The US dollar is weakening against some of its counterparts midweek, despite several bullish indicators to suggest the economy is still strong. The labor market remains healthy, wages are climbing, and business confidence continues to jump. The greenback might be taking a breather after rallying earlier this week. According to ADP, the US private sector created 227,000 new jobs, beating market forecasts of 1780,000. The ADP also revised … “US Dollar Weakens Despite Strong Jobs Numbers, Higher Wages”
Month: October 2018
Canadian Dollar Soft Despite Expanding GDP
The Canadian dollar gained today despite better-than-expected growth of Canada’s economy. The possible reasons for the weakness were: the strength of the US dollar, the decline of crude oil prices, and other macroeconomic indicators, some of which were not that good. Statistics Canada reported that gross domestic product increased 0.1% in August, rising for the seventh consecutive month. While that was a small slowdown from the July’s 0.2% rate of growth, the reading was … “Canadian Dollar Soft Despite Expanding GDP”
Euro Drops Further Driven by Political Uncertainty and Weak Data
The euro today fell to new lows last seen in mid-August against the US dollar as the political uncertainty in key eurozone countries such as Germany and Italy weighed on the single currency. The release of mixed macro data from the euro area combined with the strong employment data from the USA also added to … “Euro Drops Further Driven by Political Uncertainty and Weak Data”
Japanese Yen Mixed After BoJ Meeting
The Japanese yen was mixed today, falling against some of its major rivals but rising against others. The Bank of Japan concluded its two-day policy meeting today and released its economic projections. The Bank of Japan left its monetary policy unchanged, surprising no one, with the main interest rate remaining at -0.1% and the size of asset purchases staying the same. The central bank made some downward revisions to its … “Japanese Yen Mixed After BoJ Meeting”
NZ Dollar Fails to Maintain Rally Despite Improving Business Confidence
The New Zealand dollar attempted to rally earlier today but failed and moved below the opening level. The slight improvement of the business confidence was not enough to support the currency. The ANZ Business Confidence Index rose to -37.1 in October from -38.3 in September. The retail sector demonstrated the biggest bounce but remained the worst performer. The manufacturing sector was the most optimistic. NZD/USD fell from 0.6553 to 0.6532 as of 13:21 GMT today after … “NZ Dollar Fails to Maintain Rally Despite Improving Business Confidence”
Australian Dollar Rebounds After Falling on China’s Data
The Australian dollar dipped intraday following the economic releases in Australia and China. While Australia’s indicators were within expectations, China’s reports were disappointing. The currency has rebounded by now, trading near the opening level. The Australian Bureau of Statistics reported that both the headline Consumer Price Index and the trimmed mean CPI rose by 0.4% in the September quarter of 2018 from the previous three months. Analysts had predicted a bit bigger increase … “Australian Dollar Rebounds After Falling on China’s Data”
Canadian Dollar well-positioned for the jobs report, but watch the NFP as well
Canada’s first jobs report after the USMCA is expected to be moderate. The BOC will likely remain on track for a hike early in 2019. The Canadian Dollar has room to rise, but other factors are in play as well. Canada publishes its employment report for October on Friday, November 2nd, at 13:30 GMT. This … “Canadian Dollar well-positioned for the jobs report, but watch the NFP as well”
Chinese Yuan Weakens As Economists Cut GDP Estimates
The Chinese yuan is weakening on Tuesday after economists slashed their gross domestic product (GDP) estimates amid the escalating trade war with the US. The yuanâs declines were capped on stimulus measures employed by Beijing to spur growth and limit the trade warâs effects on the economy. According to a survey of economists by Bloomberg, the GDP for the worldâs second-largest economy is expected to increase by 6.4% on a year-over-year basis in the fourth-quarter of 2018. The economists also anticipate a 6.3% … “Chinese Yuan Weakens As Economists Cut GDP Estimates”
Euro Falls on Weak Eurozone GDP Growth Data, Later Recovers
The euro today fell to new lows against the US dollar following the release of disappointing GDP growth data from across the eurozone. The pair later recovered slightly during the early American session as investors awaited US consumer data. The EUR/USD currency pair today dropped from a high of 1.1387 to a low of 1.1344 … “Euro Falls on Weak Eurozone GDP Growth Data, Later Recovers”
USD could falter as Democrats consolidate their lead in House polls
The US Mid-Term Elections are heating up with one week to go. House polls show Democrats are consolidating their gains. The US Dollar could be negatively affected. The US Mid-Term Elections are on November 6th, just one week to go. The scene is heating up with President Donald Trump trying to focus the attention on … “USD could falter as Democrats consolidate their lead in House polls”