Stable After RBA Minutes & China’s Data”