US Dollar Rallies on Stable Inflation, Turkish Fears

The US dollar rallied against its major rivals today, though not against safe ones, like the Japanese yen and the Swiss franc. The reasons for the rally were the stable inflation figures and risk aversion on markets. The US Consumer Price Index rose 0.2% in July, in line with expectations and a bit faster than in June (0.1%). The core components of the index were up 0.2% as well, same as in the previous month and also matching expectations. … “US Dollar Rallies on Stable Inflation, Turkish Fears”

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Sterling Pound Drops on UK GDP Data and US Inflation Report

The Sterling pound today was on a downtrend from the Asian session, but recovered slightly after the release of positive UK GDP data. The GBP/USD currency pair’s decline was further accelerated by the release of upbeat CPI data from the US docket. The GBP/USD currency pair today dropped from a high of 1.2836 in the Asian session to a low of 1.2756 in the early American session. The currency pair headed lower in the Asian session due to the risk-off market … “Sterling Pound Drops on UK GDP Data and US Inflation Report”

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Japanese Yen Gains on Risk Aversion, Positive Data

The Japanese yen gained today amid risk aversion caused by international tensions around the world. Domestic macroeconomic data, while usually having a limited impact on the currency, was also supportive. Japan’s gross domestic product rose 0.5% in the second quarter of this year according to the preliminary estimate. That is compared to the average forecast of a 0.3% increase and the 0.2% drop registered in the first quarter. The Producer Price Index rose 3.1% in July, … “Japanese Yen Gains on Risk Aversion, Positive Data”

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Australian Dollar Falls After RBA Policy Statement

The Australian dollar fell today as the rally of the US dollar and the sell-off of the euro hurt riskier currencies. The passive stance of Australia’s central bank was not helping the currency. The Reserve Bank of Australia released its quarterly Statement on Monetary Policy today. Unlike its New Zealand counterpart, the Australian central bank did not see a material chance of an interest rate cut, anticipating higher rates in the future: Higher interest rates are … “Australian Dollar Falls After RBA Policy Statement”

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Canadian Dollar Mixed Ahead of GDP

The Canadian dollar was mixed on Thursday, rising against the euro but falling versus the US dollar and staying almost flat against the Japanese yen. Domestic macroeconomic data was also mixed, making no incentive for the currency to go one way or the other. Canada Mortgage and Housing Corporation reported that housing starts were at the seasonally adjusted annual rate of 206,314 in July, down from 246,200 in June. Analysts had expected … “Canadian Dollar Mixed Ahead of GDP”

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Chinese Yuan Retreats From One-Week High As PBOC Discourages ‘Herd Behavior’

The Chinese yuan is reversing its gains this week after touching a one-week high on Wednesday. The decline came as the central bank warned some of the nation’s largest financial institutions about potential “herd behavior” and momentum-chasing moves in the foreign exchange market. On Thursday, according to Bloomberg, the People’s Bank of China (PBOC) urged the big banks to prevent any “herd behavior” that might form in the wake of the yuan slumping to a 13-month low. The central … “Chinese Yuan Retreats From One-Week High As PBOC Discourages ‘Herd Behavior’”

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Aussie Fails to Keep Gains Caused by China’s Positive Inflation Reports

While Australia’s economic calendar had no releases today, but China, Australia’s biggest trading partner, released important inflation data. The reports showed better-than-expected results, prompting the Australian dollar to rally. Yet the currency has lost its gains by now and is trading far below the opening level. The National Bureau of Statistics of China reported that the Consumer Price Index rose 2.1% in July, year-on-year, after increasing 1.9% … “Aussie Fails to Keep Gains Caused by China’s Positive Inflation Reports”

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Cryptos are suffering this summer, September could be better

Cryptocurrencies have been hit hard by yet another delay of a decision on a Bitcoin ETF. A delay does not mean a rejection, and there are now two more critical dates to watch. An upwards move could start ahead of these dates. Ethereum was struggling with $400, and now the ETH/USD is around $350. Ripple, … “Cryptos are suffering this summer, September could be better”

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Euro Declines Against Resurgent US Dollar Despite Mixed US Data

The  euro today declined against a  resurgent US dollar in  the  wake of  the  intensifying trade spat between the  US and  China. The  EUR/USD currency pair headed lower in  the  late Asian session as  the  greenback rallied higher and  the  selling pressure increased during the  early European session. The  EUR/USD currency pair today declined from … “Euro Declines Against Resurgent US Dollar Despite Mixed US Data”

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NZ Dollar Tanks, Hurt by Dovish RBNZ

The New Zealand dollar plummeted today following the monetary policy announcement of the Reserve Bank of New Zealand released by the end of yesterday’s trading session. While the central bank left its monetary policy unchanged, the statement was more dovish than market participants had expected. The RBNZ left its main interest rate at 1.75%, in line with market expectations. Yet the statement by Governor Adrian Orr was surprisingly dovish, saying … “NZ Dollar Tanks, Hurt by Dovish RBNZ”

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