The last week before holidays has potential to become crucial in determining the dollar’s performance in the near future. The policy meeting of the Federal Reserve will be the highlight of the week, but important economic reports scheduled for release on Friday can also affect the currency. The past week was extremely positive for the US dollar due to risk aversion caused by signs of slowing global growth. Furthermore, the US Dollar Index started the current week at 97.44, … “Last Week Before Holidays Can Be Crucial for US Dollar”
Month: December 2018
Pound Ends Week as Weakest Currency due to Brexit Worries
The Great Britain pound ended the week as the weakest currency on the Forex market as the Brexit and associated uncertainties were in the center of the traders’ attention. The US dollar, on the other hand, ended the week strongest due to risk aversion. The sterling crashed at the beginning of the week as the crucial parliament vote on the Brexit was delayed to at least January. The currency rebounded later as Prime Minister Theresa May survived the confidence vote of her Conservative party. Yet the currency erased those … “Pound Ends Week as Weakest Currency due to Brexit Worries”
Euro Crashes to New Monthly Lows on Weak Eurozone PMI Prints
The euro today crashed to new monthly lows in the early European session following the release of multiple disappointing flash PMI readings from across the eurozone by IHS Markit. The EUR/USD currency pair later extended its losses following the release of upbeat US advance retail sales data for November in the early American session. The … “Euro Crashes to New Monthly Lows on Weak Eurozone PMI Prints”
Chinese Yuan Weakens on Disappointing Economic Data
The Chinese yuan is weakening at the end of the trading week on recent National Bureau of Statistics (NBS) data that disappointed investors. This year, the currencyâs descent has been in line with the trends plaguing the national economy, leaving many analysts wondering if the yuan will maintain this negative performance in 2019. According to Chinaâs statistics bureau, November retail sales rose 8.1%, down from 8.6% in October and below the market … “Chinese Yuan Weakens on Disappointing Economic Data”
USD/JPY awaits Powell as fears push it down
USD/JPY advanced as China and the US got closer. The Fed decision is left, right, and center in the pre-Christmas week. The technical picture is mixed for the pair. This was the week: Trade improves, fading European risks, OK data USD/JPY remained a barometer of the global mood in markets, and the atmosphere improved. The … “USD/JPY awaits Powell as fears push it down”
Yen Gains on Domestic Economic Reports, Market Sentiment
The Japanese yen gained against its major rivals today. While the currency has basically erased its gains versus the US dollar by now, it retained them versus other majors. Domestic macroeconomic reports released over the trading session were good, but the general risk-averse market sentiment likely played a bigger part in the yen’s rally. The Tankan Manufacturing Index was at 19 in the December quarter, unchanged from the previous … “Yen Gains on Domestic Economic Reports, Market Sentiment”
Sterling Erases Thursday’s Gains After Theresa May Fails to Renegotiate Brexit Deal
The Great Britain pound crashed today, erasing yesterday’s gains versus a range of major currencies, as UK Prime Minister Theresa May was unable to renegotiate the Brexit deal with the European Union. May won her party’s confidence vote this week, but only with promises to make the Brexit deal more acceptable to her MPs. Yet she left Brussels empty-handed as the EU officials reiterated that the deal is … “Sterling Erases Thursday’s Gains After Theresa May Fails to Renegotiate Brexit Deal”
USD/CAD has more room to rise along the upside support line
The loonie managed to recover, but oil and other concerns limited gains. A busy week features Canadian inflation and retail sales. The technical picture remains bullish for USD/CAD. This was the week: Hopes on trade, oil not recovering Trade relations took a decisive twist with China buying US soybeans and opening its ambitious 2025 to … “USD/CAD has more room to rise along the upside support line”
NZ Dollar Falls as China’s Reports Overshadow Domestic Data
The New Zealand dollar fell during the Friday’s trading session. While domestic macroeconomic data was decent, some of the reports from New Zealand’s biggest trading partner, China, were disappointing. The seasonally adjusted BusinessNZ Performance of Manufacturing Index edged down from 53.7 in October to 53.5 in November. Despite the small decline, the index remained slightly above the long-term average, and the report commented on the result: With two of the three months for the last … “NZ Dollar Falls as China’s Reports Overshadow Domestic Data”
Bitcoin is in need of help from whales as it reels
BTC/USD flirts with new lows in a week that saw a gradual decline. Bitcoin needs another pre-Christmas rally to move up. The charts show oversold conditions, will a bounce follow? Bitcoin enjoyed a recovery of sorts during the weekend, reaching $3,600, but it began a gradual decline from that point onwards. The failure to stage … “Bitcoin is in need of help from whales as it reels”