The Indian rupee fell against the US dollar today after India’s central bank decided to cut interest rates at today’s monetary policy meeting. The Reserve Bank of India decided to cut its main interest rate by 25 basis points to 6% today. Other interest rates were reduced as well. It was the second cut this year after another 25 points cut in February. Such decision was widely … “Indian Rupee Falls vs. US Dollar After RBI Cuts Interest Rates”
Month: April 2019
Sterling Soft Despite MPs Ruling Out Hard Brexit
The Great Britain pound was soft today even as the British Parliament voted for a bill that rules out a no-deal Brexit. The House of Commons voted for a bill that prevents hard Brexit and approves an extension of the final date of Britain’s divorce from the European Union. The voting was uncharacteristically quick and was won by just one vote, making some politicians call it a “constitutional outrage”. Meanwhile, Labour leader Jeremy Corbyn talked … “Sterling Soft Despite MPs Ruling Out Hard Brexit”
Euro Drops with German Factory Orders, Attempts to Recover
The euro declined today after German factory orders demonstrated the biggest decline in more than two years. Later, the currency attempted to rebound and is now trading near the opening level against most of its peers. German factory orders dropped 4.2% in February from the previous month following the 2.1% decline registered in January (revised positively from 2.6%). That is instead of rising by 0.3% as analysts had predicted. It … “Euro Drops with German Factory Orders, Attempts to Recover”
Euro Rallies on Upbeat Eurozone PMI and Retail Sales Data
The euro today rallied higher against the US dollar in the early European session following the release of upbeat PMI data from across the eurozone by IHS Markit. The EUR/USD currency pair later rallied higher in the American session following the release of weak US ADP employment data and a weak US dollar. The EUR/USD … “Euro Rallies on Upbeat Eurozone PMI and Retail Sales Data”
Swiss Franc Mixed on Higher Inflation, Slumping Manufacturing
The Swiss franc was mixed midweek as the currency was data-dependent against some of its major rivals. Investors combed through numbers that found higher-than-expected inflation, lower-than-expected manufacturing activity, and commendable retail sales figures. According to the Swiss Federal Statistics Office (FSO), retail sales rose 0.3% in February, up from the previous monthâs 0.1% decline. They also beat market forecasts of a 0.2% drop. However, a measurement of retail … “Swiss Franc Mixed on Higher Inflation, Slumping Manufacturing”
Pound Rallies as Theresa May Meets Jeremy Corbyn
The Great Britain pound gained on most other major currencies today as British Prime Minister Theresa May was meeting with opposition Labour leader Jeremy Corbyn. Market participants were hoping that the meeting between May and Corbyn will end the Brexit deadlock. If compromise is reached, it may mean softer Brexit, perhaps involving a customs union between the United Kingdom and the European Union. Additionally, it … “Pound Rallies as Theresa May Meets Jeremy Corbyn”
Australian Dollar Recovers after Tuesday’s Slump Thanks to China’s, Domestic Data
The Australian dollar recovered today after yesterday’s drop caused by Australia’s central bank. Macroeconomic data, both domestic and Chinese, was the major cause for the currency’s rally today. The Australian Bureau of Statistics reported that retail sales grew 0.8% in February from January, seasonally adjusted. That is more than two times the forecast increase by 0.3%. The seasonally adjusted trade balance widened to A$4.8 billion in February from A$4.35 … “Australian Dollar Recovers after Tuesday’s Slump Thanks to China’s, Domestic Data”
Brexit begins biting and GBP/USD may suffer – UK Services PMI analysis
UK Services PMI entered contraction territory for the first time since 2016. It implies Brexit is already biting the real economy. GBP/USD is focused on Brexit headlines rather than the economy, but this could hurt. Markit’s forward-looking Services Purchasing Managers’ Index for March plunged to 48.9 points, below the 50-point threshold that separates growth and … “Brexit begins biting and GBP/USD may suffer – UK Services PMI analysis”
NZ Dollar Gets Lifted by Positive News from China
The New Zealand dollar rallied today, lifted by positive news from China. China’s service sector expanded more than was expected, while rumors circulated that the United States and China are close to a trade deal. The Caixin China Services PMI climbed from 51.1 in February to 54.4 in March. That is compared to the average forecast of an increase to just 52.3. As for economic data in New Zealand itself, there were just … “NZ Dollar Gets Lifted by Positive News from China”
7 reasons for the cryto rally and where Bitcoin could go next
Cryptocurrencies have surged and held onto most of their gains. There are seven reasons behind the move that caught some by surprise. There are good reasons to believe the rally will continue. Bitcoin has not seen the $5,000 mark since November 2018, and now it happened. Ethereum also enjoyed a rally and even Rippleeventually advanced. The leap initially seemed … “7 reasons for the cryto rally and where Bitcoin could go next”