The British pound today dropped significantly against the US dollar after the Bank of England left its monetary policy unchanged to the disappointment of many investors. The GBP/USD currency pair had initially rallied higher in the early European session despite the release of weak UK trade balance data in anticipation of the BoE rate decision. The GBP/USD currency pair today dropped from a high of 1.3618 to a low of 1.3459 following the BoE decision. The currency pair … “British Pound Drops Against US Dollar on BoE Rate Decision”
Month: May 2018
Japanese Yen Recover After Intraday Losses
The Japanese yen fell during the Thursday trading session but has managed to trim its losses against some rivals and erase them outright versus other by now. The Bank of Japan released the Summary of Opinions at the Monetary Policy Meeting in April. It showed that the central bank thinks it is too early to discuss policy normalization until the bank is close to achieving its 2% inflation target. The BoJ reported … “Japanese Yen Recover After Intraday Losses”
Malaysian Ringgit Falls After Election
The Malaysian ringgit fell against the US dollar today after the surprise outcome of the country’s general election. In the surprise outcome, Mahathir Mohamad won the Prime Minister seat from the incumbent Prime Minister Najib Razak as the opposition Pakatan Harapan coalition came as a victor in the election. It was historic event for the country, being the first time for the ruling Barisan Nasional alliance to lose power. Markets reacted negatively to the news as the change of power means … “Malaysian Ringgit Falls After Election”
NZ Dollar Dives After RBNZ Keeps Rates on Hold
The New Zealand dollar slumped against its major rivals today, falling to the lowest level since December versus its US counterpart, after the Reserve Bank of New Zealand kept interest rates unchanged and expressed dovishness in its statement. The RBNZ left the main interest rate at the historically low level of 1.75% as was widely expected. The central bank revised the growth forecast lower. Gross domestic product is expected to rise … “NZ Dollar Dives After RBNZ Keeps Rates on Hold”
EUR/USD Rallies From New 2018 Lows on Positive Market Sentiment
The EUR/USD currency pair today rallied from a new 2018 low set in the late Asian session based on improved investor sentiment towards the single currency. The currency pair’s rebound from its lowest levels since December 22 could have been triggered by technically oversold levels, which led to widespread short-covering trades. The EUR/USD currency pair today rallied from a low of 1.1822 to a high of 1.1895 before giving up … “EUR/USD Rallies From New 2018 Lows on Positive Market Sentiment”
Aussie faces resistance and is stuck down under
The AUD/USD reached the lowest levels in 11 months and began recovering as the US Dollar finally takes a breather. However, the pair may run into massive resistance. The Technical Confluences Indicator shows that the 0.7477 level is the convergence of the Simple Moving Average 200-15m, the SMA50-1h, the Fibonacci 38.2% one-day, the one-month low, the one-week low, and the … “Aussie faces resistance and is stuck down under”
USD/CAD awaits a hopeful Canadian jobs report
Canada is expected to post a second consecutive month of upbeat job gains. The high hopes for the April are based on other positive data but may lead to disappointment. The USD/CAD is looking for a new direction, and this report may supply it. Canada publishes its jobs report on Friday, May 11th, at 12:30 … “USD/CAD awaits a hopeful Canadian jobs report”
Japanese Yen Weak Across the Board
The Japanese yen was weak across the board today. Analysts provided various possible reasons for the currency’s extremely poor performance. Some market analysts argued that the yen was soft because of the crude oil rally following the announcement that the United States are pulling back from the Iranian nuclear deal. The higher prices for crude made more attractive riskier currencies related to commodities, while sapping strength from safer … “Japanese Yen Weak Across the Board”
Euro Falls to New Lows on Fed Chair Jerome Powellâs Speech
The euro today fell to new lows against the US dollar following Federal Research Chairmam, Jerome Powell‘s speech in Zurich during the early European session. The euro’s downtrend extended into the American session as demand for the US dollar increased driven by buying pressure from American traders. The EUR/USD currency pair lost over 95 points to decline from a high of 1.1937 to a low of 1.1838 breaking below the crucial 1.1900 resistance level. … “Euro Falls to New Lows on Fed Chair Jerome Powellâs Speech”
3 ways Trump can go on Iran and what it means for currencies
Trump is set to announce his decision on the Iran deal on Tuesday at 18:00 GMT. This is the most important foreign policy move in 15 months, and the world is watching. There are three potential scenarios for his decision and the impact on oil and currency values. US President Donald Trump will tell the … “3 ways Trump can go on Iran and what it means for currencies”