The US dollar was firm today, supported by the unexpected drop of claims for unemployment benefits. Optimism about the upcoming meeting of the leaders of the United States and China was also contributing to the strength of the US currency. The US Department of Labor reported that the seasonally adjusted number of initial jobless claims dropped to 202,000 last week from the previous week’s revised figure of 212,000. That is instead of an increase to 215,000 predicted by economists. As a result, the unemployment … “US Dollar Firm As Unemployment Claims Lowest in Almost 50 Years”
Author: admin_mm
Loonie Attempts Rally Against US Dollar on Upbeat Canadian Ivey PMI
The Canadian dollar today attempted to rally higher against its US counterpart in the American session after the release of the upbeat Canadian Ivey PMI data. The USD/CAD currency pair today traded mostly directionless amid a lack of fundamental triggers to push the pair decisively in any direction. The USD/CAD currency pair today rallied from … “Loonie Attempts Rally Against US Dollar on Upbeat Canadian Ivey PMI”
Indian Rupee Falls vs. US Dollar After RBI Cuts Interest Rates
The Indian rupee fell against the US dollar today after India’s central bank decided to cut interest rates at today’s monetary policy meeting. The Reserve Bank of India decided to cut its main interest rate by 25 basis points to 6% today. Other interest rates were reduced as well. It was the second cut this year after another 25 points cut in February. Such decision was widely … “Indian Rupee Falls vs. US Dollar After RBI Cuts Interest Rates”
Sterling Soft Despite MPs Ruling Out Hard Brexit
The Great Britain pound was soft today even as the British Parliament voted for a bill that rules out a no-deal Brexit. The House of Commons voted for a bill that prevents hard Brexit and approves an extension of the final date of Britain’s divorce from the European Union. The voting was uncharacteristically quick and was won by just one vote, making some politicians call it a “constitutional outrage”. Meanwhile, Labour leader Jeremy Corbyn talked … “Sterling Soft Despite MPs Ruling Out Hard Brexit”
Euro Drops with German Factory Orders, Attempts to Recover
The euro declined today after German factory orders demonstrated the biggest decline in more than two years. Later, the currency attempted to rebound and is now trading near the opening level against most of its peers. German factory orders dropped 4.2% in February from the previous month following the 2.1% decline registered in January (revised positively from 2.6%). That is instead of rising by 0.3% as analysts had predicted. It … “Euro Drops with German Factory Orders, Attempts to Recover”
Euro Rallies on Upbeat Eurozone PMI and Retail Sales Data
The euro today rallied higher against the US dollar in the early European session following the release of upbeat PMI data from across the eurozone by IHS Markit. The EUR/USD currency pair later rallied higher in the American session following the release of weak US ADP employment data and a weak US dollar. The EUR/USD … “Euro Rallies on Upbeat Eurozone PMI and Retail Sales Data”
Swiss Franc Mixed on Higher Inflation, Slumping Manufacturing
The Swiss franc was mixed midweek as the currency was data-dependent against some of its major rivals. Investors combed through numbers that found higher-than-expected inflation, lower-than-expected manufacturing activity, and commendable retail sales figures. According to the Swiss Federal Statistics Office (FSO), retail sales rose 0.3% in February, up from the previous monthâs 0.1% decline. They also beat market forecasts of a 0.2% drop. However, a measurement of retail … “Swiss Franc Mixed on Higher Inflation, Slumping Manufacturing”
Pound Rallies as Theresa May Meets Jeremy Corbyn
The Great Britain pound gained on most other major currencies today as British Prime Minister Theresa May was meeting with opposition Labour leader Jeremy Corbyn. Market participants were hoping that the meeting between May and Corbyn will end the Brexit deadlock. If compromise is reached, it may mean softer Brexit, perhaps involving a customs union between the United Kingdom and the European Union. Additionally, it … “Pound Rallies as Theresa May Meets Jeremy Corbyn”
Australian Dollar Recovers after Tuesday’s Slump Thanks to China’s, Domestic Data
The Australian dollar recovered today after yesterday’s drop caused by Australia’s central bank. Macroeconomic data, both domestic and Chinese, was the major cause for the currency’s rally today. The Australian Bureau of Statistics reported that retail sales grew 0.8% in February from January, seasonally adjusted. That is more than two times the forecast increase by 0.3%. The seasonally adjusted trade balance widened to A$4.8 billion in February from A$4.35 … “Australian Dollar Recovers after Tuesday’s Slump Thanks to China’s, Domestic Data”
Brexit begins biting and GBP/USD may suffer – UK Services PMI analysis
UK Services PMI entered contraction territory for the first time since 2016. It implies Brexit is already biting the real economy. GBP/USD is focused on Brexit headlines rather than the economy, but this could hurt. Markit’s forward-looking Services Purchasing Managers’ Index for March plunged to 48.9 points, below the 50-point threshold that separates growth and … “Brexit begins biting and GBP/USD may suffer – UK Services PMI analysis”