The Canadian dollar today dropped significantly against the US dollar as the risk-off sentiment in the markets drove the USD/CAD currency pair to new highs. The loonie’s slide against the greenback was further accelerated by the tariffs imposed by President Donald Trump‘s administration against Canadian imports. The USD/CAD currency pair today rallied from an opening low of 1.3111 to a high of 1.3199 in the early American session. The currency pair’s rally began yesterday in the early European session … “Canadian Dollar Weakens Against US Dollar on Risk-Off Sentiment”
Month: June 2018
Japanese Yen Soft After BoJ Policy Meeting
The Japanese yen traded lower against its major peers today after the Bank of Japan left monetary policy unchanged, preserving its unprecedented stimulus. The BoJ left its benchmark interest rate at -0.1% and the annual pace of Japanese government bond purchases at ¥80 trillion. Such decision was universally expected by market participants and analysts. There was one dissenter, Mr. G. Kataoka, who argued in favor of additional stimulus: … “Japanese Yen Soft After BoJ Policy Meeting”
NZ Dollar Falls After Manufacturing Expansion Slows
The New Zealand dollar fell today after a report showed that nation’s manufacturing expansion slowed, though remained at a high level. By now, the currency has trimmed its losses. The BusinessNZ Performance of Manufacturing Index eased to 54.5 in May from 59.1 in April. Despite the drop, the reading was the third highest over the last six months. Furthermore, the report stated: BusinessNZ’s executive director for manufacturing Catherine Beard said that while … “NZ Dollar Falls After Manufacturing Expansion Slows”
Euro Rallies Slightly Higher on ECB Hint at Policy Normalization
The euro today rallied slightly higher after Ewald Nowotny, an ECB governing council member, stated that the bank should capitalize on the opportunity to normalize its policies soonest possible. The EUR/USD currency pair had a muted reaction to the release of the final Eurozone CPI data early in the European session despite the print being in line with expectations. The EUR/USD currency pair today rallied slightly from a low of 1.1544 to a high of 1.1615, but … “Euro Rallies Slightly Higher on ECB Hint at Policy Normalization”
Pound Mixed amid Clashing Fundamentals
The Great Britain pound was ending the Thursday’s trading session mixed. The sterling rose against some rivals, propelled higher by very good retail sales data, but fell versus others, dragged down by the market’s risk-negative sentiment that followed the dovish policy statement from the European Central Bank. The Office for National Statistics reported that Britain’s retail sales rose 1.3% in May from April. That is compared … “Pound Mixed amid Clashing Fundamentals”
Australian Dollar Lower on Risk Aversion, Economic Data
The Australian dollar was extremely soft against other most-traded currencies, with the notable exception of the euro, as the unexpectedly dovish policy statement of the European Central Bank as well as the threat of the US-China trade war put the market into the risk-off mode. Macroeconomic data in Australia and Australia’s biggest trading partner, China, hurt the Aussie as well. The Australian Bureau of Statistics reported that employment rose by 12,000 in May from April, trailing the average forecast … “Australian Dollar Lower on Risk Aversion, Economic Data”
US Dollar Surges After FOMC & ECB Meetings
The US dollar gained sharply on other currencies today after the European Central Bank made a surprisingly dovish policy statement. Yesterday, the currency had a mixed reaction to the hawkish statement from the Federal Reserve, rallying initially but falling afterwards. Yet Fed hawkishness is a bullish factor in the long and may be responsible to some degree for the currency’s rally today. Yesterday, the Federal Open Market Committee left interest rates unchanged, … “US Dollar Surges After FOMC & ECB Meetings”
Euro Sinks As ECB Says No Interest Rate Hikes in 2018
The euro dipped today following the European Central Bank policy meeting as the ECB signaled that it is not going to raise interest rates in 2018 — a message that markets did not like. The central bank made a policy decision today, keeping its monetary policy unchanged, as was widely expected. The ECB stated that it expects that the quantitative easing program will stay in place till the end of the year: … “Euro Sinks As ECB Says No Interest Rate Hikes in 2018”
USD: FOMC Signals 2 More Hikes In ’18 In Line With Our Call But There Is Another Hawkish Move – SEB
The Fed raised rates and upgraded its dot plot. Yet the US Dollar did not hold onto to its gains. What’s next? Here is their view, courtesy of eFXdata: “As expected, the Fed raised the target range for the federal funds rate to 1.75 to 2.00 percent at the FOMC meeting that concluded today. The … “USD: FOMC Signals 2 More Hikes In ’18 In Line With Our Call But There Is Another Hawkish Move – SEB”
USD: FOMC Signals 2 More Hikes In ’18 In Line With Our Call But There Is Another Hawkish Move – SEB
The Fed raised rates and upgraded its dot plot. Yet the US Dollar did not hold onto to its gains. What’s next? Here is their view, courtesy of eFXdata: “As expected, the Fed raised the target range for the federal funds rate to 1.75 to 2.00 percent at the FOMC meeting that concluded today. The … “USD: FOMC Signals 2 More Hikes In ’18 In Line With Our Call But There Is Another Hawkish Move – SEB”