The US dollar rallied against most other currencies today. The major reasons for the rally were positive macroeconomic data released in the United States on Wednesday and optimism about the trade talks between the USA and China. US Treasury Secretary Steven Mnuchin said that prior meetings with Chinese Vice Premier Liu He were “very productive.” Mnuchin will travel with a US delegation to China next week to achieve a trade … “US Dollar Rallies on Sino-US Trade Talks Optimism & Good US Data”
Author: admin_mm
Canadian Dollar Falls on Bad Consumer Data, Capped by Crude Oil
The Canadian dollar is retreating from a two-month high midweek as disappointing consumer data weighed on the currency. The losses were capped by a modest rally in crude oil prices. While the market is anticipating a lower loonie in the near-term, the experts say this could rescue the Canadian economy. According to the National Bank of Canada, consumer spending is expected to fall to its lowest level in a decade this year. Researchers say that real consumption … “Canadian Dollar Falls on Bad Consumer Data, Capped by Crude Oil”
Loonie may not love Canadian wages – jobs report preview
Canada publishes the first jobs report for 2019 after significant gains. While a drop in positions will not be shocking, the deceleration in wages is worrying. USD/CAD awaits the publication without a specific bias, allowing the report to have its full impact. Canada releases the jobs report for January on Friday, February 8th, at 13:30 … “Loonie may not love Canadian wages – jobs report preview”
Pound Trades Sideways as Brexit Deadlock Persists Ahead of BoE
The British pound today traded in a range amid a lack of any major Brexit headlines or macro releases to push the cable in either direction. Investors were waiting for the outcome of Theresa May‘s visit to Northern Ireland in order to determine the currency pair’s future direction. The GBP/USD currency pair today declined to hit … “Pound Trades Sideways as Brexit Deadlock Persists Ahead of BoE”
Euro Falls vs. Majors with Decline of German Factory Orders
The euro declined versus its major rivals today after a report showed that German factory orders fell in December unexpectedly. The euro performed much better versus commodity currencies. Destatis, German Federal Statistical Office, reported that factory orders fell 1.6% in December from the previous month on a seasonally adjusted basis. That was a total surprise to analysts as they were expecting an increase by 0.3%. The indicator dropped 7.0% … “Euro Falls vs. Majors with Decline of German Factory Orders”
Aussie Sinks After RBA Chief Hints at Possibility of Interest Rate Cut
The Australian dollar slumped today, erasing yesterday’s gains, after Philip Lowe, Reserve Bank of Australia Governor, mentioned in his speech that an interest rate cut is as likely as a hike. Previously, the RBA was saying that the next move in rates is more likely to be a hike, and yesterday’s monetary policy statement seemed to confirm this. Yet today, Governor Lowe contradicted that in his speech titled “The Year Ahead,” … “Aussie Sinks After RBA Chief Hints at Possibility of Interest Rate Cut”
GBP/USD Buying opportunity? May could get deal through
PM May is moving away from renegotiating the Irish Backstop. Her tactics may get the original deal over the line. GBP/USD may rise if a hard-Brexit is avoided, not only delayed. UK PM Theresa May moved away from totally renegotiating the controversial Irish Backstop. In a speech in Belfast, the PM insisted that there would … “GBP/USD Buying opportunity? May could get deal through”
Chinese Yuan Ignores Worries As Warnings Keep Piling On
The Chinese yuan is ignoring negative market sentiment on Tuesday, despite a myriad of warnings pertaining to the national economy. Beijing has experienced a significant slowdown in recent months, stemming mostly from the US-China trade war. Even though it looks like both sides are inching towards a new trade agreement, there is still growing pessimism regarding growth. As investors home in on a potential trade deal, there is another … “Chinese Yuan Ignores Worries As Warnings Keep Piling On”
Canadian Dollar Trades Flat vs. Most Rivals, Down vs. US Dollar
With no macroeconomic reports or other events scheduled in Canada for today, the Canadian dollar was trading mostly flat in the American trading session. Falling prices for crude oil and poor economic data in the United States drove the loonie lower versus its US counterpart. Underwhelming reports in the USA were detrimental to the Canadian currency because Canada has strong economic ties to its neighbor. Additionally, the disappointing indicators led to concerns about … “Canadian Dollar Trades Flat vs. Most Rivals, Down vs. US Dollar”
Euro Declines Against USD on Mixed Eurozone Data, Later Rallies
The euro today lost ground against the US dollar from the mid-Asian session into the European session as the greenback rallied driven by positive investor sentiment. The EUR/USD currency pair traded at daily lows after the release of mixed PMI prints from across the eurozone by IHS Markit even as the Brexit deadlock capped the pair’s … “Euro Declines Against USD on Mixed Eurozone Data, Later Rallies”