The euro today declined against the US dollar amid growing fears regarding the risks posed by emerging markets and the trade war being spearheaded by the USA. The EUR/USD currency pair fell after the release of weak eurozone inflation figures and the Trump administration’s rejection of the EU’s offer on auto tariffs. The EUR/USD currency … “Euro Declines on Weak Eurozone Inflation Data Amid Growing Fears”
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Turkish Lira Rebounds After Four Sessions of Losses
The Turkish lira remained extremely volatile, rising today after four consecutive sessions of losses. The lira gained on the news that Turkish policy makers lowered tax on lira deposits and raised them on deposits in foreign currencies. TEB Investment/BNP Paris strategist Isik Okte told Reuters: It appears to be a step taken to make lira deposit usage more attractive and to make a move from forex to lira deposits ‘profitable’. … “Turkish Lira Rebounds After Four Sessions of Losses”
Chinese Yuan Gains After PMIs Rise Unexpectedly
The Chinese yuan rose against the dollar today despite the worsening market sentiment. The possible reason for that was the unexpected increase of the official Purchasing Managers’ Indices. China’s official manufacturing PMI rose from 51.2 in July to 51.3 in August instead of falling to 51.0 as analysts had predicted. The services PMI demonstrated an increase from 54.0 to 54.2 versus the predicted drop to 53.8. Still, the investors were nervous as the United States were planning … “Chinese Yuan Gains After PMIs Rise Unexpectedly”
GBP: Still Caution N-Term But Bullish L-Term Against EUR & USD – Credit Agricole
The pound leaped on the openness of the EU to a special deal with the UK. What’s next? Here is their view, courtesy of eFXdata: Credit Agricole Research discusses GBP outlook in light of its yesterday’s sharp squeeze higher in response to comments yesterday from EU Chief Brexit negotiator Michel Barnier. “Nevertheless, the Brexit discussions in … “GBP: Still Caution N-Term But Bullish L-Term Against EUR & USD – Credit Agricole”
Canadian Dollar Drops As GDP Shows No Growth
The Canadian dollar dropped today after nation’s gross domestic product showed no growth in June, disappointing market participants. Hopes for a NAFTA deal remained a positive factor for the currency, which may support it in the near future. Statistics Canada reported that GDP basically showed no growth in June after rising 0.5% in May. Markets were counting on at least small increase by 0.1%. The disappointing data may prompt the Bank … “Canadian Dollar Drops As GDP Shows No Growth”
South African Rand Slumps As Government Warns of âCatastropheâ Without Land Reform
The South African rand is sliding to its lowest level in more than a week after the government warned of a national âcatastropheâ should its controversial land reform program fail to take place. South Africa has been under the spotlight in recent months after domestic leaders have been pressing land reform as a way to eliminate inequality and facilitate racial justice, something that has drawn international support. In 2018, President … “South African Rand Slumps As Government Warns of âCatastropheâ Without Land Reform”
Swiss Franc Falls vs. Yen As KOF Business Barometer Declines
The Swiss franc fell versus the Japanese yen and was little changed against the US dollar following the release of unfavorable macroeconomic data. The KOF Economic Barometer fell from 101.7 in July (revised up from 101.1) to 100.3 in August. The report explained the result: The strongest contributions to this negative result come from manufacturing, followed by the indicators from the exporting sector. On the other hand, the indicators related to private consumption give … “Swiss Franc Falls vs. Yen As KOF Business Barometer Declines”
NZ Dollar Crashes As Business Confidence Worsens
The New Zealand dollar tumbled today after macroeconomic data showed that the business confidence deteriorated and the number of building consents fell. ANZ Business Confidence Index dropped to -50.3 in August from -44.9 in July. The report commented on the result: Headline business confidence fell a further 5 points in August, but firms’ views of their own activity were steady. Manufacturing is now the least confident sector â likely … “NZ Dollar Crashes As Business Confidence Worsens”
Euro Falls on Mixed German Data Amid Depressed Market Sentiment
The euro today fell against the US dollar following mixed releases from Germany led by the weak import price index data among others. The EUR/USD currency pair gave up yesterday’s gains that were triggered by positive investor sentiment towards the single currency based on hopes for a Brexit deal. The EUR/USD currency pair today dropped … “Euro Falls on Mixed German Data Amid Depressed Market Sentiment”
Time to sell the GBP/USD? 3 reasons to doubt the Barnier rally
The GBP/USD rallied hard on Barnier’s offer for a “special deal” for the UK post-Brexit. There are three reasons why the gains are unjustified. Chief European Union Negotiator Michel Barnier surprised markets on Wednesday. The usually tough official spoke in Berlin, and his tone was optimistic for a change. He said the EU is ready … “Time to sell the GBP/USD? 3 reasons to doubt the Barnier rally”