GBP/USD has extended its downfall, amid growing uncertainty about Brexit and global trade tensions. Further political developments, as well as UK PMIs, will shape the pound’s trading. The daily chart for early June shows oversold conditions on GBP/USD, implying a bounce. Experts are bearish in the short term but foresee considerable bounces later on. What … “Pound plunge may come to a (temporary) end”
Author: admin_mm
USD/JPY may extend its falls alongside trade wars
USD/JPY has failed to recover as trade wars intensified and also broadened. A busy beginning to June awaits traders with a full build-up to the NFP among other events. The technical outlook for early June remains bearish. Experts are bearish in the short-term but see a significant bounce later on. What just happened: Trade wars … “USD/JPY may extend its falls alongside trade wars”
3 reasons why the dollar suddenly dropped and why it will recover
The US Dollar has been falling sharply, reversing previous gains. Trade wars usually favor the safe-haven greenback, but this time is different. There are three main reasons for the downfall. EUR/USD has escaped the abyss, GBP/USD seemed to have forgotten about Brexit, and even commodity currencies have rallied against the greenback. The US dollar is a safe-haven currency, second … “3 reasons why the dollar suddenly dropped and why it will recover”
Risk Aversion, Falling Crude Oil Prices Overshadow Canada’s Data, CAD Drops
Macroeconomic data released in Canada today was very good, but it did not prevent the Canadian dollar from falling. Risk aversion caused by trade wars and falling prices for crude oil, Canada’s major export, were responsible for the currency’s lackluster performance. Canada’s gross domestic product rose 0.5% in March after falling 0.2% in April. That was a bit bigger increase than a 0.4% gain predicted by analysts. … “Risk Aversion, Falling Crude Oil Prices Overshadow Canada’s Data, CAD Drops”
Aussie Soft due to Risk Aversion, Chinese Data
As many other currencies, the Australian dollar was soft today due to risk aversion caused by escalating US trade wars. Poor China’s macroeconomic data was not helping to improve the traders’ mood either. China’s official manufacturing Purchasing Managers’ Index fell from 50.1 in April to 49.4 in May, missing the average forecast of 49.9. The indicator was below the neutral 50.0 level, indicating contraction of the sector. The non-manufacturing PMI was … “Aussie Soft due to Risk Aversion, Chinese Data”
Yen Thrives amid Risk Aversion, Ignores Domestic Data
There were plenty of macroeconomic reports released in Japan today. They were mixed, failing to provide a clear picture of Japan’s economic well-being. But as it often happens, the yen largely ignored domestic data. Instead, the currency surged against other most-traded currencies due to risk aversion on the Forex market. US President Donald Trump twitted about plans to impose tariffs on Mexican imports, and that triggered flight to safety among … “Yen Thrives amid Risk Aversion, Ignores Domestic Data”
Peso Sinks After Trump Targets Mexico with Tariffs
The Mexican peso tanked today, logging huge losses, after US President Donald Trump signaled that Mexico will be another target for US trade wars. Trump signaled that the United States will impose 5% tariff on all Mexican goods and will be increasing it further if Mexico does not stop illegal migrants coming to the USA. He twitted: On June 10th, the … “Peso Sinks After Trump Targets Mexico with Tariffs”
Canadian GDP may help CAD recover
Canadian growth has probably picked up in the first quarter according to analysts. The BOC downplayed expectations for the first quarter, allowing more room for surprise. The Canadian dollar is set to benefit from a faster expansion driven by jobs. It is hard to warm up in the cold Canadian winter – and the same … “Canadian GDP may help CAD recover”
Bears Triumph on CAD/JPY
After the bulls failed to mark their presence in the market, the bears took a decisive move and brought the price under 81.30. Long-term perspective After the appreciation from the 78.22 low, the price on the Canadian dollar versus the Japanese yen currency pair respected some important graphical landmarks. The first is the 81.38 solid support area, which the price had to confirm in order to continue the upwards move. As it did so, 82.71 was pierced … “Bears Triumph on CAD/JPY”
Positive Fundamentals Help Loonie to Rally Despite Huge Drop of Oil Prices
The Canadian dollar gained on Thursday, though trimmed its gains by the end of the trading session. The currency managed to rally even as crude oil posted huge losses, falling more than 4% over the course of Thursday’s trading. There were several possible fundamental reasons for the good performance of the Canadian currency. One of such reasons was optimism about the upcoming GDP report due for release on Friday. Analysts predicted that it will … “Positive Fundamentals Help Loonie to Rally Despite Huge Drop of Oil Prices”