The Canadian dollar is posting modest gains at the end of the trading week, buoyed by higher energy prices and positive manufacturing data. Amid cratering crude prices, the loonie has struggled to find direction, mainly because traders are waiting to see what the Organization for Petroleum Exporting Countries (OPEC) will do relating to output. Crude entered into a bear market after recording the longest stretch of losses in three decades. Since snapping … “Canadian Dollar Rises on Oil Prices, Manufacturing Data”
Author: admin_mm
Bitcoin: 3 explanations for the crash, big levels to watch
BTC/USD crashed spectacularly and hit the lowest levels since October. It is hard to find clear reasons for the plunge that may have been a long time in the making. The technical levels to watch are broader than usual. Volatility is finally back. And with a vengeance. Bitcoin crashed not only below $6,000 but also … “Bitcoin: 3 explanations for the crash, big levels to watch”
NZ Dollar Declines Despite Rising Manufacturing Index
The New Zealand dollar declined against its most-traded rivals today even after data released overnight showed that the manufacturing sector expanded with accelerating pace. The BusinessNZ Performance of Manufacturing Index edged up from 51.9 to 53.5 in October. That was the highest reading since May. The report commented on the result, saying that “the October result was a welcome change from where the survey has sat for the previous four … “NZ Dollar Declines Despite Rising Manufacturing Index”
Euro Rallies on Draghi Speech, Later Declines on Eurozone CPI Data
The euro inched higher against the US dollar in the Asian session and jumped higher in the early European session after Mario Draghi’s mostly hawkish speech in Frankfurt. The euro then headed lower against the greenback following the release of the latest eurozone CPI data, which was in-line with expectations. The EUR/USD currency pair today rallied … “Euro Rallies on Draghi Speech, Later Declines on Eurozone CPI Data”
Japanese Yen Gains As Economy Expected to Recover in Q4
The Japanese yen is gaining against the greenback after a survey of economists found that they expect the national economy to recover in the fourth quarter. Tokyo experienced a disappointing third quarter, stemming from natural disasters that impacted the overall economy, from consumer spending to industrial output. But with a trade war looming, can Tokyo really spark a rally in the October-to-December period? On Wednesday, it was reported that Japanâs gross … “Japanese Yen Gains As Economy Expected to Recover in Q4”
USD/CAD Pair Trades in a Range for the Fourth Consecutive Session
The USD/CAD currency pair today traded in a consolidative range extending a trend that has been going on since the start of the week. The currency pair has been range bound despite the commodity-linked loonie being relatively weak due to the massive drop in global crude oil prices as tracked by the West Texas Intermediate. … “USD/CAD Pair Trades in a Range for the Fourth Consecutive Session”
Pound Crashes as Two UK Ministers Resign Following Brexit Deal
The British pound today crashed to new 2-week lows after two UK Ministers and a junior minister led by former Brexit Secretary Dominic Raab resigned following yesterday’s draft Brexit deal. The Sterling was further weighed down by the disappointing retail sales data released earlier today, which pointed a grim picture of the UK economy. The … “Pound Crashes as Two UK Ministers Resign Following Brexit Deal”
Australian Dollar Propelled by Solid Employment Data
The Australian dollar rose today, propelled higher by strong employment figures. The falling inflation expectations did not affect the currency at all. While the Aussie has trimmed gains against some of its most-traded rivals by now, the currency remains safely above the opening level. The Australian Bureau of Statistics reported that employment increased by 32,800 in October on a seasonally adjusted basis. That is compared to the increase of 19,900 predicted by specialists and the small gain … “Australian Dollar Propelled by Solid Employment Data”
US CPI Accelerates Within Expectations, US Dollar Index Falls Slightly
The US dollar gained on some of its major rivals, including the euro and the Great Britain pound, after consumer inflation in the United States accelerated in line with market expectations. Overall, though, the currency traded slightly lower. The headline US CPI increased 0.3% in October from the previous month, exactly as analysts had forecast, after rising 0.1% in September. The core CPI rose 0.2%, also matching forecasts, after increasing 0.1% … “US CPI Accelerates Within Expectations, US Dollar Index Falls Slightly”
Chinese Yuan Rises Despite Disappointing Economic Data
The Chinese yuan is gaining against its American counterpart midweek, despite a myriad of disappointing economic numbers that show the national economy is not on strong footing. It is evident by now that Beijing will be unable to weather the storm clouds forming from the US-China trade war. According to the National Bureau of Statistics (NBS), consumer spending on automobiles and staple foods expanded 8.6%, the slowest pace in five months … “Chinese Yuan Rises Despite Disappointing Economic Data”