The Canadian dollar weakened on Friday, but the loonie is still on track for its biggest weekly gain in about five months. The currency recorded gains on surging oil prices, but they were capped on reports that the US and Mexico might exclude Canada from a trade deal, especially with the month-end deadline on the horizon. Earlier this week, it was reported that the US and Mexico want to reach a trade deal by October … “Canadian Dollar Poised for Biggest Weekly Gain Since April”
Month: September 2018
Bitcoin bounces back ahead of Direxion’s ETF decision
The BTC/USD had an exciting week, recovering nicely and making a nice U-turn. Interest from Morgan Stanley pushed prices higher and so did Mike Novogratz’s comments. The technical picture is mixed for the digital coin. The price of Bitcoin made an impressive recovery, advancing from enjoying a bounce of over $400 and topping $6,500. Morgan Stanley is … “Bitcoin bounces back ahead of Direxion’s ETF decision”
British Pound Trades Sideways Near 6-Week Highs on Carney Speech
The British pound today managed to hold on to yesterday’s gains following the disappointing US inflation figures that triggered its rally. The GBP/USD currency pair today rallied slightly higher to trade very close to its 6-week high and held on to its gains during the BoE Governor Mark Carney‘s speech today. The GBP/USD currency pair … “British Pound Trades Sideways Near 6-Week Highs on Carney Speech”
Chinese Yuan Rallies As Trump Invites Renewed Trade Talks
The Chinese yuan is rallying towards the end of the trading week after President Donald Trump invited Chinese officials to restart trade negotiations. The yuan, nearing a one-week high against its US counterpart, has been paring some of its losses against a basket of currencies in recent trading sessions, advancing 0.15% since Monday. On Wednesday, the Trump administration has invited Chinese officials to Washington for renewed trade talks, which comes … “Chinese Yuan Rallies As Trump Invites Renewed Trade Talks”
Solid Macroeconomic Data Doesn’t Help Japanese Yen
Macroeconomic data released in Japan over the trading session was solid, but that did not help the Japanese yen, which dropped against all other most-traded currencies. The most likely reason for the decline was the improving market sentiment. The Producer Price Index rose 3.0% in August from the same month a year ago, the same as in July and missing the consensus forecast of 3.1% just slightly. Core machinery orders from the private … “Solid Macroeconomic Data Doesn’t Help Japanese Yen”
US Dollar Declines vs. Other Majors After CPI Miss, Gains vs. Yen
The US dollar was broadly lower against its most-traded rivals today following the release of a worse-than-expected inflation report and the improvement of the market sentiment. The currency managed to gain on the Japanese yen, though. The Consumer Price Index rose 0.2% in August, the same as in July. Experts were anticipating a slightly faster growth by 0.3%. The growth of the core CPI also missed expectations, slowing from 0.2% in July to 0.1% in August. The seasonally adjusted number of unemployment … “US Dollar Declines vs. Other Majors After CPI Miss, Gains vs. Yen”
Euro Rallies Higher on Weak US CPI Data Amid Dovish ECB Rate Decision
The euro today rallied higher against the US dollar in the early American session following the release of disappointing US inflation data. The EUR/USD currency pair barely reacted when the European Central Bank announced its interest rate decision earlier today, which was in line with expectations. The EUR/USD currency pair today rallied from a low … “Euro Rallies Higher on Weak US CPI Data Amid Dovish ECB Rate Decision”
3 reasons for the EUR/USD rally and levels to watch
The ECB sees risks as balanced and did not cut inflation forecasts. The EUR/USD got a boost also from Turkey and weak US inflation. The pair eyes levels last seen in July and August. The EUR/USD is trading at new highs for September, around 1.1670. ECB President Mario Draghi is the primary driver of the common currency … “3 reasons for the EUR/USD rally and levels to watch”
Australian Dollar Higher Across the Board After Employment Report
The Australian dollar gained against all of its most-traded rivals today on the back of solid employment growth, which was faster than expected, and the improving market sentiment. The Australian Bureau of Statistics reported that employment jumped by 44,000 in August after falling by 4,300 in July. That is compared to the predicted increase of 16,500. The unemployment rate slipped from 5.4% to 5.3%, in line with expectations. Released separately, the Melbourne Institute Survey of Consumer … “Australian Dollar Higher Across the Board After Employment Report”
Turkish Lira Rallies After Central Bank Hikes Policy Rate
The Turkish lira gained today after the nation’s central bank increase some of its interest rates and talked about possibility of more hikes in the future. The Central Bank of the Republic of Turkey announced today that it boosted its one week repo auction rate from 17.5% to 24%. While the decision was not unexpected, the scope of the increase was larger than even most optimistic forecasts. Moreover, the central bank stated … “Turkish Lira Rallies After Central Bank Hikes Policy Rate”