CB Consumer Confidence missed with 124.1 points in March. The data point fuels fears of a recession in the US. The US Dollar and the Japanese yen are set to benefit. The Conference Board’s Consumer Confidence measure for March unexpectedly dropped to 124.1 points from 131.4 in February. It contrasts the preliminary figure from the University … “CB Consumer Confidence: Weak data could eventually help the dollar”
Month: March 2019
Euro Gains Despite Worsening German Consumer Climate
The euro gained on most other major currencies, with the exception of the Great Britain pound, today as the market sentiment stabilized. The currency managed to keep gains even after the release of a somewhat disappointing macroeconomic report for Germany. The German GfK Consumer Climate logged a figure of 10.4 for April, down from 10.7 for March. Analysts had expected a small increase to 10.8. It was the first decline of the indicator since the start of the year. EUR/USD was … “Euro Gains Despite Worsening German Consumer Climate”
Japanese Yen Drops as Market Sentiment Stabilizes, BoJ Doesn’t Help
The Japanese yen was the weakest currency on the Forex market today as the risk sentiment stabilized. Releases from the Bank of Japan did nothing to help the currency. The BoJ released Summary of Opinions at the March monetary policy meeting today. The central bank mentioned that the slowdown of other economies can hurt the economy of Japan: While uncertainties regarding overseas economies started to become apparent from around last autumn, slowdowns have materialized. Reflecting … “Japanese Yen Drops as Market Sentiment Stabilizes, BoJ Doesn’t Help”
The USD/JPY Currency Pair Is Apparently Under Bearish Pressure
Last week, the appreciation of the Japanese yen took price under the supportive trendline of the ascending trend that started at the beginning of 2019. Long-term perspective On the daily chart, after the rejection from the 105 support area on January 3, 2019, price undertook an ascending move that recovered most of the depreciation that … “The USD/JPY Currency Pair Is Apparently Under Bearish Pressure”
NZ Dollar Weak Despite Trade Surplus
The New Zealand dollar was one of the weakest currencies on the Forex market today, though managed to outperform the Japanese yen. Better-than-expected domestic macroeconomic data failed to bolster the kiwi. Statistics New Zealand reported that the trade balance turned from a deficit of NZ$948 million in January to a surplus of NZ$12 million in February. That was a surprise to analysts, who were expecting a deficit of NZ$200 million. Milk powder, butter, and cheese led the rise … “NZ Dollar Weak Despite Trade Surplus”
British Pound Falls on Negative Brexit News Ahead of Key Vote
The Sterling pound today fell from its daily highs against the US dollar after rumors emerged that the Irish DUP was still opposed to the British PM’s Brexit deal. The GBP/USD currency pair was buffeted by new headlines relating to Brexit throughout today’s session as its gains were largely limited by the uncertainty associated with … “British Pound Falls on Negative Brexit News Ahead of Key Vote”
Gold levels to watch and why it rises on recession fears
XAU/USD tops $1,320 and hits the highest levels in March. The yield curve inversion and fears of a US recession drive it higher. Gold can look at higher levels, some dating to 2013. The price of Gold in USD (XAU/USD) extended its gains and hit a high of $1,322.48, the highest since February 28th. The … “Gold levels to watch and why it rises on recession fears”
Canadian Dollar Weakens on Data, Energy Prices
The Canadian dollar is weakening against several major currencies to start the trading week as the loonie is still reeling from bad data. The dollar faced additional pressure on tumbling energy prices and investors sounding the alarm about Canadaâs perpetual budget deficit problem. The loonie may get a bit of reprieve from a light-data calendar. According to Statistics Canada, national retail sales slumped for the third consecutive month in January by 0.3%, falling … “Canadian Dollar Weakens on Data, Energy Prices”
UK GDP could provide a temporary relief from Brexit headlines for GBP/USD
The final read for UK Q4 GDP is expected to confirm the previous figures. A revision of the yearly growth figure and investment could trigger short-term action. Brexit remains left, right, and center for GBP/USD movements. The UK publishes its final Gross Domestic Product report for the fourth quarter of 2018 on Friday, March 29th, … “UK GDP could provide a temporary relief from Brexit headlines for GBP/USD”
Turkish Lira Bounces After Erdogan Warns Speculators
The Turkish lira rose against the US dollar, rebounding after Friday’s huge slump, today after Turkey’s President Recep Tayyip Erdogan warned investors speculating against the currency that they will be punished. The bounce was limited, though, and currently the lira is trimming its gains. Turkey’s Banking and Regulation Supervision Agency said over the weekend that they will be probing JPMorgan for advising to short the lira … “Turkish Lira Bounces After Erdogan Warns Speculators”