UK PM May repeated her message that no Brexit deal is better than a bad deal. She staved off the rebellion and had the mandate to change her policy. The GBP/USD is still on the back foot, but this can change. UK Prime Minister Theresa May delivered a successful speech in Birmingham. Contrary to the … “Brexit: Conservative Conference concluded, time for a climb down – GBP/USD long?”
Month: October 2018
Chinese Yuan Finding Direction on Record Household Debt, Stalling Manufacturing Growth
The Chinese yuan is struggling to find direction midweek after new data questioned if the worldâs second-largest economy is healthy enough to sustain its trade war with the US. Manufacturing growth stalled in September, household debt surged to a record high in 2017, and the government showed that it is willing to slash its import tariffs in the global trade dispute. After 15 months of expansion, Chinese factory sector growth … “Chinese Yuan Finding Direction on Record Household Debt, Stalling Manufacturing Growth”
Unexpected Drop of Building Approvals Hurts Australian Dollar
The Australian dollar fell today as building approvals fell in August unexpectedly. The positive market sentiment was unable to rescue the currency. The Australian Bureau of Statistics reported that the number of building approvals dropped 9.4% in August, month-on-month, after falling 4.6% in July (positively revised from the drop of 5.2% registered initially). Analysts were completely wrong with their predictions of a 1.0% increase. The seasonally adjusted Australian Industry Group Australian Performance … “Unexpected Drop of Building Approvals Hurts Australian Dollar”
Japanese Yen Falls on News About Italian Budget
The Japanese yen fell today as markets switched into a risk-on mode on the reports that Italy will change its budget plans to avoid clash with the European Union. The news were conflicting, though. Italy’s plans to approve a budget with a 2.4% deficit of gross domestic product drew heavy criticism from EU officials, and there were reports that the Italian government is going to reduce the deficit. Yet according to the most … “Japanese Yen Falls on News About Italian Budget”
Canadian Dollar Cannot Hold Onto Momentum in USMCA Aftermath
The Canadian dollar is trading lower on Tuesday in the aftermath of the historic trilateral trade deal between Canada, the US, and Mexico. The loonie could not sustain the momentum, especially as energy futures tumbled. The buck may now find short-term direction in this weekâs September jobs report and August trade data. On Sunday, the three nations struck a last-minute trade deal that abandons the North American Free Trade Agreement (NAFTA) in favor of the USMCA. … “Canadian Dollar Cannot Hold Onto Momentum in USMCA Aftermath”
A win-win situation for the loonie in the jobs report
The Canadian jobs report is expected to show an increase in positions after a downfall. The new NAFTA deal is a tailwind for the C$ and the BOC. It is almost a win-win situation for the loonie, barring a big surprise from the NFP. Canada publishes its jobs report for September on Friday, October 5th, at … “A win-win situation for the loonie in the jobs report”
Japanese Yen Strong as Risk Appetite Caused by USMCA Fades
The Japanese yen was strong today. It is unlikely that today’s Japanese domestic macroeconomic data, which was mixed, played role in that. Some market analysts speculated that the currency rallied because risk appetite caused by the trade deal between the United States, Mexico, and Canada faded. That could also explain the weakness of the commodity currencies. As for Japan’s economic reports, the monetary base increased by 5.9% in September, year-on-year, … “Japanese Yen Strong as Risk Appetite Caused by USMCA Fades”
Australian Dollar Tumbles After RBA Stands Pat
The Australian dollar dropped following the monetary policy decision of the Reserve Bank of Australia, even though the central bank did not make changes to its monetary policy and the statement was neutral. As was widely expected, the RBA left its main interest rate at 1.5%. The policy statement was little changed from the previous one. Overall, the central bank continued to demonstrate that it is in no rush to start raising rates. … “Australian Dollar Tumbles After RBA Stands Pat”
The Flip Side of the Crypto Ideals
There are several distinct groups who all want different things from the cryptocurrency phenomenon that eventually replaces fiat money, and they are all in opposition. The nature of Bitcoin and Blockchain is something of a dual personality, and almost everyone wants the best bits for them. They are a few basic tenets of the original … “The Flip Side of the Crypto Ideals”
Mexican Peso Rallies on New USMCA Trade Deal After Strong Q3 Performance
The Mexican peso is rallying on Monday after the US, Canada, and Mexico announced a new trilateral trade agreement called the USMCA, abandoning the North American Free Trade Agreement (NAFTA) term. The pesoâs strong performance to kick off the trading week comes after recording an admirable third-quarter performance among emerging-market currencies. Hours before the key US-imposed October 1 deadline, the three nations announced a new trade pact that will … “Mexican Peso Rallies on New USMCA Trade Deal After Strong Q3 Performance”