The Swiss franc dropped today as Switzerland’s economic growth halted unexpectedly. The currency did not react to the report immediately, moving largely sideways for some time, but declined sharply later. Swiss gross domestic product fell 0.2% in the third quarter of 2018. That is instead of rising 0.4% as economists had predicted. GDP advanced 0.7% in the previous three months. USD/CHF inched up from 0.9936 to 0.9944 as of 12:58 GMT … “Swiss Franc Declines After GDP Unexpectedly Contracts”
Month: November 2018
NZ Dollar Drops on Negative Business Confidence, Trims Losses Later
The New Zealand dollar fell today as the business confidence remained negative. Yet by now, the currency has trimmed losses, erasing them outright against some of its rivals. The ANZ Business Confidence remained at -37.1 in November, the same as in October. Not everything in the report was bad, though, as it said: Encouragingly, both residential and commercial construction intentions bounced back markedly. NZD/USD traded near its opening level of 0.6867 as of 12:35 … “NZ Dollar Drops on Negative Business Confidence, Trims Losses Later”
British Pound Heads Lower on Barnier and Carney Brexit Warnings
The British pound today dropped to new daily lows following warning comments made by the European Union’s chief Brexit negotiator, Michel Barnier regarding the latest Brexit deal. The pound’s decline was further weighed down by a warning from the BoE Governor Mark Carney that most UK businesses are ill-prepared for a no-deal Brexit scenario. The … “British Pound Heads Lower on Barnier and Carney Brexit Warnings”
Dovish Fed Chair Powell Makes Greenback Sink
The US dollar was trading mostly sideways during the Wednesday’s trading session despite disappointing macroeconomic data. But that changed after Federal Reserve Chairman Jerome Powell delivered a surprisingly dovish speech, after which the greenback plunged. Powell delivered a speech titled “The Federal Reserve’s Framework for Monitoring Financial Stability” at the Economic Club of New York today. Markets especially focused on one particular statement in the speech: Interest rates … “Dovish Fed Chair Powell Makes Greenback Sink”
3 reasons to sell Bitcoin after the fresh rise
BTC/USD is trading close to $4,200, up some 10% on the day and some 20% off the lows. There are three reasons to be skeptical about this recovery. Bitcoin and other cryptocurrencies are staging a recovery. At current prices, the advance from the trough of $3,456 may even be labeled as a “bull market” thanks to the rise … “3 reasons to sell Bitcoin after the fresh rise”
Japanese Yen Falls on Sluggish Factory Activity, Flat Stocks
The Japanese yen is falling against the greenback midweek as preliminary data found manufacturing activity expanded at the slowest pace since 2016 in November, leaving investors doubtful of strong growth in the fourth quarter. The yen took another hit on forecasts that the Japanese stock market will end the year flat. There was good news for the Bank of Japan (BOJ), though. According to the Flash Markit/Nikkei Japan Manufacturing Purchasing Managersâ Index (PMI), … “Japanese Yen Falls on Sluggish Factory Activity, Flat Stocks”
NZ Dollar Gains After Release of Financial Stability Report
The New Zealand dollar gained today after the Reserve Bank of New Zealand released the Financial Stability report. Gains were limited, though, as market participants were waiting for new developments in the trade war between the United States and China. The RBNZ stated in its semiannual Financial Stability Report released overnight: New Zealandâs financial system risks have eased, but remain high. Slower mortgage lending growth and house price … “NZ Dollar Gains After Release of Financial Stability Report”
Australian Dollar Logs Small Gains Despite Lackluster Data
The Australian dollar gained today despite disappointing domestic macroeconomic data. With that said, gains were relatively small, and the Aussie currently moves sideways. The Australian Bureau of Statistics reported that construction work done fell 2.8% in the September quarter from the previous three months, seasonally adjusted. That is instead of rising 0.9% as experts had predicted. On a positive note, the increase in the previous quarter got a positive revision from … “Australian Dollar Logs Small Gains Despite Lackluster Data”
EUR/USD: S/T Bearish Targets At 1.1215 Ahead Of 1.1115 – ING
EUR/USD is on the back foot once again, struggling with a stronger US Dollar. What’s next? Here is their view, courtesy of eFXdata: ING discusses EUR/USD technical outlook and maintains a bearish bias on a multi-day basis. We do not see the upside potential within this consolidation in the longer-term downtrend. Prices will meet plenty of … “EUR/USD: S/T Bearish Targets At 1.1215 Ahead Of 1.1115 – ING”
Chinese Yuan Weakens As Swine Fever Adds to Economic Woes
The Chinese yuan is weakening on Tuesday as new reports of African swine fever are sending economic ripples across the nationâs agricultural sector. The bearish news did not end there as industrial profits slowed in October and forecasts show growth will cool down next year. Since August, swine fever has killed approximately one million pigs, and the government has prohibited the shipment of most of the 700 million swine. This … “Chinese Yuan Weakens As Swine Fever Adds to Economic Woes”