The Australian dollar traded higher against most of its major peers today, though gains were marginal. Friday’s macroeconomic data was mixed, failing to provide the currency any meaningful boost. The Australian Bureau of Statistics reported that retail sales rose 0.4% in June from May, demonstrating the same rate of growth as in the previous month. Specialists had expected the growth to slow a bit to 0.3%. The Australian Industry Group Australian Performance … “Australian Dollar Logs Small Gains During Friday’s Trading”
Month: August 2018
Turkish Lira at New Record Lows After US Slaps Sanctions on Turkey
The Turkish lira slumped to the new all-time low today after the United States slapped sanctions on Turkey, its NATO ally, over detention of a US pastor. Ankara accused evangelical Christian pastor Andrew Brunson of involvement in the failed military coup against President Recep Tayyip Erdogan in 2016. If convicted, he will face 35-year imprisonment. The incident and the resulting sanctions from the USA hurt the already strained relations between the two … “Turkish Lira at New Record Lows After US Slaps Sanctions on Turkey”
US Dollar Emerges as Second Strongest Currency on Thursday
The US dollar gained today, emerging as the second strongest currency on the Forex market (losing only to the extremely strong yen), amid escalating trade tensions between the United States and China. Fears of trade wars intensified after US President Donald Trump proposed to more than double the proposed tariffs from 10% to 25% on $200 billion worth of Chinese goods. The US dollar, which often serves as a safe haven in times of fears … “US Dollar Emerges as Second Strongest Currency on Thursday”
Canadian Dollar Flat on Strong Economic Data, Strengthening Greenback
The Canadian dollar is trading sideways on Thursday as the currency attempts to find direction from a mixed bag of news. While positive economic data and higher oil prices, the US dollar strengthening and Washington nearing a trade deal with Mexico appear to have offset those gains. According to Statistics Canada, the Canadian economy expanded 0.5% in May, the biggest increase in a year. The national economy benefited from recovering industries, many of which endured … “Canadian Dollar Flat on Strong Economic Data, Strengthening Greenback”
Sterling Pound Crashes on Dovish Carney Speech After BoE Rate Hike
The Sterling pound today crashed to new lows during a speech by Bank of England Governor Mark Carney regarding the bank’s interest rate decision. The GBP/USD currency pair had traded in a consolidative phase following the release of UK construction industry data before the BoE rate decision. The GBP/USD currency pair today crashed from an … “Sterling Pound Crashes on Dovish Carney Speech After BoE Rate Hike”
Widening Trade Surplus Does Not Prevent Aussie’s Drop
Australia’s trade balance increased more than was expected, but that did not prevent the Australian dollar from falling. The likely reason for the currency’s drop was the risk-negative sentiment on the Forex market. The Australian Bureau of Statistics reported that the trade surplus widened to A$1.87 billion in June (seasonally adjusted) from the negatively revised A$0.73 billion in May. Experts were anticipating a much smaller increase to just A$0.91 billion. Yet … “Widening Trade Surplus Does Not Prevent Aussie’s Drop”
Japanese Yen Rallies As US-China Trade Conflict Heats Up
The Japanese yen rallied today as US-China trade tensions suddenly flared up, driving market participants to seek safety. Risk aversion on the Forex market heightened after the news that the United States were considering additional tariffs on Chinese goods. The yen traditionally thrives in risk-negative environment. Tomorrow, the Bank of Japan will release a policy meeting minutes, but they will be for the June meeting, not the latest one, therefore will … “Japanese Yen Rallies As US-China Trade Conflict Heats Up”
Japanese Yen Plunges As BOJ Maintains Ultraloose Monetary Policy
The Japanese yen continued to plummet against the US dollar and a basket of other currencies. After the Bank of Japan (BOJ) maintained its ultraloose monetary policy, surprising international markets, the currency continued its sluggish performance over the last five trading sessions. On Tuesday, the BOJ decided to only modify its yield curve control policy, refraining from diminishing its accommodative policies that have been in place since the financial crisis … “Japanese Yen Plunges As BOJ Maintains Ultraloose Monetary Policy”
Euro Rallies Against US Dollar Despite Positive ADP Jobs Report
The euro today rallied slightly against the US dollar recovering most of its initial losses against the greenback in the early to mid-European sessions. The EUR/USD currency pair rallied higher in the early American session despite the release of the positive US ADP employment report. The EUR/USD currency pair rallied from a low of 1.1671 … “Euro Rallies Against US Dollar Despite Positive ADP Jobs Report”
British Pound Reverses Losses and Rallies on Positive Housing Data
The British pound today reversed its losses against the US dollar and rallied higher from the early European session following the release of positive UK housing data. The GBP/USD currency pair extended its rally into the mid-European session despite the release of disappointing UK Manufacturing PMI data by IHS Markit shortly thereafter. The GDP/USD currency … “British Pound Reverses Losses and Rallies on Positive Housing Data”