The Swiss franc experienced a “flash crash” today, falling sharply at the start of the trading session but reversing losses almost immediately afterwards. The worse-than-expected drop of the Swiss Consumer Price Index had limited impact on the currency. Switzerland’s Federal Statistical Office reported that the CPI fell 0.3% in January from the previous month, the same as in December. Analysts had expected a smaller decrease of 0.2%. Year-over-year, the index rose 0.6%. USD/CHF traded at about … “Swiss Franc Trades Flat-to-Lower After Flash Crash, Ignores Falling CPI”
Month: February 2019
US Dollar Ends Week Strongest amid Slowing Global Growth
The US dollar ended the week as the strongest currency on the Forex market even though fundamentals were not particularly supportive to the currency. It is just things in other parts of the world were even worse, with many countries forecasting slowing economic growth. Commodity currencies were leading the decline due to risk aversion caused by the economic slowdown. The developments in the Sino-US trade talks looked positive initially due to optimistic comments from … “US Dollar Ends Week Strongest amid Slowing Global Growth”
Canadian Dollar Rallies on Jobs Report, Capped by Oil Slide
The Canadian dollar is rallying against a basket of currencies to finish off the trading week. The loonie was given a much-needed jolt on Friday thanks to a strong January jobs report. But the gains were capped by falling crude oil prices that have cratered 5% over the last week. According to Statistics Canada, the national economy added 66,800 net new jobs last month, fueled by the private sector. The latest labor force … “Canadian Dollar Rallies on Jobs Report, Capped by Oil Slide”
Can CAD continue climbing after the superb Canadian jobs report
USD/CAD rose on the global mood but plunged on an excellent Canadian jobs report. A light calendar leaves sentiment and oil prices in the limelight. The technical picture is balanced for the pair. This was the week: Gloom is back, and oil is down After a week that was dominated by the Fed’s dovishness, the … “Can CAD continue climbing after the superb Canadian jobs report”
USD/INR Declines Following Thursday’s Interest Rate Cut
The Indian rupee traded higher versus the US dollar today following yesterday’s unexpected interest rate cut by the Reserve Bank of India. India’s central bank cut its policy repo rate by 25 basis points to 6.25% yesterday. Most analysts did not expect such move. The Monetary Policy Committee also shifted its hawkish stance: The MPC also decided to change the monetary policy stance from calibrated tightening … “USD/INR Declines Following Thursday’s Interest Rate Cut”
Bitcoin: SEC openness and double-bottom provide hope
Bitcoin begins bottoming out after a gradual decline. The SEC is reportedly warming to approving a Bitcoin ETF. The technical picture is improving for BTC/USD. After extending their grind lower, cryptocurrencies are on the move once again. BTC/USD stopped the bleeding at the double-bottom and began rising. Ethereum and Ripple lead the current recovery and … “Bitcoin: SEC openness and double-bottom provide hope”
Swiss Franc Mixed After Rising on Risk Aversion, Ignores Rising Unemployment Rate
The Swiss franc behaved similarly to the Japanese yen today, rising intraday on risk aversion, but retreating versus its major peers later. Against commodity currencies, though, the Swissie retained its gains. The increase of Switzerland’s unemployment rate did not bother the currency too much. The State Secretariat for Economic Affairs reported that the unemployment rate rose to 2.8% in January from 2.7% in December, not adjusted for seasonal variations. That … “Swiss Franc Mixed After Rising on Risk Aversion, Ignores Rising Unemployment Rate”
Yen Retreats After Rising on Risk Aversion, Ignores Economic Data
The Japanese yen retreated after rising earlier today on risk aversion caused by bad news about Sino-US trade talks. Domestic macroeconomic data was mixed, giving the currency no direction. Markets started the session in a risk-off mode after a report that US President Donald Trump said that it is “highly unlikely” that he will meet with Chinese President Xi Jinping before the March 2 … “Yen Retreats After Rising on Risk Aversion, Ignores Economic Data”
RBA Cuts Economic Forecasts, Australian Dollar Down
The Australian dollar declined today after the Reserve Bank of Australia downgraded its growth and inflation forecasts and reiterated that chances for an interest rate hike and a cut are “balanced” now. The losses were limited, though, and the currency has currently moved away from day’s lows. The RBA released it Statement on Monetary Policy for February, in which it slashed its economic projections. Gross domestic product is now expected to grow … “RBA Cuts Economic Forecasts, Australian Dollar Down”
The US consumer can get USD/JPY out of its balance
USD/JPY stuck to a narrow range amid weak data but an optimistic Powell. US retail sales, consumer confidence, and inflation stand out. The technical picture is balanced for the pair. This was the week: Disappointing data, Powell, Trump US data mostly missed expectations. The ISM Non-Manufacturing PMI dropped to 56.7 points, below expectations and going … “The US consumer can get USD/JPY out of its balance”