The Australian dollar was mixed-to-lower today despite domestic macroeconomic data that showed a better-than-expected trade balance. The Australian Bureau of Statistics reported that the trade surplus decreased to A$1.55 billion in July from A$1.94 billion in June. Despite the decrease, the actual reading was better than the median forecast of A$1.46 billion. Yet the Aussie did not react to the report, and analysts explained that by risk aversion on the Forex market. AUD/USD rallied … “Australian Dollar Soft Despite Better-Than-Expected Trade Balance”
Author: admin_mm
Brexit: 3 lessons for GBP/USD traders after the recent jump
The UK and Germany agreed to abandon some vital Brexit demands, easing the path for a deal. The move provides three lessons for GBP/USD traders moving forward. The UK and Germany agreed to focus on a smooth transition of the UK outside the European Union and leave decisions for a future relationship for the future. … “Brexit: 3 lessons for GBP/USD traders after the recent jump”
Chinese Yuan Appreciates As Investors Bullish on Currency, Economy
The Chinese yuan is strengthening against its US counterpart midweek, buoyed by reports that investors appear to be bullish on the currency, the national economy, and the domestic bond market. The yuan also gained momentum on a recent analysis by a Wall Street giant that the currency could gain a greater global reserve market share. Hedge funds and money managers say China is becoming an attractive destination for foreign investors because the government has … “Chinese Yuan Appreciates As Investors Bullish on Currency, Economy”
Euro Declines on Negative Market Sentiment, Rallies on Weak US Dollar
The euro today initially fell drastically in the Asian session as concerns regarding the risk of emerging markets contagion triggered a selloff in riskier currencies including the euro. However, the single currency mounted a recovery from the early European session as market fears dissipated and the US dollar retreated from previous highs. The EUR/USD currency … “Euro Declines on Negative Market Sentiment, Rallies on Weak US Dollar”
Aussie Struggles to Keep Gains Despite Better-Than-Expected GDP
The Australian dollar was volatile today, struggling to preserve its gains. While it was trading above the opening level against most major rivals, the Aussie struggled to move higher despite a very supportive factor in the form of the faster-than-expected economic growth. The Australian Bureau of Statistics reported that gross domestic product rose 0.9% in the June quarter from the previous three months. Year-on-year, GDP climbed 3.4%. That was a faster … “Aussie Struggles to Keep Gains Despite Better-Than-Expected GDP”
NZ Dollar Stands Firm in Face of Overwhelmingly Negative Data
The New Zealand dollar was relatively firm today. That is surprising considering that macroeconomic data was overwhelmingly negative to the currency. Released during the American trading session, the GlobalDairyTrade Price Index dropped 0.7%. The ANZ Commodity Price Index, released during the Asian session, showed a drop of 1.1% in August from the previous month. While it was a slower decline than 3.3% registered in the preceding month, it was … “NZ Dollar Stands Firm in Face of Overwhelmingly Negative Data”
US Dollar Rallies on Trade War Fears, ISM Manufacturing Data
The US dollar rallied against all of its major rivals today. Market analysts explained the rally by risk aversion caused by trade war fears, though many also mentioned the unexpectedly positive manufacturing report. Investors were nervous today, anticipating that the planned tariffs on $200 billion worth of Chinese goods may take effect as soon as Thursday. The lack of progress in NAFTA talks between the United States and Canada also made … “US Dollar Rallies on Trade War Fears, ISM Manufacturing Data”
Rand Drops After South African Economy Enters Recession
The South African rand dropped today, touching the lowest level since June 2016 against the US dollar, after the nation’s economy entered recession unexpectedly. South Africa’s gross domestic product fell 0.7% in the June quarter on a seasonally adjusted annualized basis. Market participants had expected an increase by 0.6%. GDP contracted 2.6% in the previous quarter. The second consecutive quarterly decline means that the economy has officially entered recession. … “Rand Drops After South African Economy Enters Recession”
Canadian Dollar Stumbles to Six-Week Low on Trump-NAFTA Remarks
The Canadian dollar stumbled to its lowest level in six weeks on Tuesday after President Donald Trump suggested that it is not necessary to keep Canada in a new trade deal, a remark that comes a week after reaching an agreement with Mexico. The loonie will now try to find momentum in upcoming economic data. On Saturday, President Trump tweeted that a fair deal is required, otherwise âCanada will be … “Canadian Dollar Stumbles to Six-Week Low on Trump-NAFTA Remarks”
British Pound Drops on UK Construction PMI, Later Rallies on Carney
The British pound today dropped to new lows extending yesterday’s decline following the release of disappointing UK construction data earlier today. The GBP/USD currency pair later rallied higher following the testimony by the Bank of England Governor before the UK parliament where he promised to help smooth the Brexit process. The GBP/USD currency pair today … “British Pound Drops on UK Construction PMI, Later Rallies on Carney”