The Swiss franc attempted to rally during the Tuesday’s trading session on risk aversion caused by bad news from China. The Swissie failed to hold onto gains, though, and retreated against all other most-traded currencies by the end of the trading session. Positive domestic data was unable to support the currency. Switzerland’s Federal Statistical Office reported that the Consumer Price Index rose 0.4% in February from the previous month, matching market expectations … “Swiss Franc Loses Gains, Rising CPI Unable to Help”
Author: admin_mm
Canadian Dollar Weakens to Five-Week Low Ahead of BOC Decision
The Canadian dollar weakened to its lowest level against its American counterpart in five weeks. The multi-week low comes ahead of the central bank announcing its intentions on interest rates, and the worldâs second-largest economy potentially striking a blow to the slowing Canadian economy. The loonie was lifted by a modest bump in energy prices. On Wednesday, the Bank of Canada (BOC) is expected to leave its benchmark rate at 1.75%, after raising rates 125 basis … “Canadian Dollar Weakens to Five-Week Low Ahead of BOC Decision”
British Pound Declines on Brexit Cloud Amid Strong US ISM Data
The Sterling pound today fell against the US dollar despite the release of an upbeat fundamental print from the UK docket. The GBP/USD currency pair was weighed down by the looming Brexit deadline, which is just 24 days away with little sign of a deal being signed within the time left. The GBP/USD currency pair today rose to a high of 1.3198 in the … “British Pound Declines on Brexit Cloud Amid Strong US ISM Data”
Euro Drops on Weak Chinese Data Despite Strong Eurozone PMIs
The euro today extended yesterday’s decline in the Asian session against a much stronger US dollar before rallying slightly in the early European session. However, the rally was not sustained as the pressure of weak Chinese growth forecasts weighed on the markets risk sentiment; the EUR/USD pair slid to new lows in the American session. The EUR/USD currency pair today traded mostly in a range … “Euro Drops on Weak Chinese Data Despite Strong Eurozone PMIs”
Australian Dollar Soft Despite Positive Domestic Fundamentals
The Australian dollar was soft today even as domestic fundamentals were supportive to the currency. The likely reason for the currency’s weakness was bad news from China. Currently, the Aussie has trimmed its losses versus most majors. The Reserve Bank of Australia kept is main interest rate unchanged at 1.5% today, as was widely expected. Traders watched the accompanying statement closely, fearing it to be dovish. Yet it turned … “Australian Dollar Soft Despite Positive Domestic Fundamentals”
NZ Dollar Soft After China Slashes Growth Target
The New Zealand dollar slumped against its most-traded rivals today. The likely reason for the significant drop was news from China as domestic fundamentals looked good, giving the currency no reason to decline. China lowered its target for economic growth from 6.5% to a more flexible range of 6.0%-6.5%. The news was considered an evidence that the trade war with the United States had a tremendous negative impact on the Chinese economy. Indeed, … “NZ Dollar Soft After China Slashes Growth Target”
US Dollar Mixed on Construction Data, Trade Deal Optimism
The US dollar is trading mixed against a basket of currencies to kick off the new trading week. The greenback is finding direction on new construction numbers and US-China trade deal optimism. The buck has been impacted by a myriad of disappointing economic data as of late. According to the US Census Bureau, the construction industry recorded its slowest growth in seven years. In 2018, rising mortgage rates, shortages of landed, a skilled worker shortage, and ballooning … “US Dollar Mixed on Construction Data, Trade Deal Optimism”
Elliott wave Analysis: 10 Year US Notes, GBPJPY and USDJPY Intra-day Update
10Y US notes just started to break out of a triangle as expected and seem like risk-off mode is finally in play. GBP is currently very strong, but GBPJPY just hit some nice resistance line within five waves. So, despite strong GBP, GBPJPY still may face a pullback, while we are in risk-off mode. That … “Elliott wave Analysis: 10 Year US Notes, GBPJPY and USDJPY Intra-day Update”
Canadian Dollar Ends Week Soft due to GDP, Crude Oil Prices
The Canadian dollar sank this week, ending as the weakest currency on the Forex market, due to poor domestic macroeconomic data. There were plenty of important events this week, both good and bad. The loonie performed relatively well for the most part of the week but logged huge losses on Friday after Canada’s economic growth demonstrated slowdown, which turned out to be much bigger than was expected. The big drop of crude … “Canadian Dollar Ends Week Soft due to GDP, Crude Oil Prices”
Swiss Franc Mixed amid Confusing Data, Market Sentiment
The Swiss franc traded mixed today, rising against some rivals and falling versus others. While initially the currency was weaker due to risk appetite caused by the positive manufacturing report for China, the Swissie rebounded against many peers later. Mixed domestic macroeconomic data was not helping the currency in finding direction. Switzerland’s Federal Statistical Office reported that retail sales dropped 0.4% in January, seasonally adjusted, instead … “Swiss Franc Mixed amid Confusing Data, Market Sentiment”