USD/CAD dropped as the greenback retreated on a dovish Fed, Canadian inflation and GDP numbers stand out. The technical picture is mixed for the pair. This was the week: Weaker USD, higher oil prices The US dollar was on the back foot for three reasons: 1) The FOMC Meeting Minutes confirmed the dovish twist by the Fed, … “CAD rising oil and USD weakness, but now faces two big tests”
Author: admin_mm
Australian Dollar Gains Even as RBA Chief Mentions Higher Chances of Interest Rate Cut
The Australian dollar was the strongest currency on the Forex market today as traders were cautiously optimistic, waiting for the outcome of the US-China trade negotiations in Washington. The chief of Australia’s central bank reiterated that chances of an interest rate cut increased, but that hardly affected the currency. Philip Lowe, Governor of the Reserve Bank of Australia, was speaking today. He made some dovish remarks, talking about “the accumulation of downside risks.” As a result, Lowe … “Australian Dollar Gains Even as RBA Chief Mentions Higher Chances of Interest Rate Cut”
NZ Dollar Rebounds After Falling on Interest Rate Cut Speculations
The New Zealand dollar fell intraday after the nation’s central bank proposed to raise capital requirements for New Zealand’s top banks, leading to speculations that an interest rate cut may follow. The currency has rebounded by now, though, even gaining against some of its rivals. The Reserve Bank of New Zealand proposed to raise capital requirements for the nation’s four biggest banks as a measure “of levelling the playing field.” In response to concerns that … “NZ Dollar Rebounds After Falling on Interest Rate Cut Speculations”
Japan’s Inflation Matches Expectations, Yen Falls on Risk Appetite
The Japanese yen fell today amid mild risk appetite on markets. Japan’s inflation came out within expectations but was still far away from the central bank’s 2% target. The national Consumer Price Index rose 0.2% in January from a year ago, slowing from 0.3% in December. Core inflation was at 0.8%. It was within expectations and slightly higher than 0.7% in the previous month. USD/JPY edged … “Japan’s Inflation Matches Expectations, Yen Falls on Risk Appetite”
US Dollar Mixed on Flood of Economic Data
The US dollar is mixed against a basket of major currencies on Thursday. With a flood of economic data, traders are sifting through the numbers and finding a play in the greenback. The US-China trade negotiations are also lingering in the background, something that could soon play a factor in the dollar in the coming weeks because reports suggest a new trade agreement is on the brink of happening. According to the US Census Bureau, durable goods orders â … “US Dollar Mixed on Flood of Economic Data”
Euro Trades Sideways on Mixed Eurozone PMIs and ECB Minutes
The euro today traded with significant moves in both directions within a wide range as the single currency was buffeted by shifting investor sentiment throughout the session. Investors reacted both positively and negatively to various key developments during the day such as the Markit Germany Services PMI causing the EUR/USD pair to whipsaw within a wide … “Euro Trades Sideways on Mixed Eurozone PMIs and ECB Minutes”
Japanese Yen Retreats After Rallying Earlier, Undisturbed by Poor Data
The Japanese yen was among the strongest currencies on the Forex market today, though the currency has retreated by now. Poor domestic macroeconomic data had a limited impact on the currency. The Nikkei Flash Japan Manufacturing Purchasing Managers’ Index dropped from 50.3 in January to 48.9 in February. It was the lowest level in 32 months. Indices for all industry activity fell 0.4% in December from the previous month, whereas analysts had predicted … “Japanese Yen Retreats After Rallying Earlier, Undisturbed by Poor Data”
Australian Dollar Gains on Employment, Retreats on Bad News
The Australian dollar rallied earlier during the Thursday’s trading session on the back of robust domestic employment growth but retreated later due to a range of negative fundamentals. The Aussie rallied after the Australian Bureau of Statistics reported that employers added 39,100 jobs in January compared to the previous month on a seasonally adjusted basis, much more than analysts had predicted — 15,200. The unemployment rate remained at 5.0%, as was expected. The currency pulled back, … “Australian Dollar Gains on Employment, Retreats on Bad News”
Chinese Yuan Strengthens As Investors, Officials Weigh Economy
The Chinese yuan is strengthening midweek as foreign exchange markets are taking a break from combing through data. But investors and officials are weighing decisions that may or may not boost national growth, including in the rural areas of the worldâs second-largest economy. On Tuesday, Beijing announced that it will release intensive reforms of Chinaâs agriculture sector to advance its rural economy as part of efforts to offset trade challenges, … “Chinese Yuan Strengthens As Investors, Officials Weigh Economy”
Pound Declines Amid Brexit Uncertainty and Tory Party Defections
The Sterling pound today was on a downtrend against the US dollar as investors reacted to the Brexit stalemate among UK leaders, which has led to party defections. The GBP/USD currency pair declined for most of the Asian session before consolidating in the European session, but was rallying higher at the time of writing. The GBP/USD … “Pound Declines Amid Brexit Uncertainty and Tory Party Defections”