The Bank of England is set to leave its policy unchanged but publish new economic assessments. Hints about more QE would boost the pound despite fears of independence. Reopening the door to negative rates may weigh on sterling. Summer is about to become hotter – after a steaming hot weekend, pound traders are ready for … “BOE Preview: Three things that will move the pound on “Super Thursday””
Month: August 2020
Canadian Dollar Rallies Against US Peer on Strong Oil Prices, Later Falls
The Canadian dollar today rallied against its US peer as oil prices hit new multi-month highs before giving up its gains and heading lower. The USD/CAD currency pair later recouped most of its losses as oil lost its lustre at a crucial resistance level dragging the loonie lower. The USD/CAD currency pair today fell from … “Canadian Dollar Rallies Against US Peer on Strong Oil Prices, Later Falls”
Sterling Gets Help from Strong Rebound in Services, Rally of Stocks
The Great Britain pound demonstrated a decent performance during Wednesday’s trading session, even though it was not among the strongest currencies on the Forex market. The sterling got support from the strong rebound of the UK service industry as well as a rally of British stocks. The FTSE 100 Index, which tracks the major London-listed stocks, climbed more than 1% today. Other European stock indices also demonstrated a strong performance, and so … “Sterling Gets Help from Strong Rebound in Services, Rally of Stocks”
Euro Strong, Propelled by Domestic & US Macroeconomic Data
The euro was among the strongest currencies on the Forex market today, trading about flat against the Swiss franc and the Australian dollar, while rising versus other most-traded currencies. The currency got a boost from the recovery of the European services industries, though the weakness of the US dollar after an extremely disappointing employment report also helped the shared 19-nation currency. July’s IHS Markit Eurozone PMI Services Business Activity Index was finalized … “Euro Strong, Propelled by Domestic & US Macroeconomic Data”
US Data Analysis: Big jobs number? Negative NFP looks more likely, trends could extend in gold, dollar
ADP reported an increase of only 167,000 private-sector jobs in July. Manufacturing employment remains depressed according to ISM. The broader services sector also looks depressed. “Big jobs number on Friday” – said President Donald Trump to Fox News and the public ahead of July’s all-important Non-Farm Payrolls report. It doesn’t look that way – the … “US Data Analysis: Big jobs number? Negative NFP looks more likely, trends could extend in gold, dollar”
Chinese Yuan Strengthens to Five-Month High Despite Disappointing PMI
The Chinese yuan is strengthening against the US dollar midweek, despite disappointing economic data. The yuan has been gaining momentum against the greenback, primarily due to the rebounding economy and the buck languishing in recent weeks. With the central bank suggesting that it will not enhance its aggressive monetary policy efforts, could the worldâs second-largest economy continue its recovery? Speaking to local media outlets, Peopleâs Bank of China … “Chinese Yuan Strengthens to Five-Month High Despite Disappointing PMI”
Australian Dollar Strongest amid Positive Market Sentiment
The Australian dollar rose against a basket of most-traded currencies, including the New Zealand dollar, which itself was very strong. The likely reason for the Aussie’s strong performance was the positive market sentiment caused by a rally of US and European stocks. Domestic macroeconomic data was also helpful to the currency, while disappointing data from China, Australia’s biggest trading partner, did not have a material impact on the Australian currency. The Commonwealth Bank … “Australian Dollar Strongest amid Positive Market Sentiment”
NZ Dollar Rises After Employment Report Surprises Positively
The New Zealand dollar rallied today, though it has trimmed gains against some of its rivals by now. The catalyst for the rally was the release of surprisingly good domestic employment data. Statistics New Zealand reported that the number of employed people decreased by 0.4% in the June quarter. While not a good figure by itself, the drop was nowhere near 2.0% predicted by specialists. On top of that, the previous quarter’s increase got a positive … “NZ Dollar Rises After Employment Report Surprises Positively”
Bulls on AUD/NZD Determined to Conquer 1.0826
The Australian versus the New Zealand dollar currency pair is in a steady appreciation. Will this be enough to pass the important 1.0826 resistance level? Long-term perspective The rally that started at the 0.9991 low extended to the 1.0880 high. From there, a consolidation phase came into being, one that unvalidated the 1.0707 support level and sent the price very close to the firm 1.0551 level — see the 1.0582 and 1.0566 lows. However, the bulls … “Bulls on AUD/NZD Determined to Conquer 1.0826”
Euro Rallies Then Falls Against the US Dollar to Trade Flat for the Day
The euro today fell against the US dollar early in the European session despite the release of upbeat euro area producer price index data as the bears controlled the price action. The EUR/USD currency pair later rallied during the American session as the dollar retreated against its peers amid falling US Treasury yields to trade … “Euro Rallies Then Falls Against the US Dollar to Trade Flat for the Day”