The Canadian dollar is sliding before the Labor Day long weekend as global trade concerns and disappointing gross domestic product (GDP) figures are weighing on the loonie. It will be difficult for the Canadian dollar to find direction until a trilateral trade deal with the US and Mexico is either completed or rejected. On Thursday, Statistics Canada reported the economy grew at a 2.9% annualized rate in the second quarter, which is slower than … “Canadian Dollar Slips on Trade Concerns, Trans Mountain Reversal”
Month: August 2018
Sterling Drops on Market Sentiment, Brexit Fears
The Great Britain pound declined today due to the negative market sentiment and concerns that the United Kingdom will leave the European Union without securing a trade deal first. The sterling was heading to weekly gains, but will likely end August with the fifth consecutive monthly drop. The GfK consumer confidence improved to -7 in August, while analysts had expected it to stay at the same -10 level as in July. The Nationwide House … “Sterling Drops on Market Sentiment, Brexit Fears”
Bitcoin bulls have some reasons to be cheerful
The BTC/USD enjoyed a third consecutive week of quiet gains. The beginning of September should see more volatility. The technical picture looks more bullish after the 50-SMA breach The price of Bitcoin continued its quiet march to the upside, with the BTC/USD surpassing the round $7,000 level. The last week of August featured no extraordinary news to … “Bitcoin bulls have some reasons to be cheerful”
Japanese Yen Gains on Accelerating Inflation, Returning Fears
The Japanese yen rallied today after the release of Japan’s inflation data, though there were bad reports as well. Perhaps what was even more important, the resurging fears of trade wars resulted in more demand for safer currencies, like the yen. Tokyo annual consumer inflation accelerated to 0.9% in August from 0.8% in July, whereas experts had expected it to stay unchanged. Meanwhile, the unemployment rate edged up from … “Japanese Yen Gains on Accelerating Inflation, Returning Fears”
Euro Declines on Weak Eurozone Inflation Data Amid Growing Fears
The euro today declined against the US dollar amid growing fears regarding the risks posed by emerging markets and the trade war being spearheaded by the USA. The EUR/USD currency pair fell after the release of weak eurozone inflation figures and the Trump administration’s rejection of the EU’s offer on auto tariffs. The EUR/USD currency … “Euro Declines on Weak Eurozone Inflation Data Amid Growing Fears”
Turkish Lira Rebounds After Four Sessions of Losses
The Turkish lira remained extremely volatile, rising today after four consecutive sessions of losses. The lira gained on the news that Turkish policy makers lowered tax on lira deposits and raised them on deposits in foreign currencies. TEB Investment/BNP Paris strategist Isik Okte told Reuters: It appears to be a step taken to make lira deposit usage more attractive and to make a move from forex to lira deposits ‘profitable’. … “Turkish Lira Rebounds After Four Sessions of Losses”
Chinese Yuan Gains After PMIs Rise Unexpectedly
The Chinese yuan rose against the dollar today despite the worsening market sentiment. The possible reason for that was the unexpected increase of the official Purchasing Managers’ Indices. China’s official manufacturing PMI rose from 51.2 in July to 51.3 in August instead of falling to 51.0 as analysts had predicted. The services PMI demonstrated an increase from 54.0 to 54.2 versus the predicted drop to 53.8. Still, the investors were nervous as the United States were planning … “Chinese Yuan Gains After PMIs Rise Unexpectedly”
GBP: Still Caution N-Term But Bullish L-Term Against EUR & USD – Credit Agricole
The pound leaped on the openness of the EU to a special deal with the UK. What’s next? Here is their view, courtesy of eFXdata: Credit Agricole Research discusses GBP outlook in light of its yesterday’s sharp squeeze higher in response to comments yesterday from EU Chief Brexit negotiator Michel Barnier. “Nevertheless, the Brexit discussions in … “GBP: Still Caution N-Term But Bullish L-Term Against EUR & USD – Credit Agricole”
Canadian Dollar Drops As GDP Shows No Growth
The Canadian dollar dropped today after nation’s gross domestic product showed no growth in June, disappointing market participants. Hopes for a NAFTA deal remained a positive factor for the currency, which may support it in the near future. Statistics Canada reported that GDP basically showed no growth in June after rising 0.5% in May. Markets were counting on at least small increase by 0.1%. The disappointing data may prompt the Bank … “Canadian Dollar Drops As GDP Shows No Growth”
South African Rand Slumps As Government Warns of âCatastropheâ Without Land Reform
The South African rand is sliding to its lowest level in more than a week after the government warned of a national âcatastropheâ should its controversial land reform program fail to take place. South Africa has been under the spotlight in recent months after domestic leaders have been pressing land reform as a way to eliminate inequality and facilitate racial justice, something that has drawn international support. In 2018, President … “South African Rand Slumps As Government Warns of âCatastropheâ Without Land Reform”