The Australian dollar rallied today despite extremely poor domestic macroeconomic data. The possible reason for that was the fact that the market sentiment stabilized as traders priced in the trade war between the United States and China. Yet the currency was unable to hold onto gains and is currently trading below the opening level. The Australian Bureau of Statistic reported that the seasonally adjusted number of building approvals dropped 4.7% in April from March … “Aussie Rallies Despite Poor Domestic Data, Unable to Keep Gains”
Author: admin_mm
British Pound Drops As Brexit Uncertainty Deepens, Later Recovers
The British pound today fell to new 4-month lows against the US dollar as the uncertainty surrounding the Brexit issue deepened. The GBP/USD currency pair hit new lows as uncertainty reigned over who would succeed Theresa May as Prime Minister and whether they would support a no-deal Brexit. The GBP/USD currency pair today fell from a high of 1.2641 in the Asian session … “British Pound Drops As Brexit Uncertainty Deepens, Later Recovers”
US Dollar Mixed on Widening Trade Deficit, Higher Initial Jobless Claims
The US dollar is mixed against a basket of currencies on Thursday as data has been both good and bad for the worldâs largest economy. With the US-China trade war seemingly worsening, investors have been clamoring for some excellent data to offset the lackluster development in trade talks. According to the US Census Bureau, the trade deficit in goods increased in April from $71.9 billion to $72.1 billion. Every category of exports and imports declined as the former … “US Dollar Mixed on Widening Trade Deficit, Higher Initial Jobless Claims”
Euro-zone inflation critical ahead of the ECB
Euro-zone inflation has probably cooled down in May. The data sets the stage for the critical ECB decision two days later. EUR/USD has room to fall with inflation and core CPI is the key. When even the Germans are unfazed by a jump in inflation, EUR/USD also ignores the numbers and returns to its daily grind. That … “Euro-zone inflation critical ahead of the ECB”
CAD Drops After BoC Monetary Policy Meeting, Crude Oil Likely to Blame
The Canadian dollar was largely soft today, though it has managed to trim its losses by now, even gaining on the euro. The decline of crude oil prices is likely to blame for the poor performance of the currency as domestic news did not bring anything particularly bad. The Bank of Canada left its main interest rate at 1.75%, as was largely expected. The central bank maintained neutral tone in the statement. On a positive side, the bank … “CAD Drops After BoC Monetary Policy Meeting, Crude Oil Likely to Blame”
Japanese Yen Finds Support As Safe-Haven Trade in US-China Trade War
The Japanese yen is finding support midweek as investors are pouring into safe-haven assets amid the continuation of the US-China trade war. Despite traditional safe-haven assets, such as the yen and gold, surging throughout geopolitical tensions and market uncertainties, this investment play has not exactly panned out. With the trade spat escalating this month, are investors concerned that this is a battle that will linger into … “Japanese Yen Finds Support As Safe-Haven Trade in US-China Trade War”
Euro Drops on Weak German Jobs Data, and Cautious ECB Report
The euro today fell against the US dollar driven by negative investor sentiment, weak German jobs data as well as the ECB’s cautious review. The EUR/USD currency pair today fell to new weekly lows in the American session as Sino-US trade tensions dominated the markets affecting investor risk sentiment. The EUR/USD currency pair today fell from an opening high of 1.1172 to a low of 1.1134 in … “Euro Drops on Weak German Jobs Data, and Cautious ECB Report”
Franc Gains on US-China Trade War, Ignores Domestic Data
The Swiss franc gained on its most-traded peers today as the trade war between the United States and China continued to make investors nervous, driving them towards safer currencies. Wednesday’s negative domestic macroeconomic data did not hurt the Swissie much. Chinese site People’s Daily Online said that the USA risk losing rare earth supply due to the trade war: Waging a trade war against China, the United States … “Franc Gains on US-China Trade War, Ignores Domestic Data”
EUR/USD: Overoptimism implies further falls
EUR/USD has consistently closed below the three-month average target. If this pattern persists, there may be substantial downside in the next three months. The FXStreet Forecast Poll provides in-depth sentiment for selected financial assets. Experts’ average target for EUR/USD has been very close to the weekly closing price in the following week – but the same does not … “EUR/USD: Overoptimism implies further falls”
NZ Dollar Falls on Market Sentiment, Domestic Data
The New Zealand dollar fell today as negative domestic macroeconomic data and the risk-off market sentiment drove the currency down. The ANZ Business Confidence improved to -32.0 in May from -37.5 in April. All sectors remained deeply in the negative territory, though, indicating that New Zealand’s economy does not fare well. Indeed, the report said: The economy has cooled considerably over the past couple of years. It also mentioned probability … “NZ Dollar Falls on Market Sentiment, Domestic Data”