The US dollar remained extremely volatile following yesterday’s Federal Reserve meeting. The currency was soft at start of today’s session but attempted to rally later. As a result, the greenback was mixed today. The Fed kept the target range for the federal funds rate at 1.5% to 1.75% as was expected by basically everyone. Some analysts pointed at the word “symmetric” that described inflation goal, interpreting them as a sign that the Fed can tolerate overshooting … “US Dollar Stays Volatile as Traders Speculate About Fed Policy”
Author: admin_mm
Sterling Pound Falls on Weak UK Services PMI Data
The Sterling pound today declined slightly against the US dollar following the release of the weak Markit/CIPS UK Services PMI data in the early European session. The pound was minimally affected in the early American session after several releases from the US docket such as the positive jobless claims data. The GBP/USD currency traded mostly in a range today as bulls battled the bears for control with neither side emerging as the winner. The cable was stuck … “Sterling Pound Falls on Weak UK Services PMI Data”
Euro Posts Slight Decline on Disappointing Eurozone CPI Data
The euro today registered a slight decline against the US dollar following the release of the Eurozone Consumer Price Index data in the early European session. The EUR/USD currency pair began today’s session in positive territory and had rallied to highs above 1.2000 before trimming some of its gains after the CPI release. The EUR/USD currency pair today declined from a high of 1.2010 to a low of 1.1965, but was still higher for the day having … “Euro Posts Slight Decline on Disappointing Eurozone CPI Data”
Australian Dollar Benefits from Positive Macroeconomic Data
The Australian dollar gained on its major rivals today thanks to a bunch of positive macroeconomic reports released over the current trading session. The session kicked off with not-so-good data as the seasonally adjusted Australian Industry Group Australian Performance of Services Index fell to 55.2 in April from 56.9 in March. Other reports were far better, though. The trade balance surplus widened to A$1.53 billion in March from A$1.35 billion in February. … “Australian Dollar Benefits from Positive Macroeconomic Data”
Pound Loses Gains Caused by Surprisingly Good Construction PMI
The Great Britain pound was lifted intraday by a surprisingly good report about the construction sector. By now, though, the currency has trimmed its gains, losing them outright against some rivals, like the US dollar and the Japanese yen. The seasonally adjusted IHS Markit/CIPS UK Construction Purchasing Managersâ Index climbed to 52.5 in April from the March’s 20-month low of 47.0. The actual value was not only above the neutral 50.0 … “Pound Loses Gains Caused by Surprisingly Good Construction PMI”
EUR/USD Drops on Renewed US Dollar Demand Ahead of FOMC Decision
The euro today dropped to new lows against the US dollar following a resurgent demand for the greenback ahead of the FOMC interest rate decision. The EUR/USD currency pair broke down from its initial sideways trading range in the early American session as the greenback rallied higher. The EUR/USD currency pair lost over 75 points to decline from a high of 1.2032 to a low of 1.1951 breaching the crucial 1.2000 psychological level. The currency pair was … “EUR/USD Drops on Renewed US Dollar Demand Ahead of FOMC Decision”
Services sector survey could determine the dollar correction
The ISM Non-Manufacturing PMI provides insights about the broad services sector and also serves as a hint towards the NFP. The indicator may test the question if the US Dollar has reached overbought conditions. The purchasing managers’ index for the services sector is published by ISM on Thursday, May 3rd, at 14:00 GMT. The services … “Services sector survey could determine the dollar correction”
NZD Moves Higher After Initial Violent Reaction to Employment Data
The New Zealand dollar rose against major currencies today following the release of a decent employment report. While the currency reacted wildly to the release, jumping initially and slumping back down almost immediately, the kiwi largely moving up afterwards. The Statistics New Zealand reported that the unemployment rate fell from 4.5% in the December quarter of 2017 to 4.4% in the March quarter of 2018, in line with expectations. Employment grew by 0.6% after increasing … “NZD Moves Higher After Initial Violent Reaction to Employment Data”
AUD Hangs Above Opening, Getting Boost from China’s Manufacturing
The Australian dollar was rising today, getting boost from a decent macroeconomic report about China’s manufacturing sector. While the currency has retreated from its daily highs by now, it is still trading above the opening level. The Caixin China General Manufacturing PMI was at 51.1 in April, rising marginally from the reading of 51.0 registered in March. The actual value was close to the figure of 50.9 predicted by analysts. Despite … “AUD Hangs Above Opening, Getting Boost from China’s Manufacturing”
Canadian Dollar Gains as Canada’s Economy Recovers
The Canadian dollar rallied against its major peers, though failed to gain on the US dollar, after the Canadian economy rebounded stronger than expected from the previous decline. Canada’s gross domestic product recovered in February, rising 0.4%, following the slight 0.1% decrease in January. Economists were anticipating a bit slower growth by 0.3%. The report cited following factors contributing to the rebound: The growth was led by a rebound in the mining and oil and gas … “Canadian Dollar Gains as Canada’s Economy Recovers”