The Great Britain pound was rallying on Monday on hopes that the UK and EU leaders will be able to negotiate a new Brexit deal, resolving the Irish backstop issue. The sterling continued to move higher at the start of the Tuesday’s session after changes to the deal were indeed made. David Lidington, Minister for the Cabinet Office, announced “legally bounding” changes to the Brexit deal that will prevent the European Union from keeping the Irish backstop … “Great Britain Pound Surges After Changes Made to Brexit Deal”
Author: admin_mm
Canadian Dollar Firm As Crude Oil Rallies More than 1%
The Canadian dollar was generally strong on Monday, likely due to the rally of crude oil prices. The loonie often follows moves of the commodity because it is Canada’s biggest source of export revenue. Crude rallied more than 1% during the Monday’s trading session. Prices surged after Saudi Arabia announced it is going to cut its oil output below 10 million barrels per day in an attempt to help … “Canadian Dollar Firm As Crude Oil Rallies More than 1%”
US Dollar Lower Despite Strong Retail Sales, Gains on Safe Peers
The US dollar traded generally lower versus other most-traded currencies today, but managed to gain on safer ones, like the Japanese yen and the Swiss franc. Analysts explained such behavior by the market sentiment, which was positive to riskier higher-yielding assets. US retail sales were better than expected, but traders largely ignored the data. The Census Bureau reported that retail sales increased by 0.2% in January from the previous … “US Dollar Lower Despite Strong Retail Sales, Gains on Safe Peers”
British Pound Rallies on Market Hopes for Last Minute Brexit Deal
The British pound today rallied higher against the US dollar driven by investors hope that a last-minute Brexit deal could be reached before tomorrow’s crucial vote. The British Prime Minister was en-route to Strasbourg at the time of writing in a last-minute effort to secure a new deal and resolve the thorny Irish backstop issue … “British Pound Rallies on Market Hopes for Last Minute Brexit Deal”
Euro Mixed, Capped by Disappointing German Data
The euro was mixed today, falling against commodity currencies, trading flat against the US dollar and the Japanese yen, while posting big gains versus the Swiss franc. Market analysts attributed such behavior to the risk-on mode of markets. Macroeconomic data released over the session in Germany was disappointing, preventing the currency pair from going higher. German industrial production contracted 0.8% in January from the previous month after increasing … “Euro Mixed, Capped by Disappointing German Data”
Chinese Yuan Weakens As Exports Plunge 21% in February
The Chinese yuan is weakening against a basket of currencies to start the trading week, driven by new data that shows exports posted a double-digit decline last month. The ongoing US-China trade discussions lingered in the background as both sides negotiate over the yuan and exchange rates. According to the National Bureau of Statistics of China, the worldâs second-largest economy witnessed its export industry suffer the worst month in three years. Because of a cooling global economy … “Chinese Yuan Weakens As Exports Plunge 21% in February”
Canadian Dollar Gains on Upbeat Jobs Data and Mixed US NFP
The Canadian dollar today rallied against its US counterpart for the first time this week following the release of upbeat Canadian jobs data in the early American session. The USD/CAD currency pair today broke its 6-day rally streak as the loonie gained against the greenback boosted by the mixed NFP report. The USD/CAD currency … “Canadian Dollar Gains on Upbeat Jobs Data and Mixed US NFP”
US Dollar Mixed on Disappointing Jobs Data, Stock Market Rout
The US dollar is trading mixed against a handful of currency rivals at the end of the trading week. The buck is finding direction on a disappointing labor report, as well as a stock market rout across the globe. In February, according to the Bureau of Labor Statistics (BLS), the US economy created only 20,000 new jobs, the smallest jobs gain since September 2017. This was much lower than the market forecast of 172,000 new jobs. The jobless … “US Dollar Mixed on Disappointing Jobs Data, Stock Market Rout”
Yen enjoys safe haven flows on doom and gloom, more to come?
USD/JPY dropped sharply as worries about the economy grew A big bulk of US figures will give a clearer picture of the situation. The technical picture remains mostly bullish for the pair. Experts see a bullish move in the short and medium terms and a drop afterward. This was the week: Worries, worries, worries The … “Yen enjoys safe haven flows on doom and gloom, more to come?”
CAD saved by the jobs reports after the BOC hits it hard
USD/CAD shot higher on the BOC’s dovishness but the jobs report stabilized it. A light calendar leaves the focus on oil and global developments. The technical picture is bullish for USD/CAD while experts are bullish only in the short-term. This was the week: BOC changes its mind, oil, jobs The Bank of Canada all but removed its … “CAD saved by the jobs reports after the BOC hits it hard”