The euro today extended yesterday’s decline in the Asian session against a much stronger US dollar before rallying slightly in the early European session. However, the rally was not sustained as the pressure of weak Chinese growth forecasts weighed on the markets risk sentiment; the EUR/USD pair slid to new lows in the American session. The EUR/USD currency pair today traded mostly in a range … “Euro Drops on Weak Chinese Data Despite Strong Eurozone PMIs”
Month: March 2019
Australian Dollar Soft Despite Positive Domestic Fundamentals
The Australian dollar was soft today even as domestic fundamentals were supportive to the currency. The likely reason for the currency’s weakness was bad news from China. Currently, the Aussie has trimmed its losses versus most majors. The Reserve Bank of Australia kept is main interest rate unchanged at 1.5% today, as was widely expected. Traders watched the accompanying statement closely, fearing it to be dovish. Yet it turned … “Australian Dollar Soft Despite Positive Domestic Fundamentals”
NZ Dollar Soft After China Slashes Growth Target
The New Zealand dollar slumped against its most-traded rivals today. The likely reason for the significant drop was news from China as domestic fundamentals looked good, giving the currency no reason to decline. China lowered its target for economic growth from 6.5% to a more flexible range of 6.0%-6.5%. The news was considered an evidence that the trade war with the United States had a tremendous negative impact on the Chinese economy. Indeed, … “NZ Dollar Soft After China Slashes Growth Target”
US Dollar Mixed on Construction Data, Trade Deal Optimism
The US dollar is trading mixed against a basket of currencies to kick off the new trading week. The greenback is finding direction on new construction numbers and US-China trade deal optimism. The buck has been impacted by a myriad of disappointing economic data as of late. According to the US Census Bureau, the construction industry recorded its slowest growth in seven years. In 2018, rising mortgage rates, shortages of landed, a skilled worker shortage, and ballooning … “US Dollar Mixed on Construction Data, Trade Deal Optimism”
Elliott wave Analysis: 10 Year US Notes, GBPJPY and USDJPY Intra-day Update
10Y US notes just started to break out of a triangle as expected and seem like risk-off mode is finally in play. GBP is currently very strong, but GBPJPY just hit some nice resistance line within five waves. So, despite strong GBP, GBPJPY still may face a pullback, while we are in risk-off mode. That … “Elliott wave Analysis: 10 Year US Notes, GBPJPY and USDJPY Intra-day Update”
Canadian Dollar Ends Week Soft due to GDP, Crude Oil Prices
The Canadian dollar sank this week, ending as the weakest currency on the Forex market, due to poor domestic macroeconomic data. There were plenty of important events this week, both good and bad. The loonie performed relatively well for the most part of the week but logged huge losses on Friday after Canada’s economic growth demonstrated slowdown, which turned out to be much bigger than was expected. The big drop of crude … “Canadian Dollar Ends Week Soft due to GDP, Crude Oil Prices”
Swiss Franc Mixed amid Confusing Data, Market Sentiment
The Swiss franc traded mixed today, rising against some rivals and falling versus others. While initially the currency was weaker due to risk appetite caused by the positive manufacturing report for China, the Swissie rebounded against many peers later. Mixed domestic macroeconomic data was not helping the currency in finding direction. Switzerland’s Federal Statistical Office reported that retail sales dropped 0.4% in January, seasonally adjusted, instead … “Swiss Franc Mixed amid Confusing Data, Market Sentiment”
Aussie Retreats After Rally Caused by China’s Economic Data
The Australian dollar rallied today, boosted by better-than-expected macroeconomic data for China. Domestic data was supportive as well. Yet that did not prevent the currency from reversing its gains later as it moved below the opening level against most major peers. The Caixin China Manufacturing Purchasing Managers’ Index climbed to 49.9 in February from 48.3 in January. It was “only fractionally below the neutral 50.0 mark.” Analysts … “Aussie Retreats After Rally Caused by China’s Economic Data”
AUD/USD may fall down under amid the RBA, GDP
AUD/USD extended its slide amid strong US data, mixed Chinese data, and ongoing trade talks. A busy week awaits traders with the rate decision and Australian GDP standing out. The technical picture is slightly bearish for the pair while experts are bearish only in the short term and bullish later on. This was the week: … “AUD/USD may fall down under amid the RBA, GDP”
EUR/USD awaits the ECB and NFP duo
EUR/USD broke above the range thanks to Powell’s dovishness and Brexit hopes. The ECB decision and the NFP stand out in a busy week. The technical picture looks bullish for the pair and experts are bullish in the medium and long terms. This was the week: Powell’s patience and Brexit hopes Fed Chair Fed testified on Capitol Hill … “EUR/USD awaits the ECB and NFP duo”