The Canadian dollar is weakening on Tuesday after new data showed that the economy contracted in February, reducing some of its gains in January. Thanks to sluggish resource output, analysts are beginning to forecast an economic slump in the first quarter. This could explain why there is declining business sentiment nationwide. According to Statistics Canada, the gross domestic product (GDP) slipped 0.1% in February, down from the 0.3% gain in January. … “Canadian Dollar Weakens on Shrinking Economy, Business Sentiment”
Month: April 2019
Euro-zone GDP expectations may be too high – watch EUR/USD
Euro-zone growth is expected to have picked up in Q1. While there are some green shoots, real improvement is unlikely. EUR/USD has room to fall if growth remains sluggish. The euro-zone publishes the preliminary read of Q1 GDP on Tuesday, April 30th, at 9:00 GMT. The old continent markedly slowed down in 2018 after enjoying … “Euro-zone GDP expectations may be too high – watch EUR/USD”
Chinese Yuan Weakens As Industrial Profits Soar
The Chinese yuan traded broadly to kick off the trading week as the worldâs second-largest economy finally received some positive economic news after more than a year of downbeat data and sentiment. Is China on the cusp of turning it around and kickstarting the economy? In March, Chinaâs industrial companies recorded their biggest profits in eight months. According to the National Bureau of Statistics, industrial profits climbed by 13.9% year on year last month to $87.5 … “Chinese Yuan Weakens As Industrial Profits Soar”
Euro Drops on Weak Business Climate, Gains on Mixed US Inflation
The euro today posted gains against the US dollar following the release of weak US inflation data in the early American session. The EUR/USD currency pair today fell from session highs following the release of weak eurozone business climate data in the early European session. The EUR/USD currency pair today traded mostly in a range marked by a high of 1.1167 and a low of 1.1143 and was trading at the top of this range at the time of writing. The currency … “Euro Drops on Weak Business Climate, Gains on Mixed US Inflation”
GBP/USD is waiting for two hammers to fall
GBP/USD fell sharply on USD strength, Brexit impasse. Brexit partially gives way to the Bank of England’s Super Thursday. The technical picture is bearish for the pair. Experts are bearish in the short term but bullish afterward. This was the week: Succumbing to USD strength Parliament returned, but not much happened in cross-party talks between … “GBP/USD is waiting for two hammers to fall”
CAD/JPY Consolidating Just Above 82.71
The Canadian dollar versus the Japanese yen dropped from 83.81 after a failed attempt to confirm the level as a support. Long-term perspective Unfortunately for the advancement that began at the solid support area of 81.38, there were at least two signs that the bears would drive the price lower: the hanging-man on April 14, 2019, and the bearish engulfing on April 23, 2019. The price now paused its decline just above the intermediary level 82.71, this … “CAD/JPY Consolidating Just Above 82.71”
Chinese Yuan Rises As Industrial Output, Stimulus Boost Economy
The Chinese yuan is rallying at the end of the trading week, buoyed by better industrial output and continued stimulus by the federal government. Despite Beijing noting that economic growth is improving, analysts are still encouraging the government to maintain its interventionist policies â both monetary and fiscal. Industrial production is surging in the worldâs second-largest economy. One area in particular is turning investors’ heads: cement output. In March, China produced … “Chinese Yuan Rises As Industrial Output, Stimulus Boost Economy”
Swedish Krona Rises for First Day in Five After Economic Data
The Swedish krona rose today after falling for four days in a row. Decent domestic macroeconomic data helped the currency. Sweden’s retail sales rose 0.5% in March from the previous month on a seasonally adjusted basis, accelerating its rate of growth from February’s 0.3% and beating market expectations of 0.2%. Year-on-year though, the rate of growth slowed to 1.9% in March from 3.2% in February, missing the consensus forecast of 2.8%. The Producer Price Index … “Swedish Krona Rises for First Day in Five After Economic Data”
Pound Posts Gains Despite Brexit Pessimism and Upbeat US GDP
The Sterling pound today traded mostly sideways against the US dollar as it solidified gains made from yesterday’s 10-week lows as the Brexit impasse continued. The GBP/USD currency pair dropped lower following the release of US Q1 GDP data before quickly reversing the losses and printing new daily highs driven by positive investor sentiment. The GBP/USD … “Pound Posts Gains Despite Brexit Pessimism and Upbeat US GDP”
Turkish Lira Falls for Seventh Session After Central Bank Disappoints
The Turkish lira fell today, extending its decline for the seventh consecutive trading session, after Turkey’s central bank disappointed market participants by yesterday’s monetary policy statement. The Central Bank of the Republic of Turkey left its interest rates unchanged at yesterday’s monetary policy meeting. The bank said in the statement: The Committee has decided to maintain the tight monetary policy stance until inflation outlook displays a significant improvement. Traders were disappointed … “Turkish Lira Falls for Seventh Session After Central Bank Disappoints”