The British pound today rallied higher and recovered from a 3-day losing streak as investors hoped for a breakthrough in Brexit negotiations. However, the lack of any tangible progress in the Brexit proceedings and the mixed UK jobs report released today stalled the cable’s rally. The GBP/USD currency pair today rallied from an opening low … “Pound Rallies on Brexit Hopes, Declines on Mixed UK Jobs Data”
Month: November 2018
Canadian Dollar could make a comeback even though oil is falling
USD/CAD extended its rise as oil prices dropped. The C$ sell-off is sharp, with CAD entering oversold conditions, The overbought conditions on USD/CAD can send it to uptrend support. The Canadian Dollar continues suffering from the drop in oil prices. The price of petrol enjoyed some respite on Monday on reports that Saudi Arabia is willing … “Canadian Dollar could make a comeback even though oil is falling”
Chinese Yuan Weakens to 10-Year Low As Economy Holds Steady
The Chinese yuan weakened to a 10-year low against its US counterpart as the national economy held steady in October. It is evident that President Donald Trumpâs trade war against Beijing continues to have a dire toll on the worldâs second-largest economy. With the trade spat expected to linger into 2019, analysts are warning that … “Chinese Yuan Weakens to 10-Year Low As Economy Holds Steady”
US Dollar Ends Week of FOMC Decision on Strong Footing
The US dollar performed decently over the past trading week but was outperformed by the Australian and New Zealand currencies, which were the strongest on the Forex market during the week. The policy statement from the Federal Open Market Committee provided a moderate boost to the greenback. While the FOMC did not change monetary policy, it signaled that plans for further interest rate hikes remain intact. The Aussie and the kiwi were supported by the rebound … “US Dollar Ends Week of FOMC Decision on Strong Footing”
Euro Soft on Continuing Clash Over Italy’s Budget, Fed’s Hawkish Stance
The euro traded lower against most of its major rivals today, though managed to gain on the Great Britain pound, which itself was very soft. The shared 19-nation currency was heading to end week either flat, losing earlier gains, or lower versus its most-traded peers. Some market analysts attributed the euro’s weakness to the boost that the better-than-expected US Producer Price Index provided to the dollar. But the EUR/USD currency … “Euro Soft on Continuing Clash Over Italy’s Budget, Fed’s Hawkish Stance”
US Dollar Strengthens As Inflation Pressures Remain in Check
The US dollar is strengthening at the end of the trading week, buoyed by new economic data that shows inflation pressures remain in check. The greenback further accelerated on a hawkish central bank that is set to raise interest rates next month. The currencyâs gains were capped by retreating Treasury yields. According to the Bureau of Labor Statistics (BLS), US wholesale prices rose 0.6% in October, the largest increase since 2012, higher than … “US Dollar Strengthens As Inflation Pressures Remain in Check”
USD/CAD Extends Rally on US Court Decision and Weak Oil Prices
The USD/CAD currency pair today extended yesterday’s gains as the Canadian dollar dropped against the greenback amid the ongoing as the global crude oil selloff. The pair’s rally was further accelerated by news reports that a US Federal Court had stopped the construction of the Keystone XL pipeline that connects Canadian oilfields to Texas oil pipelines. … “USD/CAD Extends Rally on US Court Decision and Weak Oil Prices”
Aussie Falls Despite Improved RBA Economic Outlook, China’s PPI Weighs
The Australian dollar was soft today, falling against the euro and the Japanese yen for the first time after six sessions of gains in a row. Market analysts pointed at China’s slowing producer inflation as the most likely culprit in the currency’s decline. The Reserve Bank of Australia released its Monetary Policy Statement today. The central bank upgraded its economic projections. The outlook for growth of gross domestic product for 2018 was upgraded from 3.25% to 3.5%. … “Aussie Falls Despite Improved RBA Economic Outlook, China’s PPI Weighs”
British Pound Drops on Brexit Uncertainty Amid Latest UK GDP Data
The British pound today declined against the US dollar as investors remained cautious towards the cable given the looming uncertainty over Brexit negotiations. The GBP/USD currency pair’s performance was also affected by the strong greenback as the US Federal Reserve reiterated its resolve to hike rates in December. The GBP/USD currency pair today declined from … “British Pound Drops on Brexit Uncertainty Amid Latest UK GDP Data”
NZ Dollar Suffers from Slowing Producer Inflation in China
The New Zealand dollar fell against some of its most traded rivals, including the US dollar and the Japanese yen, today. The most likely reason for the losses was the slowing producer inflation in China, New Zealand’s major trading partner. China’s Producer Price Index rose 3.3% in October from a year ago. While the reading was within market expectations, it was slowdown from the September’s 3.6% rate of growth. The Consumer … “NZ Dollar Suffers from Slowing Producer Inflation in China”