The Turkish lira halted its rebound and fell versus the US dollar and the euro today as concerns about the situation in Turkey resurfaced. Lately, it looked like fears about the financial stability in the Middle Eastern nation subsided. Yet concerns returned after the United States threatened to slap additional tariffs on Turkish goods unless Turkey releases detained American pastor. Relations between the two NATO allies soured after the Turkish government … “Turkish Lira Halts Recovery, Falls vs. Dollar & Euro”
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Japanese Yen Finds Direction As Investors Show Currency Is âUndervaluedâ
The Japanese yen is continuing to find direction at the end of the trading week as analysts say that the currency is âundervalued.â As the market fears over the Turkish crisis dissipate, several currencies are looking to gain some momentum in this volatile environment, and one of them might be the yen. In the fallout of the lira crash, investors have been diving into the Japanese yen. And this could help appreciate the currency for the remainder of 2018. According to Bloomberg, … “Japanese Yen Finds Direction As Investors Show Currency Is âUndervaluedâ”
Canadian Dollar Among Weakest Currencies Despite Solid Data
The Canadian dollar was among the weakest currencies today despite solid macroeconomic data and gains of crude oil, Canada’s major export commodity. The possible reason for that were resurfacing concerns about the Turkish situation. Statistics Canada reported that manufacturing sales rose 1.1% in June after increasing 1.5% in July. The reading was in line with analysts’ forecasts of a 1.0% increase. ADP employment showed growth by 11,600 jobs in July. … “Canadian Dollar Among Weakest Currencies Despite Solid Data”
Pound Attempts to Rally on Positive Retail Sales, Remains Vulnerable
The Great Britain pound attempted to rally against some of its rivals today but was still hanging near the 14-month lows. While UK retail sales beat expectations and the general market sentiment improved, Brexit fears were still weighing on the currency. Britain’s Office for National Statistics reported that retail sales increased 0.7% in July, recovering from the 0.5% drop in June. Analysts had predicted a smaller increase by 0.2%. … “Pound Attempts to Rally on Positive Retail Sales, Remains Vulnerable”
Euro Recovers as US-China Trade Talks Are Set to Resume
The euro today recovered from the 14-month lows hit yesterday following the news that trade negotiations between China and the USA are set to resume later this month. The EUR/USD currency pair was also boosted by the release of the latest Eurozone trade balance data in the early European session, which beat expectations. The EUR/USD … “Euro Recovers as US-China Trade Talks Are Set to Resume”
AUD Rallies on Improving Market Sentiment, Decent Economic Data
The Australian dollar rallied today, boosted mainly by the improving market sentiment. Australia’s macroeconomic data released over the trading session was somewhat mixed, but mostly good. The Australian Bureau of Statistics reported that employment shrank by 3,900 in July on a seasonally adjusted basis. That is compared to the forecast of an increase by 15,000 and the previous month’s revised hefty gain by 58,200. Looking deeper into the report, though, the situation did not seem … “AUD Rallies on Improving Market Sentiment, Decent Economic Data”
Indonesian Rupiah Stable After Central Bank Raises Interest Rates
The Indonesian rupiah rose a bit against the US dollar today after Indonesia’s central bank raised interest rates to stop the drop of the currency. The Bank Indonesia announced that it is increasing its interest rates, including the benchmark 7-Day Reverse Repo Rate, which was hiked by 25 basis points to 5.5%. The action was a response to the recent drop of the rupiah to the lowest level in three years as the Turkish crisis hurt currencies … “Indonesian Rupiah Stable After Central Bank Raises Interest Rates”
Turkish Lira Continues to Recover, Boosted by Qatar Investment
The Turkish lira continued to recover, rising for the third straight trading session against the US dollar and the euro today. The currency got support from the news that Qatar will invest $15 billion in Turkey. While that will certainly be helpful, economists doubt that it will be enough to alleviate Turkey’s economic woes. The conflict with the United States and the inability of the government to tackle economic problems made market participants … “Turkish Lira Continues to Recover, Boosted by Qatar Investment”
Chinese Yuan Hovers Around Lowest Level Since May 2017
The Chinese yuan is hovering around its lowest level since May 2017 on Wednesday as the equities market plunged, US-China trade tensions escalated, and investors continued to sell off their yuan holdings this week. Is this a sign that the worst may be behind the currency? These are factors that may already be priced in … “Chinese Yuan Hovers Around Lowest Level Since May 2017”
Australian Dollar Dips Intraday, Rebounds Later
The Australian dollar dipped intraday during the Wednesday’s trading session but has bounced against most of its rivals by now and is trading near the opening level. Today’s macroeconomic data released in Australia was mixed. The Australian Bureau of Statistics reported that the Wage Price Index rose 0.6% in the June quarter from the previous three months on a seasonally adjusted basis. The actual increase was in line with market expectations and accelerated … “Australian Dollar Dips Intraday, Rebounds Later”