The euro today rallied slightly against the US dollar despite the lack of any major data releases from the eurozone and the simmering Italian budget drama. The EUR/USD currency pair’s rally is most likely due to a technical pullback given yesterday’s massive decline and the risk-off market sentient that still exists. The EUR/USD currency pair today … “Euro Rallies Slightly Amid Stock Market Sell Off and Italian Politics”
Month: October 2018
Sterling Falls on Monday on Brexit Headlines
The Great Britain pound sank on Monday against all other most-traded currencies, including the euro that was extremely weak itself, amid the negative Brexit headlines, which made the currency unappealing to investors. There were reports that the Northern Irish Democratic Unionist Party is going to support the amendment that will make illegal the backstop plan for Norther Ireland proposed by the European Union. The EU offered to keep Northern Ireland … “Sterling Falls on Monday on Brexit Headlines”
Canadian Dollar Sideways Ahead of Key BOC Rate Decision
The Canadian dollar is trading sideways on Monday ahead of an important announcement on interest rates by the Bank of Canada (BOC). The loonie is also struggling to find an upwards direction because of sliding crude oil prices, weak economic data, and a rallying greenback. According to Statistics Canada, national wholesale trade tumbled by 0.1% in August as the market projected a 0.2% jump. The disappointing numbers stem from weaker building material, motor vehicle, and supply sales. … “Canadian Dollar Sideways Ahead of Key BOC Rate Decision”
Euro Weak as Clash Between Italy & EU Continues
The euro was weak against most of its major currencies today due to the clash between Italy and the European Union over Italy’s budget deficit target. The shared 19-nation currency managed to gain on the Great Britain pound, which was also extremely weak due to Brexit concerns. The Italian government rejected EU’s request to review the budget, sending a letter on Monday that was defending the increase in spending as a measure to reignite economic growth … “Euro Weak as Clash Between Italy & EU Continues”
EURGBP Looks Bearish, while USDNOK Aims for Higher Prices – Elliott wave Analysis
EURGBP can be trading at the end of a big triangle correction in wave 4); pair which can look for more weakness once the lower triangle line and the 0.8751 level gets breached. Also, a triangle correction is a continuation pattern, that unfolds prior to the final leg, and can suggest more weakness once recognized. … “EURGBP Looks Bearish, while USDNOK Aims for Higher Prices – Elliott wave Analysis”
US Dollar Ends Week Strong, Commodity Currencies Outperform
The US dollar ended the week relatively strong against most other major currencies thanks to the hawkish minutes of the Federal Reserve. Yet commodity currencies, including the Australian and New Zealand dollars but excluding the Canadian dollar, outperformed the greenback. The minutes of the Fed policy meeting in September revealed that the Committee members voted for an interest rate hike unanimously. That led to speculations about the Fed hiking rates one more time this … “US Dollar Ends Week Strong, Commodity Currencies Outperform”
Chinese Yuan Jumps Despite Growth at Slowest Pace Since 2009
The Chinese yuan is rallying against its American counterpart at the end of the trading week, despite the national economy growing at its slowest pace in about a decade. As the US-China trade war intensifies, there are fears that the economy could cool down even more. According to the National Bureau of Statistics, the third-quarter gross domestic product (GDP) climbed 6.5%, down from 6.7% in the previous quarter. The market had forecast a jump of 6.6%. … “Chinese Yuan Jumps Despite Growth at Slowest Pace Since 2009”
NZD & AUD Firm Despite China’s GDP Miss
The New Zealand dollar, as well as its Australian counterpart, was strong today. The currencies rose against their most-traded rivals even as economic growth in China, the biggest trading partner of both New Zealand and Australia, was slower than expected. The miss was small, though, and other Chinese macroeconomic indicators were within expectations. The National Bureau of Statistics of China reported that gross domestic product rose 6.5% in the third quarter … “NZD & AUD Firm Despite China’s GDP Miss”
US Dollar Gains on Fed Hikes Speculations, Positive Data
The US dollar was rather strong today, though it was unable to outperform safer currencies like the Japanese yen and the Swiss franc. The greenback was also surprisingly weak against the Australian and New Zealand dollars intraday but managed to rebound by now. One of the major reasons for the greenback’s strength was the hawkish stance of the Federal Reserve. The Fed minutes released yesterday showed that all voting members voted for the September interest … “US Dollar Gains on Fed Hikes Speculations, Positive Data”
Pound Trades Sideways on Failed Brexit Talks and Weak UK Retail Sales
The British pound today traded sideways against the US dollar following the failed Brexit talks during yesterday’s meetings between EU leaders and British PM Theresa May. The pound was further weighed down by the release of the latest UK retail sales data in the early European session, which missed expectations by a significant margin. The GBP/USD … “Pound Trades Sideways on Failed Brexit Talks and Weak UK Retail Sales”