The Japanese yen is making gains against a handful of currencies towards the end of the trading week. Currency investors appear to be bullish on the federal governmentâs positive tone on the Bank of Japan (BOJ)âs success in the economy. Traders are also sifting through recent reserve data, which showed a dramatic rise from the same time a year ago. Prime Minister Shinzo Abe delivered an address to the parliament on Wednesday in which he celebrated the central … “Japanese Yen Rises As Abe Celebrates BOJ Success”
Month: February 2019
Pound Falls on Brexit Jitters and BoE Decision, Rallies on Carney Speech
The Sterling pound today dropped below 2-week lows in the early London session as investors priced-in Brexit uncertainty ahead of a crucial meeting between Theresa May and the European Commission President. The GBP/USD currency pair dropped to new 2.5-week lows following the Bank of England‘s interest rate decision in the mid-European session. The GBP/USD currency … “Pound Falls on Brexit Jitters and BoE Decision, Rallies on Carney Speech”
Euro Extends Decline Driven by Weak Growth Forecasts and Data
The euro today extended its decline against the US dollar as investors reacted to more disappointing releases from Germany, which is the EU’s largest economy. The divergence in economic growth trajectories between the US and the EU continues to weigh on investor sentiment towards the EUR/USD currency pair affecting its performance. The EUR/USD currency pair … “Euro Extends Decline Driven by Weak Growth Forecasts and Data”
NZ Dollar Sinks After Extremely Underwhelming Employment Data
The New Zealand dollar fell sharply by the end of the Wednesday’s trading session and remained weak at the start of the Thursday’s session. The reason for the huge slump was an extremely underwhelming employment report. The Statistics New Zealand reported that employment rose 0.1% in the December quarter of 2018 from the previous three months, missing the consensus forecast of a 0.3% increase. The unemployment rate shot up from 4.0% to 4.3%, above the average forecast of 4.1%. The labor cost … “NZ Dollar Sinks After Extremely Underwhelming Employment Data”
US Dollar Rallies on Sino-US Trade Talks Optimism & Good US Data
The US dollar rallied against most other currencies today. The major reasons for the rally were positive macroeconomic data released in the United States on Wednesday and optimism about the trade talks between the USA and China. US Treasury Secretary Steven Mnuchin said that prior meetings with Chinese Vice Premier Liu He were “very productive.” Mnuchin will travel with a US delegation to China next week to achieve a trade … “US Dollar Rallies on Sino-US Trade Talks Optimism & Good US Data”
Canadian Dollar Falls on Bad Consumer Data, Capped by Crude Oil
The Canadian dollar is retreating from a two-month high midweek as disappointing consumer data weighed on the currency. The losses were capped by a modest rally in crude oil prices. While the market is anticipating a lower loonie in the near-term, the experts say this could rescue the Canadian economy. According to the National Bank of Canada, consumer spending is expected to fall to its lowest level in a decade this year. Researchers say that real consumption … “Canadian Dollar Falls on Bad Consumer Data, Capped by Crude Oil”
Loonie may not love Canadian wages – jobs report preview
Canada publishes the first jobs report for 2019 after significant gains. While a drop in positions will not be shocking, the deceleration in wages is worrying. USD/CAD awaits the publication without a specific bias, allowing the report to have its full impact. Canada releases the jobs report for January on Friday, February 8th, at 13:30 … “Loonie may not love Canadian wages – jobs report preview”
Pound Trades Sideways as Brexit Deadlock Persists Ahead of BoE
The British pound today traded in a range amid a lack of any major Brexit headlines or macro releases to push the cable in either direction. Investors were waiting for the outcome of Theresa May‘s visit to Northern Ireland in order to determine the currency pair’s future direction. The GBP/USD currency pair today declined to hit … “Pound Trades Sideways as Brexit Deadlock Persists Ahead of BoE”
Euro Falls vs. Majors with Decline of German Factory Orders
The euro declined versus its major rivals today after a report showed that German factory orders fell in December unexpectedly. The euro performed much better versus commodity currencies. Destatis, German Federal Statistical Office, reported that factory orders fell 1.6% in December from the previous month on a seasonally adjusted basis. That was a total surprise to analysts as they were expecting an increase by 0.3%. The indicator dropped 7.0% … “Euro Falls vs. Majors with Decline of German Factory Orders”
Aussie Sinks After RBA Chief Hints at Possibility of Interest Rate Cut
The Australian dollar slumped today, erasing yesterday’s gains, after Philip Lowe, Reserve Bank of Australia Governor, mentioned in his speech that an interest rate cut is as likely as a hike. Previously, the RBA was saying that the next move in rates is more likely to be a hike, and yesterday’s monetary policy statement seemed to confirm this. Yet today, Governor Lowe contradicted that in his speech titled “The Year Ahead,” … “Aussie Sinks After RBA Chief Hints at Possibility of Interest Rate Cut”