The Australian dollar fell today, though the currency has rebounded from the day’s lows by now. The possible reason for the decline was deterioration of the consumer sentiment. The Westpac-Melbourne Institute Index of Consumer Sentiment fell 4.8% in March after rising 4.3% in February. The report said: The consumer mood deteriorated in March, sentiment falling to its lowest level since September 2017. With the index moving back below 100, pessimists again outnumber … “Australian Dollar Declines with Consumer Sentiment”
Month: March 2019
Euro Rallies on Positive European Releases and Mixed US Prints
The euro today extended its rally against the US dollar for the fourth consecutive session driven by positive eurozone releases. The EUR/USD’s rally was also boosted by the release of mixed US data and the improved market risk sentiment amid Brexit hopes. The EUR/USD currency pair today rallied from a low of 1.1276 in the … “Euro Rallies on Positive European Releases and Mixed US Prints”
Japanese Yen Weakens on Machine Tool Data, Business Sentiment
The Japanese yen is weakening against major currencies on Tuesday, driven by poor economic data and bearish business sentiment. While officials have dismissed concerns of an economic contraction, the market is signaling that a recession is nigh, which could only intensify in a cooling global economy and trade war. According to the Japan Machine Tool Buildersâ Association (JMTBA), machine tool orders plunged 29% in February compared to the same time a year … “Japanese Yen Weakens on Machine Tool Data, Business Sentiment”
Great Britain Pound Ignores Positive Data, Falls on Brexit Drama
A slew of macroeconomic reports was released today, and most of them were positive. Yet the Great Britain pound reversed its earlier gains nonetheless as the Brexit drama continued with some negative developments. According to news released overnight, Britain’s officials secured a “legally binding” changes to the Brexit agreement with the European Union, which should prevent the Irish backstop from extending indefinitely. The news increased hopes for orderly Brexit. Yet … “Great Britain Pound Ignores Positive Data, Falls on Brexit Drama”
Euro Rallies on Weak US Inflation Data Amid Brexit Headlines
The euro today rallied for the third straight session against the US dollar as investors reacted to the mixed US inflation data released today. The EUR/USD currency pair’s rally was further boosted by Brexit developments as the EU and the UK agreed to a raft of joint declarations on the Irish backstop issue. The EUR/USD … “Euro Rallies on Weak US Inflation Data Amid Brexit Headlines”
USD/SEK Falls Despite Swedish CPI Miss
Sweden’s consumer inflation missed market expectations, but that did not prevent the Swedish krona from gaining on the US dollar. The possible reason for that was the fact that US underline inflation also failed to meet expectations. Statistics Sweden reported that the Consumer Price Index rose 1.9% in February, year-on-year, the same as in January. Analysts had expected a bit faster rate of increase — 2.0%. The rise of prices was mainly … “USD/SEK Falls Despite Swedish CPI Miss”
Aussie Stands Ground in Face of Adverse Fundamentals
Macroeconomic reports released during the Tuesday’s trading session did not paint a positive picture of Australia’s economy. Yet that did not prevent the Aussie from standing ground, avoiding losses, most likely due to mild risk appetite on the Forex market. The National Australia Bank business confidence index dropped from +4 in January to +2 in February. The business conditions index retreated from +7 to +4. The report commented on the results: With … “Aussie Stands Ground in Face of Adverse Fundamentals”
Great Britain Pound Surges After Changes Made to Brexit Deal
The Great Britain pound was rallying on Monday on hopes that the UK and EU leaders will be able to negotiate a new Brexit deal, resolving the Irish backstop issue. The sterling continued to move higher at the start of the Tuesday’s session after changes to the deal were indeed made. David Lidington, Minister for the Cabinet Office, announced “legally bounding” changes to the Brexit deal that will prevent the European Union from keeping the Irish backstop … “Great Britain Pound Surges After Changes Made to Brexit Deal”
Canadian Dollar Firm As Crude Oil Rallies More than 1%
The Canadian dollar was generally strong on Monday, likely due to the rally of crude oil prices. The loonie often follows moves of the commodity because it is Canada’s biggest source of export revenue. Crude rallied more than 1% during the Monday’s trading session. Prices surged after Saudi Arabia announced it is going to cut its oil output below 10 million barrels per day in an attempt to help … “Canadian Dollar Firm As Crude Oil Rallies More than 1%”
US Dollar Lower Despite Strong Retail Sales, Gains on Safe Peers
The US dollar traded generally lower versus other most-traded currencies today, but managed to gain on safer ones, like the Japanese yen and the Swiss franc. Analysts explained such behavior by the market sentiment, which was positive to riskier higher-yielding assets. US retail sales were better than expected, but traders largely ignored the data. The Census Bureau reported that retail sales increased by 0.2% in January from the previous … “US Dollar Lower Despite Strong Retail Sales, Gains on Safe Peers”