The Chinese yuan is looking to make gains at the end of the trading week as the central bank announced that it would be reintroducing a currency fixing method amid the yuanâs dramatic descent. The announcement comes after President Donald Trump accused China of being a currency manipulator. On Friday, Reuters reported that the Peopleâs Bank of China (PBOC) will reintroduce a measure to ensure the currency market is stable during the yuanâs volatile trading … “Chinese Yuan Seeks to Make Big Gains on Stability Efforts”
Month: August 2018
Euro Rallies Higher on Positive German GDP Data and Weak US Data
The euro today rallied higher against the US dollar following the release of mixed data from Germany led by the positive German Q2 GDP data. The EUR/USD currency pair posted more gains following the release of weak data from the US docket in the early American session. The EUR/USD currency pair today rallied from an … “Euro Rallies Higher on Positive German GDP Data and Weak US Data”
Bitcoin rejects the rejections with a lot of resilience
The BTC/USD fell sharply amid another postponement of an ETF decision. The technical picture is complicated, but this cryptocurrency still enjoys higher lows, a positive sign. The price of Bitcoin edged up in a relatively calm mid-summer week of trading. The stability, and more importantly the resilience, are both surprising given the circumstances. For a change, the … “Bitcoin rejects the rejections with a lot of resilience”
Canadian Dollar likes optimism on NAFTA – is it enough?
The Canadian Dollar continued receiving bids on NAFTA hopes. Canada’s quarterly GDP is the central event of the last week of August. The technical picture is mixed after a few weeks of range trading. This was the week: Almost a deal all over again The talks to renew the North American Free Trade Agreement remained … “Canadian Dollar likes optimism on NAFTA – is it enough?”
NZ Dollar Rallies After Trade Deficit Shrinks
The New Zealand dollar rallied today after the country’s trade balance deficit shrank unexpectedly last month. The currency gained on almost all of its most-traded rivals, though it has pared gains versus the euro by now. Statistic New Zealand reported that the trade balance logged a deficit of NZ$143 million in July. That was a decrease from the June gap of NZ$288 million (revised, NZ$113 million before the revision). Analysts … “NZ Dollar Rallies After Trade Deficit Shrinks”
Australian Dollar Rallies After Australia Get New Prime Minister
The Australian dollar rallied today after the country’s political crisis was resolved for the time being as Australia got a new leader. As was expected, Malcolm Turnbull did not last long as Prime Minister after winning a vote for staying in the seat just this Monday. By Friday, Treasurer Scott Morrison will replace him in the office, which was considered to be the most market-friendly outcome. That being said, analysts did not … “Australian Dollar Rallies After Australia Get New Prime Minister”
Donald can’t stop the Dollar, even not in USD/JPY
The USD/JPY moved up in range on Trump-related events The second read of US GDP stands out in the last week of August. The technical charts show a balanced picture for the pair. This was the week: Trump vs. the Fed, the former fixer, China Mid-summer was not a quiet time for US President Donald … “Donald can’t stop the Dollar, even not in USD/JPY”
Euro Trades Lower on Mixed Eurozone Data and Strong Dollar
The euro today traded lower against the US dollar despite the release of mixed economic releases from across the eurozone, which should have boosted the single currency. The EUR/USD currency pair was further weighed down by yesterday’s optimistic FOMC minutes, which boosted the greenback. The EUR/USD currency pair today traded in a range between a high … “Euro Trades Lower on Mixed Eurozone Data and Strong Dollar”
Canadian Dollar Hits Two-Week High on NAFTA Talks, Offsets Bad Data
The Canadian dollar is trading at its best level in two weeks against its US counterpart on Thursday. The loonie is rallying on reports that progress is being made in North American Free Trade Agreement (NAFTA) negotiations. This news, which is bullish for the Canadian economy, allowed the loonie to dismiss lower energy prices and recent negative economic data. Mexican officials confirmed that an agreement with the US could … “Canadian Dollar Hits Two-Week High on NAFTA Talks, Offsets Bad Data”
Japanese Yen Soft Despite Accelerating Manufacturing Growth
The Japanese yen fell against some of its most-traded rivals and was flat against others today despite accelerating growth of Japan’s manufacturing sector and political turmoil in various parts of the world. The Nikkei Flash Japan Manufacturing Purchasing Managers’ Index rose a bit to 52.5 in August from 52.3 in July. The actual figure was slightly above the forecast value of 52.4. The report commented on the result: August flash data extended the current growth … “Japanese Yen Soft Despite Accelerating Manufacturing Growth”