The Indian rupee traded higher versus the US dollar today following yesterday’s unexpected interest rate cut by the Reserve Bank of India. India’s central bank cut its policy repo rate by 25 basis points to 6.25% yesterday. Most analysts did not expect such move. The Monetary Policy Committee also shifted its hawkish stance: The MPC also decided to change the monetary policy stance from calibrated tightening … “USD/INR Declines Following Thursday’s Interest Rate Cut”
Author: admin_mm
Bitcoin: SEC openness and double-bottom provide hope
Bitcoin begins bottoming out after a gradual decline. The SEC is reportedly warming to approving a Bitcoin ETF. The technical picture is improving for BTC/USD. After extending their grind lower, cryptocurrencies are on the move once again. BTC/USD stopped the bleeding at the double-bottom and began rising. Ethereum and Ripple lead the current recovery and … “Bitcoin: SEC openness and double-bottom provide hope”
Swiss Franc Mixed After Rising on Risk Aversion, Ignores Rising Unemployment Rate
The Swiss franc behaved similarly to the Japanese yen today, rising intraday on risk aversion, but retreating versus its major peers later. Against commodity currencies, though, the Swissie retained its gains. The increase of Switzerland’s unemployment rate did not bother the currency too much. The State Secretariat for Economic Affairs reported that the unemployment rate rose to 2.8% in January from 2.7% in December, not adjusted for seasonal variations. That … “Swiss Franc Mixed After Rising on Risk Aversion, Ignores Rising Unemployment Rate”
Yen Retreats After Rising on Risk Aversion, Ignores Economic Data
The Japanese yen retreated after rising earlier today on risk aversion caused by bad news about Sino-US trade talks. Domestic macroeconomic data was mixed, giving the currency no direction. Markets started the session in a risk-off mode after a report that US President Donald Trump said that it is “highly unlikely” that he will meet with Chinese President Xi Jinping before the March 2 … “Yen Retreats After Rising on Risk Aversion, Ignores Economic Data”
RBA Cuts Economic Forecasts, Australian Dollar Down
The Australian dollar declined today after the Reserve Bank of Australia downgraded its growth and inflation forecasts and reiterated that chances for an interest rate hike and a cut are “balanced” now. The losses were limited, though, and the currency has currently moved away from day’s lows. The RBA released it Statement on Monetary Policy for February, in which it slashed its economic projections. Gross domestic product is now expected to grow … “RBA Cuts Economic Forecasts, Australian Dollar Down”
The US consumer can get USD/JPY out of its balance
USD/JPY stuck to a narrow range amid weak data but an optimistic Powell. US retail sales, consumer confidence, and inflation stand out. The technical picture is balanced for the pair. This was the week: Disappointing data, Powell, Trump US data mostly missed expectations. The ISM Non-Manufacturing PMI dropped to 56.7 points, below expectations and going … “The US consumer can get USD/JPY out of its balance”
Japanese Yen Rises As Abe Celebrates BOJ Success
The Japanese yen is making gains against a handful of currencies towards the end of the trading week. Currency investors appear to be bullish on the federal governmentâs positive tone on the Bank of Japan (BOJ)âs success in the economy. Traders are also sifting through recent reserve data, which showed a dramatic rise from the same time a year ago. Prime Minister Shinzo Abe delivered an address to the parliament on Wednesday in which he celebrated the central … “Japanese Yen Rises As Abe Celebrates BOJ Success”
Pound Falls on Brexit Jitters and BoE Decision, Rallies on Carney Speech
The Sterling pound today dropped below 2-week lows in the early London session as investors priced-in Brexit uncertainty ahead of a crucial meeting between Theresa May and the European Commission President. The GBP/USD currency pair dropped to new 2.5-week lows following the Bank of England‘s interest rate decision in the mid-European session. The GBP/USD currency … “Pound Falls on Brexit Jitters and BoE Decision, Rallies on Carney Speech”
Euro Extends Decline Driven by Weak Growth Forecasts and Data
The euro today extended its decline against the US dollar as investors reacted to more disappointing releases from Germany, which is the EU’s largest economy. The divergence in economic growth trajectories between the US and the EU continues to weigh on investor sentiment towards the EUR/USD currency pair affecting its performance. The EUR/USD currency pair … “Euro Extends Decline Driven by Weak Growth Forecasts and Data”
NZ Dollar Sinks After Extremely Underwhelming Employment Data
The New Zealand dollar fell sharply by the end of the Wednesday’s trading session and remained weak at the start of the Thursday’s session. The reason for the huge slump was an extremely underwhelming employment report. The Statistics New Zealand reported that employment rose 0.1% in the December quarter of 2018 from the previous three months, missing the consensus forecast of a 0.3% increase. The unemployment rate shot up from 4.0% to 4.3%, above the average forecast of 4.1%. The labor cost … “NZ Dollar Sinks After Extremely Underwhelming Employment Data”