National Australia Bank pushed its forecast of an interest rate hike from 2018 to mid-2019. Yet that did not prevent a rally of the Australian dollar, caused by signs of waning trade tensions between the United States and China. Previously, NAB was saying that a rate hike in 2018 is still possible. Yet now, the bank pushed back the expected data of a hike to mid-2019, saying: The change reflects the fact thereâs no … “Aussie Ignores Interest Rate Forecast As Threat of Trade Wars Wanes”
Author: admin_mm
USD Ends Week Second Strongest, Analysts Unconvinced by Rally
The US dollar ended the week as the second strongest currency on the Forex market, losing only to the Swiss franc. Yet some market analysts said that the rally was unconvincing due to a range of political factors that were weighing on the greenback. One of the major reasons for the dollar’s rally was political uncertainty in the eurozone. Specialists were worried that Italy’s ruling Eurosceptic coalition will clash with the European Union. Additionally, the European Central … “USD Ends Week Second Strongest, Analysts Unconvinced by Rally”
EUR/USD: FX/CTA Pressing To Downside & Leveraged Flat; Staying Short – BofAML
EUR/USD had another down week, reaching 5-month lows. What’s next? Here is their view, courtesy of eFXdata: Bank of America Merrill Lynch Research discusses EUR/USD outlook and maintains a tactical bearish bias, expressing that via holding a short EUR/USD position targeting a move to 1.15. “The USD rally is not done yet, in our view. We see the considerable risk … “EUR/USD: FX/CTA Pressing To Downside & Leveraged Flat; Staying Short – BofAML”
Canadian Dollar Declines Against US Dollar on Weak Canadian CPI
The Canadian dollar today dropped significantly against the US dollar following the release of disappointing Canadian CPI data in the early American session. The loonie’s losses were further compounded by the stronger US dollar, which was boosted by rising US Treasury yields. The USD/CAD currency pair today rallied from a low of 1.2787 to a high of 1.2909 gaining over 120 points in the early American session. The loonie was initially stronger than the greenback … “Canadian Dollar Declines Against US Dollar on Weak Canadian CPI”
EUR/USD Trades Sideways as US Dollar Rally Wanes, Later Declines
The EUR/USD currency pair was in a consolidative phase during the Asian session even as US Treasury yields hit new highs overnight and the greenback rally lost some momentum. The release of the German wholesale price index in the early European session was one of the triggers behind the currency pair’s decline as the euro weakened against the US dollar. The EUR/USD currency pair was trading between a high of 1.1821 and a low of 1.1775, but had recovered … “EUR/USD Trades Sideways as US Dollar Rally Wanes, Later Declines”
Canadian Dollar Stable After Domestic Economic Releases
The Canadian dollar was stable today following economic releases over the current trading session and ahead of important economic reports due to release tomorrow. Automatic Data Processing reported that Canada’s employment rose by 30,198 in April, while the March increase got a significant positive revision from 42,800 to 59,300. According to Statistics Canada, foreign investment in Canadian securities was at C$6.15 billion in March, up from C$4.32 billion in February … “Canadian Dollar Stable After Domestic Economic Releases”
Sterling Trims Gains As May Denies Plans to Stay in Customs Union
The Great Britain pound rallied today amid reports that the United Kingdom seeks to remain in the customs union after it leaves the European Union. The currency retreated a bit after Britain’s Prime Minister Theresa May denied such plans, though the sterling remained firmly above the opening level. Earlier today, The Telegraph reported that Britain will stay in the customs union beyond 2021. That resulted in a rally of the pound. Yet … “Sterling Trims Gains As May Denies Plans to Stay in Customs Union”
EUR/USD: Market Bias Is To Sell Bounces; Eyes Dec Low At 1.1720 – SocGen
The euro is under pressure but it managed to stabilize around 1.18. What´s next? Maybe it can go lower. Societe Generale Cross Asset Strategy Research discusses EUR/USD outlook and notes that the break of 1.1825 opens the door towards December’s lows at 1.1720, which was the springboard for the move to 1.25. Meanwhile, ScoGen thinks that BTP/Bund spread … “EUR/USD: Market Bias Is To Sell Bounces; Eyes Dec Low At 1.1720 – SocGen”
NZ Dollar Fails to Rally, Trades Near Opening
The New Zealand dollar behaved somewhat similarly to its Australian counterpart today, attempting to rally intraday, but losing gains by now. Statistics New Zealand reported that the input Producer Price Index rose 0.6% in the March quarter from the previous three months, slowing from the 0.9% rate of growth registered in the previous quarter but beating expectations of a 0.3% increase. The output PPI rose 0.2%, in line with expectations but … “NZ Dollar Fails to Rally, Trades Near Opening”
Aussie Rallies After Mixed Employment Data, Struggles to Keep Gains
The Australian dollar attempted to rally intraday but has trimmed its gains against most major rivals by now and lost them versus the US dollar entirely. The rally followed employment data, which actually was somewhat mixed. According to the report from the Australian Bureau of Statistics, Australia’s employers added 22,600 jobs in April, beating the average forecast of 19,800. Furthermore, the increase was a result of growth in full-time employment, while part-time … “Aussie Rallies After Mixed Employment Data, Struggles to Keep Gains”