The Chinese yuan is rallying against its American counterpart at the end of the trading week, despite the national economy growing at its slowest pace in about a decade. As the US-China trade war intensifies, there are fears that the economy could cool down even more. According to the National Bureau of Statistics, the third-quarter gross domestic product (GDP) climbed 6.5%, down from 6.7% in the previous quarter. The market had forecast a jump of 6.6%. … “Chinese Yuan Jumps Despite Growth at Slowest Pace Since 2009”
Author: admin_mm
NZD & AUD Firm Despite China’s GDP Miss
The New Zealand dollar, as well as its Australian counterpart, was strong today. The currencies rose against their most-traded rivals even as economic growth in China, the biggest trading partner of both New Zealand and Australia, was slower than expected. The miss was small, though, and other Chinese macroeconomic indicators were within expectations. The National Bureau of Statistics of China reported that gross domestic product rose 6.5% in the third quarter … “NZD & AUD Firm Despite China’s GDP Miss”
US Dollar Gains on Fed Hikes Speculations, Positive Data
The US dollar was rather strong today, though it was unable to outperform safer currencies like the Japanese yen and the Swiss franc. The greenback was also surprisingly weak against the Australian and New Zealand dollars intraday but managed to rebound by now. One of the major reasons for the greenback’s strength was the hawkish stance of the Federal Reserve. The Fed minutes released yesterday showed that all voting members voted for the September interest … “US Dollar Gains on Fed Hikes Speculations, Positive Data”
Pound Trades Sideways on Failed Brexit Talks and Weak UK Retail Sales
The British pound today traded sideways against the US dollar following the failed Brexit talks during yesterday’s meetings between EU leaders and British PM Theresa May. The pound was further weighed down by the release of the latest UK retail sales data in the early European session, which missed expectations by a significant margin. The GBP/USD … “Pound Trades Sideways on Failed Brexit Talks and Weak UK Retail Sales”
Canadian Dollar Falls on Cratering Oil Prices, Weaker Manufacturing Data
The Canadian dollar is tumbling on Thursday, thanks to crude oil prices slipping below the key $70 threshold and weak manufacturing data. The loonie had surged to a 11-day high on Wednesday before retreating against several other currencies. According to the US Energy Information Administration (EIA), domestic crude inventories climbed by 6.5 million barrels for … “Canadian Dollar Falls on Cratering Oil Prices, Weaker Manufacturing Data”
Australia’s Data Doesn’t Look Amazing, Aussie Defies Fundamentals
The Australian dollar was among the strongest currencies today. That puzzled market analysts as Australia’s macroeconomic reports were not particularly favorable and the market sentiment was negative to riskier commodity-related currencies due to geopolitical tensions and prospects for additional monetary tightening from the Federal Reserve. The Australian Bureau of Statistics reported that Australian employers added 5,600 jobs in September, almost three times less than analysts had predicted — 15,200. … “Australia’s Data Doesn’t Look Amazing, Aussie Defies Fundamentals”
Japanese Yen Flat on EU Trade Deal, World Economic Forum Index
The Japanese yen is trading flat midweek after several mixed news reports came out pertaining to the worldâs third-largest economy. While a new poll shows economists fear upcoming trade spats with the US will impact the Japanese economy, a new study discovered that Tokyo remains one of the most competitive places in the world today. The US government has warned that it could institute 25% tariffs on Japanese … “Japanese Yen Flat on EU Trade Deal, World Economic Forum Index”
Euro Drops Despite In-Line Inflation Data Ahead of FOMC Minutes
The euro today has traded erratically against the US dollar from the start of today’s session as both sellers and buyers pushed to gain control of the single currency. The EUR/USD currency pair traded both higher and lower as it struggled to find direction despite the release of positive eurozone inflation data, but was heading lower at … “Euro Drops Despite In-Line Inflation Data Ahead of FOMC Minutes”
Pound Falls on Weak UK Inflation Data Amid Brexit Summit
The British pound today fell significantly against the dollar following the release of the latest UK inflation data, which missed expectations. The pound was also weighed down by the ongoing European Union Brexit summit, which is not expected to result in a deal. The GBP/USD currency pair today fell from an opening high of 1.3193 … “Pound Falls on Weak UK Inflation Data Amid Brexit Summit”
USD/JPY: Preparing For Next Rally: Confirm On Daily Close Above 113.15; Negate Below 111.75 – ING
USD/JPY was pressured lower alongside stocks. But have things changed now? Here is their view, courtesy of eFXdata: ING discusses USD/JPY technical outlook and adopts a bullish bias on a multi-days basis against a daily close back below 111.75. “The daily chart shows a successful test of the solid and crucial support area between the horizontal … “USD/JPY: Preparing For Next Rally: Confirm On Daily Close Above 113.15; Negate Below 111.75 – ING”