The week of June 11-15 is packed with top-tier regular and irregular events. These 5 events are set to rock financial markets and they are condensed in 50 hours. Here goes: 1) Trump-Kim Historic Summit Tuesday, 1:00 GMT. If there are no last-minute surprises, US President Donald Trump will shake hands with North Korean Leader … “Get ready for 50 hectic hours in the markets – guide for 5 critical events”
Author: admin_mm
USD/CAD Rallies Higher on Canadian Jobs Report, Later Declines
The USD/CAD currency pair today rallied higher after the release of the Canadian employment report for May, which missed expectations by a huge margin. The currency pair later retraced most of its gains as the markets digested the positive aspects of the report, while trade concerns limited the currency pair’s upside. The USD/CAD currency pair rallied to a daily high of 1.3039 from a low of 1.2966 gaining over 70 points, but was on a downtrend at the time of writing. … “USD/CAD Rallies Higher on Canadian Jobs Report, Later Declines”
Canadian Dollar Trades Lower on Thursday
The Canadian dollar fell today amid the threat of trade wars and concerns about lack of progress in NAFTA talks. The big rally of crude oil prices was unable to help the currency. The Bank of Canada released the Financial System Review today, mentioning the high household indebtedness level amid key risks and saying about the pace of interest rate increases: The pace of rate increases will depend on domestic monetary policy and global market forces. … “Canadian Dollar Trades Lower on Thursday”
Euro Rallies Higher Despite Weak German Factory Orders Data
The euro today rallied higher against the US dollar despite the release of weak German factory orders for April in the early European session. The euro’s rally was further boosted by the weak US dollar even as investors turned bullish on the single currency, and sold the greenback. The EUR/USD currency pair today rallied from a low of 1.1781 to a high of 1.1840 gaining over 55 points despite the mixed Eurozone data. The currency pair rallied higher … “Euro Rallies Higher Despite Weak German Factory Orders Data”
Australian Dollar Soft After Thursday’s Economic Releases
The Australian dollar was very soft today, probably due to the risk-off market sentiment, while domestic macroeconomic data did nothing to help the currency. The trade balance surplus shrank to A$0.98 billion in April from A$1.73 billion in March, matching the consensus forecast exactly. The seasonally adjusted Australian Industry Group Performance of Construction Index fell to 54.0 in May from 55.4 in April. There will be no economic releases from … “Australian Dollar Soft After Thursday’s Economic Releases”
Swiss Franc Trades Strong on Thursday
The Swiss franc was rather strong today, gaining on most of its major rivals. Economic data released in Switzerland over the trading session was neutral. The Swiss unemployment rate fell from 2.7% to 2.4% in May (not adjusted for seasonal variations), below the median forecast of 2.5%. The Swiss National Bank reported that foreign currency reserves shrank to CHF 741 billion in April from CHF 757 billion in March. USD/CHF … “Swiss Franc Trades Strong on Thursday”
Turkish Lira Surges After Interest Rate Hike
The Turkish lira jumped sharply today after the Turkish central bank performed an emergency interest rate hike following data that showed accelerating inflation. The Central Bank of the Republic of Turkey raised its policy rate from 16.5% to 17.75% at today’s emergency meeting. The announcement came following the inflation report few day before that showed a surge of annual inflation to 12.15% in May from 10.85% the month before. Indeed, the central … “Turkish Lira Surges After Interest Rate Hike”
Japanese Yen Down on Disappointing Data, ECB Speculations
The Japanese yen posted losses against its major rivals during the Wednesday’s trading session, dragged down by poor domestic macroeconomic data and the positive market sentiment. Japan’s Ministry of Health, Labour and Welfare reported that average cash earnings rose 0.8% in April from a year ago. That was a noticeably slower rate of growth than 1.4% predicted by analysts. Looking forward, traders wait for Friday’s GDP report. Economists … “Japanese Yen Down on Disappointing Data, ECB Speculations”
Markets cannot ignore the trade war for too long
The Trump Administration is fighting trade wars on three fronts. Stock markets continue rising, and currency movements move into risk. The atmosphere may change quickly, and it may turn ugly. Things seemed to calm down on the trade front when US Secretary of the Treasury Steven Mnuchin said that China and the US decided to … “Markets cannot ignore the trade war for too long”
Euro Rallies Higher As ECB Considers Ending Its QE Program
The euro today rallied higher against the US dollar after it was confirmed that the European Central Bank was considering ending its massive quantitative easing program. The news confirmed a report that was circulating on Tuesday about the possibility of such action by the ECB. The EUR/USD currency pair today rallied by over 65 points from a low of 1.1712 to a high of 1.1780 after the ECB news broke. The currency pair’s rally … “Euro Rallies Higher As ECB Considers Ending Its QE Program”