The euro today traded mostly sideways with a bearish tilt as markets digested the less dovish message issued by Jerome Powell the US Fed Chairman during his speech yesterday. The EUR/USD currency pair traded in a tight range amid a lack of any major macro releases from the European docket. The EUR/USD currency pair today … “Euro Trades Sideways as US Fed Dashes Rate Cut Expectations”
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Franc Vulnerable Due to Escalating Conflict Between Switzerland & EU
The Swiss franc was generally weak today (though managed to gain on the Japanese yen) as the conflict between the European Union and Switzerland intensified. The conflict between the EU and Switzerland escalated as Switzerland is planning to ban Swiss shares from EU exchanges. That is retaliation to EU’s threat to end its stock market equivalence to Switzerland. And the reason for all that mess is the agreement that should provide Switzerland access to EU’s single … “Franc Vulnerable Due to Escalating Conflict Between Switzerland & EU”
NZ Dollar Rallies After RBNZ Talks About Interest Rate Cut
The New Zealand dollar dropped initially after the Reserve Bank of New Zealand made a monetary policy announcement today, hinting at possibility of an interest rate cut in the future. But the currency rebounded almost immediately and is trading now far above the opening level. The RBNZ left its main interest rate unchanged at 1.5% today, as was widely expected. But the central bank signaled in the statement that it may yet cut … “NZ Dollar Rallies After RBNZ Talks About Interest Rate Cut”
USD: Weakness Likely To Extend As Key Technical Support Levels Are Broken – MUFG
The US dollar is trying to find its balance after the Federal Reserve sent it down with a dovish message. What’s next? Here is their view, courtesy of eFXdata: MUFG Research discusses the USD outlook and flags a scope for further weakness in the near-term. “The US dollar has continued to trade at weaker levels during … “USD: Weakness Likely To Extend As Key Technical Support Levels Are Broken – MUFG”
AUD/USD Hits a Turning Point at 0.6858
The Australian dollar versus the US dollar currency pair looked as if it was determined to pierce the 0.6858 major support, but it changed course instead. The question is now whether or not this confirmation was decisive for the medium-term evolution. Long-term perspective Beginning with the confirmation as a support of 0.7055 on October 8, 2018, the bearish movement was stalled. After a first failed attempt to break the support area of 0.7055 and 0.7013 … “AUD/USD Hits a Turning Point at 0.6858”
Pound Rallies on USD Weakness, Falls on Boris Johnsonâs Remarks
The British pound today rallied to its daily highs early in the session driven largely by US dollar weakness as investors expect the Fed to announce its rate cut plans. However, the GBP/USD currency pair quickly dropped following comments by Boris Johnson regarding the October 31st Brexit deadline. The GBP/USD currency pair today rallied to a daily high of 1.2784 before dropping to a low of 1.2710 in the American session and trading near these lows … “Pound Rallies on USD Weakness, Falls on Boris Johnsonâs Remarks”
Japanese Yen Strengthens on Leading Economic Index, Easing Signals
The Japanese yen is strengthening on Tuesday after new economic indexes climbed in April. This comes soon after the central bank signaled that it is willing to ease monetary policy if the economy warrants stimulus. Investors should also get a glimpse into the upcoming US-Japan trade negotiations as officials will meet with American trade representatives. In April, the Cabinet Officeâs coincident index inched higher to 102.1, up … “Japanese Yen Strengthens on Leading Economic Index, Easing Signals”
NZ Dollar Rallies as Exports Reach Record Levels
The New Zealand dollar rallied against other most-traded currencies today after nation’s trade data showed extremely positive results. Statistics New Zealand reported that the trade balance logged a surplus of NZ$264 million — a smaller excess than NZ$383 million logged in April, but bigger than NZ$200 million predicted by analysts. Both exports and imports rose, by 8.5% and 7.6% respectively. Furthermore, exports reached the NZ$5.8 billion level — … “NZ Dollar Rallies as Exports Reach Record Levels”
Swiss Franc Extends Last Weekâs Rally Against the US Dollar
The Swiss franc today extended last week’s rally against the US dollar as a cautious mood in the European stock markets drove investors to the safe-haven currency. The USD/CHF currency pair also benefitted from the greenback’s slump following the dovish FOMC rate decision on Wednesday as the Fed hinted at future rate cuts. The USD/CHF … “Swiss Franc Extends Last Weekâs Rally Against the US Dollar”
USD/TRY Trades above 5.80, Bouncing After Falling to Almost 5.70
The USD/TRY currency pair rebounded after falling earlier today. The previous rally of the Turkish lira was a result of many positive factors. The main reason for the lira’s rally was the victory of the opposition Nation Alliance Party over the ruling Justice and Development Party at the rerun of the municipal elections in Istanbul on Sunday. Additionally, domestic macroeconomic data was also beneficial to the currency. The manufacturing confidence index increased to 102.5 in June from 98.9 in the previous month. … “USD/TRY Trades above 5.80, Bouncing After Falling to Almost 5.70”