EUR/USD stabilized and even managed to rise after the blows from Draghi last week. What’s next? Here is their view, courtesy of eFXdata: ING Research discusses EUR/USD outlook and expects a scope for the pair to consolidate this week. “Following the close to three big figure decline after the ECB meeting, we expect EUR/USD to stabilise as (a) the … “EUR/USD: 2 Reasons Why EUR/USD Likely To Stabilize N-Term – ING”
Author: admin_mm
EUR/USD: 2 Reasons Why EUR/USD Likely To Stabilize N-Term – ING
EUR/USD stabilized and even managed to rise after the blows from Draghi last week. What’s next? Here is their view, courtesy of eFXdata: ING Research discusses EUR/USD outlook and expects a scope for the pair to consolidate this week. “Following the close to three big figure decline after the ECB meeting, we expect EUR/USD to stabilise as (a) the … “EUR/USD: 2 Reasons Why EUR/USD Likely To Stabilize N-Term – ING”
NZ Dollar Robust Despite Worsening Economic Outlook
The New Zealand dollar gained on its most-traded rivals today, though not on the extremely strong euro. Such good performance was surprising, considering the risk-off market sentiment and the worsening outlook for New Zealand’s economic growth. The NZ Institute of Economic Research released its Consensus Forecast today. The NZIER revised the forecast for New Zealand’s economic growth in 2018 from 2.9% to 2.8%. The next couple of years also received negative revisions, … “NZ Dollar Robust Despite Worsening Economic Outlook”
Japanese Yen Strong on Risk Aversion
The Japanese yen was relatively strong today due to risk aversion caused by the US-China trade war. Surprisingly poor domestic macroeconomic data had limited impact on the currency. Japan’s trade balance turned from a surplus of ¥0.45 trillion in April to a deficit of ¥0.3 trillion in May. That was a total surprise to analysts, who were counting on an excess of ¥0.14 trillion. Markets were nervous at the start of the week amid fears of trade wars … “Japanese Yen Strong on Risk Aversion”
Pessimistic Economic Outlook Weighs on Pound
The Great Britain pound was soft today due to the pessimistic economic outlook for the United Kingdom. Decent macroeconomic data was unable to rescue the currency. The Rightmove House Price Index rose 0.4% in June, month-on-month, after increasing 0.8% in May. Prices for newly-marketed property reached a new record for the third consecutive month. Meanwhile, the British Chamber of Commerce revised its economic growth forecast for the UK economy to 1.3% in 2018 from 1.4% … “Pessimistic Economic Outlook Weighs on Pound”
Fed & ECB Meetings Boost US Dollar
The US dollar was strong for the most part of the week, boosted by policy meetings of the Federal Reserve and the European Central Bank, though the currency weakened somewhat on Friday. Fed and ECB policy meetings were the focus of the past trade week. The Fed hiked interest rates, in line with expectations. What really surprised markets was the projection of two more hikes this year instead of just one, promised in the previous forecasts. Meanwhile, the ECB … “Fed & ECB Meetings Boost US Dollar”
Canadian Dollar Weakens Against US Dollar on Risk-Off Sentiment
The Canadian dollar today dropped significantly against the US dollar as the risk-off sentiment in the markets drove the USD/CAD currency pair to new highs. The loonie’s slide against the greenback was further accelerated by the tariffs imposed by President Donald Trump‘s administration against Canadian imports. The USD/CAD currency pair today rallied from an opening low of 1.3111 to a high of 1.3199 in the early American session. The currency pair’s rally began yesterday in the early European session … “Canadian Dollar Weakens Against US Dollar on Risk-Off Sentiment”
Japanese Yen Soft After BoJ Policy Meeting
The Japanese yen traded lower against its major peers today after the Bank of Japan left monetary policy unchanged, preserving its unprecedented stimulus. The BoJ left its benchmark interest rate at -0.1% and the annual pace of Japanese government bond purchases at ¥80 trillion. Such decision was universally expected by market participants and analysts. There was one dissenter, Mr. G. Kataoka, who argued in favor of additional stimulus: … “Japanese Yen Soft After BoJ Policy Meeting”
NZ Dollar Falls After Manufacturing Expansion Slows
The New Zealand dollar fell today after a report showed that nation’s manufacturing expansion slowed, though remained at a high level. By now, the currency has trimmed its losses. The BusinessNZ Performance of Manufacturing Index eased to 54.5 in May from 59.1 in April. Despite the drop, the reading was the third highest over the last six months. Furthermore, the report stated: BusinessNZ’s executive director for manufacturing Catherine Beard said that while … “NZ Dollar Falls After Manufacturing Expansion Slows”
Euro Rallies Slightly Higher on ECB Hint at Policy Normalization
The euro today rallied slightly higher after Ewald Nowotny, an ECB governing council member, stated that the bank should capitalize on the opportunity to normalize its policies soonest possible. The EUR/USD currency pair had a muted reaction to the release of the final Eurozone CPI data early in the European session despite the print being in line with expectations. The EUR/USD currency pair today rallied slightly from a low of 1.1544 to a high of 1.1615, but … “Euro Rallies Slightly Higher on ECB Hint at Policy Normalization”