The New Zealand dollar attempted to rally today on the back of a better-than-expected current account reading, but by now the currency has lost its gains and trades below the opening level against most-traded rivals. Statistics New Zealand reported that the current account turned into surplus of NZ$0.68 billion in the March quarter of 2019 from the deficit of NZ$3.49 billion in the previous quarter (without seasonal adjustments). Analysts had expected a smaller surplus of NZ$0.16 … “NZ Dollar Rises on Current Account Surplus, Fails to Hold onto Gains”
Month: June 2019
Rising Oil Prices Help Canadian Dollar Ignore Unfavorable Data
The Canadian dollar was generally firm today despite unfavorable domestic macroeconomic data. The likely reason for the loonie’s good performance was the sharp rally of prices for crude oil, Canada’s major source of export revenue. The North American grade of crude oil jumped almost 4% in New York today due to a range of factors. One of them was a tweet from US President Donald Trump that suggested that the world’s two … “Rising Oil Prices Help Canadian Dollar Ignore Unfavorable Data”
US Dollar Gains on Majors, Soft vs. Commodity Currencies
The US dollar traded generally higher against other majors today, though fell versus commodity currencies, even the extremely vulnerable Australian dollar. The current trading session was very light on macroeconomic data, with housing starts and building permits being the only report released in the United States today, and traders wait for tomorrow’s monetary policy decision from the Federal Reserve to drive the market. The US Census Bureau reported that … “US Dollar Gains on Majors, Soft vs. Commodity Currencies”
Chinese Yuan Strengthens on Solid Housing Prices, Retail Sales
The Chinese yuan is strengthening against several major currencies on Tuesday, supported by solid housing prices and retail sales in May. Although industrial output and fixed asset investment figures came in lower than expected, they were still commendable at a time when the worldâs second-largest economy is engaged in a bitter trade war with the US. According to the National Bureau of Statistics (NBS), the average price of newly constructed homes in the countyâs biggest … “Chinese Yuan Strengthens on Solid Housing Prices, Retail Sales”
Turkish Lira Gains on US Dollar Despite Unfavorable Data
The Turkish lira gained on the US dollar today. That is surprising considering that macroeconomic data released in Turkey during the trading session was unfavorable. Turkey’s industrial production dropped 4% in April, year-on-year, after falling 2% in the previous month. The consensus forecast had promised a smaller decline by 2.5%. Retail sales tumbled 6.9% in April, year-on-year, also more than was expected. USD/TRY dropped from 5.8700 to 5.8333 … “Turkish Lira Gains on US Dollar Despite Unfavorable Data”
Euro Falls to 2-Week Lows on Dovish Draghi Speech and Weak Data
The euro today fell to new 2-week lows following Mario Draghi’s introductory speech at the ongoing ECB Forum in Sintra, Portugal, which was interpreted as being very dovish. The EUR/USD currency pair was also weighed down by macro releases from Germany and the euro area, which missed expectations. The EUR/USD currency pair today fell from a daily … “Euro Falls to 2-Week Lows on Dovish Draghi Speech and Weak Data”
Brexit Fears Continue to Pressure Sterling
The Great Britain pound declined today as Brexit fears continued to weigh on the currency. The losses were limited, though, and the sterling has managed to eliminate them against some rivals. Today, Britain’s Conservative party will hold the second round of elections to choose its new leader. The contender with the lowest number of votes as well as any candidate with less than 33 votes will leave the race. The results are expected to be … “Brexit Fears Continue to Pressure Sterling”
Aussie Declines for Fifth Session on RBA Interest Rate Cut Prospects, Economic Data
The Australian dollar fell today, declining for the fifth consecutive trading session versus such majors as the US dollar and the Japanese yen. While the Aussie also fell against the euro initially, the shared currency of the eurozone has lost its gains by now. The reasons for the decline of Australia’s currency were the prospects for additional interest rate cuts from the Reserve Bank of Australia and unfavorable Australian macroeconomic data released during the Tuesday’s session. The RBA released … “Aussie Declines for Fifth Session on RBA Interest Rate Cut Prospects, Economic Data”
US Dollar Weakens on Poor Data, Unexpected June Rate Cut
The US dollar is weakening against its currency peers to start the trading week. Driven by disappointing economic data and a central bank unlikely to cut interest rates at its policy meeting this week, the greenback is taking a hit as investors take a wait-and-see approach. Manufacturing numbers have been mixed in the last week. On Tuesday, the New York Federal Reserve Bankâs Empire State manufacturing index plunged 26.4 points to -8.6 … “US Dollar Weakens on Poor Data, Unexpected June Rate Cut”
Euro Rallies on Weak US Manufacturing Data, Falls on ECB Event
The euro today rallied to its daily highs backed by US dollar weakness accompanied the release of weak US manufacturing data. The EUR/USD currency pair later fell as demand for the safe haven greenback rose during the American session and the ECB Forum on Central Banking in Sintra, Portugal. The EUR/USD currency pair today rallied from a low of 1.1203 in the early European session to a high of … “Euro Rallies on Weak US Manufacturing Data, Falls on ECB Event”