The Chinese yuan is making significant gains against its major currency rivals towards the end of the trading week. The yuan is rising on the latest services economic data, but the currencyâs rally was capped by concerning manufacturing news. In China, the Purchasing Managersâ Index (PMI) has become an important economic indicator. It is monitored closely by the market because it is a survey of businesses in a particular industry. Any reading above … “Chinese Yuan Rises on Services PMI, Capped by Manufacturing Contraction”
Month: January 2019
Euro Falls to Daily Lows Below Key Level on Mixed Eurozone Data
The euro today fell from yesterday’s highs, which were triggered by the dovish FOMC policy statement and comments, following the release of mixed eurozone data. The EUR/USD currency pair recovered slightly after the release of higher-than-expected US jobless claims data, which painted a different picture of the country’s labor market. The EUR/USD currency pair today dropped … “Euro Falls to Daily Lows Below Key Level on Mixed Eurozone Data”
Yen Gains on Fed’s Dovish Stance, Domestic Macroeconomic Data
The Japanese yen gained against its most-traded counterparts today. Some market analysts explained the rally by the better-than-expected domestic macroeconomic data, while others believed that the dovish stance of the US Federal Reserve helped the currency to gain, especially versus the US dollar. The Bank of Japan released the Summary of Opinions at the last week’s monetary policy meeting. The central bank signaled that it is ready to ease its already extremely … “Yen Gains on Fed’s Dovish Stance, Domestic Macroeconomic Data”
USD: Vulnerable To A Shift In Positioning After Dovish Fed Signals – Danske
The US Dollar lost some ground after the dovish Fed, but has the move reached its end? Here is their view, courtesy of eFXdata: Danske Research discusses its reaction to today’s FOMC January policy statement. “As widely expected, at the meeting the Fed did not raise its target range, which remains at 2.25-2.50%. More interesting was … “USD: Vulnerable To A Shift In Positioning After Dovish Fed Signals – Danske”
Australian Dollar Rallies on Back of China’s Improving Data
The Australian dollar gained against most of its major rivals today thanks to the better-than-expected macroeconomic reports released in China, Australia’s biggest trading partner. Data in Australia itself was somewhat mixed, but none of the reports released today was outright negative. China’s official manufacturing Purchasing Managers’ Index edged up from 49.4 in December to 49.5 in January, whereas analysts had expected it to fall to 49.3. Still, being … “Australian Dollar Rallies on Back of China’s Improving Data”
US Dollar Rises on Strong Jobs Report, Capped by âPatientâ Fed
The US dollar is gaining against its currency rivals midweek after new data shows the labor market entered 2019 on a strong note. But the dollarâs ascent was capped by a âpatientâ Federal Reserve, suggesting that there will not be any moves on interest rates until at least June. According to ADP, US companies added 213,000 jobs in January, beating median estimates of 174,000. The labor gains were … “US Dollar Rises on Strong Jobs Report, Capped by âPatientâ Fed”
Swiss Franc Drops, Dragged Down by Poor Macroeconomic Data
The Swiss franc fell against most of its major rivals today. Poor domestic macroeconomic data has likely played some part in the decline. The KOF Economic Barometer fell to 95.0 in January from 96.4 in December. Analysts had expected an increase to 96.8. The report commented on the result: The downward tendency that emerged at the end of last year continues. KOF added further: This renewed decline is especially attributable to negative developments … “Swiss Franc Drops, Dragged Down by Poor Macroeconomic Data”
Australian Dollar Rallies After CPI Beats Expectations
The Australian dollar rallied today against most-traded peers thanks to the inflation print that came out slightly above expectations. The Australian Bureau of Statistics reported that the Consumer Price Index rose 0.5% in the December quarter of 2018 from the previous three months. Analysts had expected the same 0.4% rate of growth as in the September quarter. Year-on-year, the CPI rose 1.8%. The trimmed mean CPI rose 0.4% last quarter — in line with … “Australian Dollar Rallies After CPI Beats Expectations”
Euro Range Bound on Mixed Eurozone Data, Drops on US Jobs Data
The euro today traded in a tight range amid subdued market activity as investors waited patiently for the FOMC rate decision scheduled for later today. The release of mixed data from across the eurozone had minimal impact on the EUR/USD currency pair, which continued to trade above the crucial 1.1400 level. The EUR/USD currency pair … “Euro Range Bound on Mixed Eurozone Data, Drops on US Jobs Data”
Sterling Rallies Despite Brexit Uncertainty With Looming Deadline
The Sterling pound today rallied slightly against the US dollar after the UK Parliament approved Sir Brady’s amendment allowing the Prime Minister to renegotiate the Irish backstop plan. The pound’s gains were limited by the fact that the European Union has categorically stated that it will not reopen negotiations regarding the current Brexit deal as … “Sterling Rallies Despite Brexit Uncertainty With Looming Deadline”