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”
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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”
The Descending Trend on USD/JPY Awaits Confirmation
The price is above an important support area, but it does not seem to be willing any appreciation. The descending channel might give the explanation. Long-term perspective After confirming the 112.20 resistance area on April 25, 2019, the US dollar versus the Japanese yen currency pair began a very determined downwards move. On its way, the price confirmed as resistances 110.27 and 109.70 (not drawn on the chart) and then stopped at the important … “The Descending Trend on USD/JPY Awaits Confirmation”
Rupee Falls After India Announces Tariffs on US Goods
The Indian rupee fell against the US dollar today after India decided to enter a trade war with the United States. India announced that it is implementing tariffs on 28 US products. The tariffs were a response for the withdrawal of preferential treatment of Indian imports by the United States, which was allowing Indian goods to enter the US markets levy-free. The news demonstrated that not all countries are going to be as willing … “Rupee Falls After India Announces Tariffs on US Goods”
Great Britain Pound Attempts to Recover After Starting Session Weak
The Great Britain pound is currently attempting to recover after starting trading very weak. The sterling was soft due to the downgrade of economic forecasts and persisting concerns about probability of a “hard” Brexit. The British Chamber of Commerce revised its forecast for Britain’s economic growth. The BCC upgraded the forecast for 2019 a little from 1.2% to 1.3%. But the forecasts for 2020 and 2021 got significant downgrades, from 1.3% to 1.0% and from 1.4% to 1.2% … “Great Britain Pound Attempts to Recover After Starting Session Weak”
USD: US Retail Sales: Supports The Case For Fed To Not Cut Rates As Early As Market Expects – CIBC
US retail sales have beaten expectations with substantial gains on top of upward revisions. The data may cause second thoughts at the Fed. CIBC Research discusses its reaction to today’s US retail sales report for the month of May. “US retail sales improved in May following an upwardly revised prior month. The downside miss on headline retailing, … “USD: US Retail Sales: Supports The Case For Fed To Not Cut Rates As Early As Market Expects – CIBC”
Brexit Worries Continue to Hammer Pound
The Great Britain pound sank against the US dollar and fell versus some other currencies, including the Swiss franc, today amid concerns that pro-Brexit candidate Boris Johnson is moving closer to becoming a new prime minister. There are also worries that, regardless of who wins leadership, Britain’s new leader simply will not have enough time to renegotiate the trade deal with the European Union before … “Brexit Worries Continue to Hammer Pound”
Ruble Gains vs. Dollar Despite Interest Rate Cut from Bank of Russia
The Russian ruble gained today versus the US dollar even after Russia’s central bank cut its key rate. The Bank of Russia announced today that it is cutting its main interest rate by 25 basis points to 7.5%. Furthermore, the central bank signaled that additional cuts are possible: If the situation develops in line with the baseline forecast, the Bank of Russia admits the possibility of further key … “Ruble Gains vs. Dollar Despite Interest Rate Cut from Bank of Russia”
Euro Falls Against US Dollar After US Retail Sales Top Expectations
The euro today fell to new weekly lows against the US dollar following the release of upbeat US retail sales data in the American session. The EUR/USD currency pair traded with a bearish bias for most of today’s session amid a risk-averse market mood given the US-China trade war. The EUR/USD currency pair today fell … “Euro Falls Against US Dollar After US Retail Sales Top Expectations”
Canadian Dollar Mixed on Disappointing Auto Sales, Rising Energy Prices
The Canadian dollar is mixed at the end of the trading week, finding direction against several currencies on recent automobile sales data and rallying crude oil prices. The loonie is trying to take advantage of the many dovish comments at the Federal Reserve, further helping the dollar pare its losses in the last week. According to Statistics Canada, new motor vehicle sales came in at 185,000 in April, down from 187,000 in the previous month. This is … “Canadian Dollar Mixed on Disappointing Auto Sales, Rising Energy Prices”