The Australian dollar declined today after the Reserve Bank of Australia released minutes of its latest policy meeting. The release was unlikely the cause of the decline, though, as the central bank retained its neutral stance. The more likely reason for the drop was the risk-off sentiment on markets. By now, the Aussie managed to trim losses. The RBA released minutes of its November meeting, at which policy makers kept the main interest rate unchanged at 1.5%. The central … “Aussie Declines Following Release of RBA Minutes, IMF Forecast”
Month: November 2018
GBP/USD is not as stable as it seems
GBP/USD is looking relatively stable for a change, just like Prime Minister Theresa May that does not suffer a broad rebellion just yet. However, the currency pair faces more upside resistance than support. The Technical Confluences Indicator is currently struggling with a dense cluster of technical lines around 1.2860. This includes the Simple Moving average 100-15m, the SMA 10-15m, … “GBP/USD is not as stable as it seems”
US Dollar Dips on Wall Street Bears, Economic Data
The US dollar is declining to kick off the trading week as Wall Street bears and disappointing economic data sent the currency lower. Despite the greenback enduring its biggest decline in two weeks, the dollar is still performing quite well as the year comes to an end. Citigroup analysts published a report on Monday that forecast a weaker dollar in 2019, stemming from sluggish economic growth and rising interest rates beginning to hurt the economy. … “US Dollar Dips on Wall Street Bears, Economic Data”
NZ Dollar Drops Despite Better-Than-Expected PPI
The New Zealand dollar dropped today even though domestic macroeconomic data released overnight beat expectations. Statistics New Zealand reported that Producer Price Index increased in the September quarter from the previous three months. The input PPI rose 1.4% and the output PPI rose 1.5%. That is compared to the forecast of 0.8% and 0.9% respectively. NZD/USD declined from 0.6864 to 0.6847 as of 15:33 GMT today. NZD/JPY slumped from … “NZ Dollar Drops Despite Better-Than-Expected PPI”
Canadian Dollar Rises on Oil Prices, Manufacturing Data
The Canadian dollar is posting modest gains at the end of the trading week, buoyed by higher energy prices and positive manufacturing data. Amid cratering crude prices, the loonie has struggled to find direction, mainly because traders are waiting to see what the Organization for Petroleum Exporting Countries (OPEC) will do relating to output. Crude entered into a bear market after recording the longest stretch of losses in three decades. Since snapping … “Canadian Dollar Rises on Oil Prices, Manufacturing Data”
Bitcoin: 3 explanations for the crash, big levels to watch
BTC/USD crashed spectacularly and hit the lowest levels since October. It is hard to find clear reasons for the plunge that may have been a long time in the making. The technical levels to watch are broader than usual. Volatility is finally back. And with a vengeance. Bitcoin crashed not only below $6,000 but also … “Bitcoin: 3 explanations for the crash, big levels to watch”
NZ Dollar Declines Despite Rising Manufacturing Index
The New Zealand dollar declined against its most-traded rivals today even after data released overnight showed that the manufacturing sector expanded with accelerating pace. The BusinessNZ Performance of Manufacturing Index edged up from 51.9 to 53.5 in October. That was the highest reading since May. The report commented on the result, saying that “the October result was a welcome change from where the survey has sat for the previous four … “NZ Dollar Declines Despite Rising Manufacturing Index”
Euro Rallies on Draghi Speech, Later Declines on Eurozone CPI Data
The euro inched higher against the US dollar in the Asian session and jumped higher in the early European session after Mario Draghi’s mostly hawkish speech in Frankfurt. The euro then headed lower against the greenback following the release of the latest eurozone CPI data, which was in-line with expectations. The EUR/USD currency pair today rallied … “Euro Rallies on Draghi Speech, Later Declines on Eurozone CPI Data”
Japanese Yen Gains As Economy Expected to Recover in Q4
The Japanese yen is gaining against the greenback after a survey of economists found that they expect the national economy to recover in the fourth quarter. Tokyo experienced a disappointing third quarter, stemming from natural disasters that impacted the overall economy, from consumer spending to industrial output. But with a trade war looming, can Tokyo really spark a rally in the October-to-December period? On Wednesday, it was reported that Japanâs gross … “Japanese Yen Gains As Economy Expected to Recover in Q4”
USD/CAD Pair Trades in a Range for the Fourth Consecutive Session
The USD/CAD currency pair today traded in a consolidative range extending a trend that has been going on since the start of the week. The currency pair has been range bound despite the commodity-linked loonie being relatively weak due to the massive drop in global crude oil prices as tracked by the West Texas Intermediate. … “USD/CAD Pair Trades in a Range for the Fourth Consecutive Session”