The Australian dollar dropped today amid political turmoil in Australia, which will likely result in a shift in the country’s leadership. Australia’s Prime Minister Malcolm Turnbull just survived a challenge to his leadership earlier this week. But now the Prime Minister faces a new challenge, which he will likely fail after losing support of his own party. If that happens, the new prime minister will be seventh … “Australian Dollar Sinks amid Political Turmoil”
Month: August 2018
Jackson Hole 2018: Watch these three long-term things in Powell’s speech
Fed Chair Powell’s speech at Jackson Hole is unlikely to provide immediate news to markets. Comments on the long-term, emerging markets, and the central theme of the event matter more. Fed Chair Jerome Powell will speak on Friday, August 24th, at the Jackson Hole, Wyoming, at the Kansas City Fed’s annual conference. The event yielded significant … “Jackson Hole 2018: Watch these three long-term things in Powell’s speech”
What are Erdoğan’s Options?
Turkish President Recep Tayyip Erdoğan is a proud man. However, perhaps someone should remind him that pride often comes before a fall, and with the Turkish economy teetering on the brink of collapse, maybe now is the time for a little modesty. The Turkish economy is in a mess. There’s just no other way to … “What are Erdoğan’s Options?”
Trump Impeachment: How to trade such a move with the USD in 3 stages
The flipping of confidant Cohen and the conviction of Manafort endanger Trump’s presidency. Markets are already reacting to uncertainty and could move a lot more if Trump starts marching out. There are three different trading phases to the drama. US President Donald Trump worked with Michael Cohen for 12 years. The personal lawyer was also a “fixer” that … “Trump Impeachment: How to trade such a move with the USD in 3 stages”
Brexit talks run continuously, but it does not mean a happy end
The UK and the EU decided to hold ongoing negotiations, and that lifted the Euro. Time is running short ahead of self-imposed and real deadlines. The thorny issues remain unresolved, and the UK government is somewhat paralyzed. Talking is better than an extended summer vacation EU Chief Negotiator Michel Barnier and UK Brexit Secretary Dominic … “Brexit talks run continuously, but it does not mean a happy end”
Chinese Yuan Seeks Direction After Trumpâs Currency Manipulator Comments
The Chinese yuan is seeking direction after President Donald Trump accused the worldâs second-largest economy of being a currency manipulator. This prompted officials to deny the allegation, pointing out that the yuanâs exchange rate is determined by the market, not Beijing. But Trump has made these suggestions before, despite the yuan appreciating for several years prior to its recent plunge. Speaking in an interview with Reuters, the president accused China … “Chinese Yuan Seeks Direction After Trumpâs Currency Manipulator Comments”
Sterling Rallies Higher on Renewed Brexit Talks and Weak Dollar
The Sterling pound today rallied higher against the US dollar following yesterday’s announcement by the chief Brexit negotiators to speed up the pace of negotiations. The GBP/USD currency pair was also boosted by the selling pressure around the US dollar following the political developments in two Federal investigations involving President Donald Trump‘s associates. The GBP/USD currency pair … “Sterling Rallies Higher on Renewed Brexit Talks and Weak Dollar”
Positive Macroeconomic Data Doesn’t Help Aussie to Rally
Macroeconomic data released in Australia over the trading session was good. But unlike its New Zealand counterpart, the Australian dollar was unable to rally against any of its rivals, though managed to pare losses against some of them. The six month annualised growth rate in the WestpacâMelbourne Institute Leading Index rose from â0.06% in June to +0.55% in July. Construction work done rose 1.6% in the June quarter from the previous … “Positive Macroeconomic Data Doesn’t Help Aussie to Rally”
New Zealand Dollar Mixed After Retail Sales Beat Expectations
The New Zealand dollar was mixed today, rising against some of its rivals and falling versus others, following the release of retail sales data that beat analysts’ expectations. Statistics New Zealand reported that retail sales rose 1.1% in the June quarter from the previous three months. That is compared to the forecast increase of 0.4% and the 0.3% gain registered in the previous quarter. Core retail sales increased 1.4% versus … “New Zealand Dollar Mixed After Retail Sales Beat Expectations”
GBP/USD: Getting Cable Right The Best G10 FX Trade For Rest Of Year – BofAML
The pound continues rising on the reports of ongoing Brexit negotiations. Can this continue? Here is their view, courtesy of eFXdata: Bank of America Merrill Lynch Research discusses GBP outlook and thinks that sterling is the G10 currency with the most potential to move in the months ahead, as the Brexit deadline is approaching. “To exit the … “GBP/USD: Getting Cable Right The Best G10 FX Trade For Rest Of Year – BofAML”