The Swiss franc traded on par with the US dollar but fell against most other major currencies today. While the market sentiment seemed to be beneficial to safe currencies, news from Switzerland itself was detrimental to the Swissie. Switzerland’s State Secretariat for Economic Affairs revised its growth outlook for the nation’s economy. Growth of gross domestic product received a negative revision to 2.6% in 2018 from the September projection of 2.9% and to 1.5% … “Swiss Franc Drops After Switzerland’s Economic Outlook Gets Negative Revision”
Month: December 2018
US Dollar Retreats Ahead of Fed Decision, Recession Talk
The US dollar is retreating against some of its major rivals on Tuesday as traders wait for action from the Federal Reserve. There is also some new data out that is fueling talk of a recession, nearly one decade after the end of the last economic contraction. Still, the buck is on track for one of its best years. Fed Chair Jerome Powell and the Federal Open Market Committee (FOMC) started their … “US Dollar Retreats Ahead of Fed Decision, Recession Talk”
Euro Gains Against US Dollar Despite Weak German IFO Data
The euro today rallied higher against the US dollar from the early European session largely driven by positive market sentiment as investors refrained from buying the greenback. The EUR/USD currency pair extended its rally despite the release of disappointing German IFO business climate index as markets remained dovish towards the US dollar ahead of tomorrow’s Fed … “Euro Gains Against US Dollar Despite Weak German IFO Data”
NZ Dollar Rises Sharply After Business Confidence Improves
The New Zealand dollar rose sharply today after a report showed that the business confidence improved this month, though remained negative. The ANZ business confidence index climbed to -24.1 in December from -37.1 in the previous month. The report said: – Expected profitability and employment, investment and export intentions rose, and perceived availability of credit jumped sharply. – Marring the picture a little, most indicators for the agriculture sector deteriorated. The construction … “NZ Dollar Rises Sharply After Business Confidence Improves”
Aussie Mixed After Dovish RBA Minutes, Macroeconomic Data
The Australian dollar was mixed today after the release of monetary policy meeting minutes from the Reserve Bank of Australia and macroeconomic data. The currency rose against few of its major rivals, including the US dollar, but fell against others, like the Japanese yen and the New Zealand dollar. The RBA released today minutes of its monetary policy meeting that happened on December 4. Markets considered them to be more dovish … “Aussie Mixed After Dovish RBA Minutes, Macroeconomic Data”
Risk-Averse Environment Helps Yen Gain for Third Day
The Japanese yen rose today, extending its gains for the third consecutive trading session. The main reason for the rally was the negative market sentiment, which made investors seek safer options to park their funds. Concerns about global growth intensified after the crash of stock markets around the world. Yesterday, all of US stock indices dropped, most of them falling about 2% or more. Asian and European equities slumped as well, … “Risk-Averse Environment Helps Yen Gain for Third Day”
Pound Soft As Brexit Vote Delayed till January, Prime Minister Faces No-Confidence Vote
The Great Britain pound fell against most other major currencies today, with the US dollar being an exception. Lingering Brexit concerns and political turmoil in the United Kingdom diminished the sterling’s attractiveness to traders. UK Prime Minister Theresa May delayed the Parliament vote on her Brexit plans till January 14. May basically admitted that she would lose the vote. That did not sit well with the opposition, … “Pound Soft As Brexit Vote Delayed till January, Prime Minister Faces No-Confidence Vote”
Japanese Yen Strengthens Despite Growth Risks, Flat Business Sentiment
The Japanese yen is strengthening against its major rivals to start the trading week. Despite a wide array of factors that should send the currency lower, the yen is continuing momentum from the five sessions. With bitter trade discussions on the horizon, can Tokyo prevent further economic declines in the aftermath of the string of natural disasters? At this weekâs policy meeting, the Bank of Japan (BOJ) is expected to warn of rising growth risks … “Japanese Yen Strengthens Despite Growth Risks, Flat Business Sentiment”
US Dollar Retreats from Friday’s Elevated Levels, Economic Data Hurts
The US dollar opened at Friday’s elevated levels but has declined versus most of its major rivals by now. It looks like uncertainty associated with this week’s policy announcement from the Federal Reserve hit the currency after all. Domestic macroeconomic data, being poor, was not helping the greenback. The New York Empire State Manufacturing Index dropped to 10.9 in December from 23.3 in November. Experts had … “US Dollar Retreats from Friday’s Elevated Levels, Economic Data Hurts”
Canadian Dollar Falls, Declining Foreign Securities Purchases Weigh
The Canadian dollar was falling against its major rivals today, even against the US dollar, which itself was vulnerable. The loonie extended losses after the release of poor macroeconomic data in Canada. Foreign investment in Canadian securities was at C$4.0 billion in October, down from C$7.8 billion in September. Analysts had predicted a far higher value of C$6.2 billion. At the same time, Canadian investment in foreign securities increased to C$14.9 … “Canadian Dollar Falls, Declining Foreign Securities Purchases Weigh”