The British pound today traded sideways against the US dollar despite the release of upbeat UK GDP data in the early London session. The GBP/USD currency pair kept trading in a tight range for the second straight session despite the release of multiple upbeat UK macro prints. The GBP/USD currency pair today traded in a … “British Pound Trades Sideways Despite Upbeat UK GDP Data”
Author: admin_mm
South African Rand Jumps as ANC Heads to Victory in Election
The South Africa rand jumped against the US dollar today on the positive outcome of the national election. While not all votes were counted yet, it seems very likely that the governing African National Congress will retain majority in the parliament. Investors welcomed the news as they are hoping that this allows President Cyril Ramaphosa to implement reforms necessary to boost the nation’s economy. USD/ZAR slumped from 14.3354 to 14.1835 … “South African Rand Jumps as ANC Heads to Victory in Election”
Aussie Fails to Hold Unto Gains, RBA Downgrades Growth Forecast
The Australian dollar attempted to rally today on the back of cautious optimism about the US-China trade talks but has almost lost its gains by now. The Reserve Bank of Australia released the Statement on the Monetary Policy, in which it downgraded growth forecast for this year. The RBA cut its forecast for Australia’s economic growth in 2019 significantly, to 2% from 2.75% in the previous estimate. The outlook for 2020 remained unchanged at 2.75%, though. US tariffs … “Aussie Fails to Hold Unto Gains, RBA Downgrades Growth Forecast”
Japanese Yen Soft Despite US Tariffs, BoJ Outlook
The Japanese yen was soft today as the market sentiment was stable despite the United States implementing additional tariffs on Chinese imports. News from Japan itself was good for the most part. The Bank of Japan released today the Summary of Opinions at its April monetary policy meeting. The central bank signaled that it is planning to preserve its current extra loose monetary policy in the near future: It is necessary … “Japanese Yen Soft Despite US Tariffs, BoJ Outlook”
CAD/JPY May Be Different Than It Looks
The Canadian dollar versus the Japanese yen currency pair is now at the important support level of 81.38, an area which could have already given sings of weakness, but it could also turn out to still be the support everyone is expecting it to be. Long-term perspective After the appreciation from 78.22, the price formed what could turn out to be a bullish angled rectangle, with the highs at 85.23 and 84.35 … “CAD/JPY May Be Different Than It Looks”
Canadian Dollar Slides on Mixed Data
The Canadian dollar is trading lower against a basket of currencies on Thursday as an influx of mixed data is driving the loonie’s short-term performance towards the end of the trading week. The slumping economy is not giving consumers a ton of confidence, suggesting that they may not be as adamant to consume. According to Statistics Canada, exports surged 3.2% to $49 billion in March, driven by energy products, automobiles, mining, and aerospace technology. Imports to Canada … “Canadian Dollar Slides on Mixed Data”
Euro Rallies on US Dollar Selloff Ignoring Trade Jitters, Later Drops
The euro today spiked to new weekly highs against the US dollar in the early American session as the greenback dropped significantly against its peers. The EUR/USD currency pair later retraced some of its gains, but remained in positive territory as high-level US-China trade talks resumed. The EUR/USD currency pair today rallied from a low … “Euro Rallies on US Dollar Selloff Ignoring Trade Jitters, Later Drops”
GBP/USD has room to rise on weak GDP expectations
The UK is projected to announce an unimpressive growth rate of 0.2% in Q1. The low expectations are based on Brexit uncertainty. A minor surprise could provide the spark for a GBP/USD recovery. How hard has Brexit uncertainty hit the UK economy? Economists believe that it had a substantial adverse impact on growth, and this explains … “GBP/USD has room to rise on weak GDP expectations”
C$ may struggle with the jobs report
After a loss in jobs in March, minimal changes are projected for April. Wage growth may steal the show but also here, Canada may have hit its limits. The Canadian dollar is already under pressure, and it could intensify now. Has rapid job growth come to an end in Canada? Loonie traders will get an … “C$ may struggle with the jobs report”
Elliott wave Analysis: USDJPY is Targeting 109.70 Level In Sharp Fashion
On USDJPY we are tracking a bigger triangle correction which can be fully visible on the weekly chart but maybe still incomplete. If that’s the case then current leg up on the daily time frame is wave D in three legs which can be headed much higher after current blue sub-wave B is completed, which … “Elliott wave Analysis: USDJPY is Targeting 109.70 Level In Sharp Fashion”