The euro today declined against the US dollar following the release of mixed manufacturing PMI data from across the euro area. The euro’s decline was further accelerated by renewed demand for the US dollar fueled by the risk-on investor sentiment. The EUR/USD currency pair lost over 80 points to decline from a high of 1.2336 to trade at a low of 1.2253 at the time of writing. The currency pair’s decline was triggered by the release of the Markit Italy Manufacturing PMI, … “Euro Drops Against US Dollar on Mixed Eurozone Manufacturing PMIs”
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Pound Pares Gains Caused by Better-Than-Expected Manufacturing PMI
The Great Britain pound gained today, propelled higher by a better-than-expected manufacturing report, but has lost most of its gains by now. The IHS Markit/CIPS UK Manufacturing PMI registered a reading of 55.1 in March, little changed from 55.0 in February. Analysts had predicted a lower value of 54.8. The better-than-expected print fueled speculations that the Bank of England will raise interest rates in May. GBP/USD was little changed at 1.4039 as of 11:26 … “Pound Pares Gains Caused by Better-Than-Expected Manufacturing PMI”
Aussie Gains After RBA & Economic Releases
The Australian dollar gained on its most-traded peers today even as the nation’s central bank remained passive and macroeconomic reports released over the trading session were rather unimpressive for the most part. The Reserve Bank of Australia left its main interest rate unchanged at 1.5%, as was widely expected. The central bank did not change its statement much, though mentioned the impact of prospects for trade wars: Equity market volatility has … “Aussie Gains After RBA & Economic Releases”
Canadian Dollar Reverses Rally, Follows Crude Oil in Decline
After rallying earlier today, the Canadian dollar fell against its most-traded peers, following the slump of crude oil prices. Prices for crude slumped more than 2% today. There were various reasons for that, including trade war fears and an increase of oil production in Russia. Oil is the major export commodity for Canada, therefore it has a big impact on performance of the Canadian currency. The IHS Markit Canada Manufacturing PMI … “Canadian Dollar Reverses Rally, Follows Crude Oil in Decline”
US Dollar Rallies Higher on Manufacturing PMI Releases
The US dollar today rallied against some of its main trading peers including the euro and the Canadian dollar. The greenback’s rally was triggered by the release of the IHS Markit US Manufacturing PMI for March, which was slightly lower than expected, but still tilted the scales in favor of the greenback. The US Dollar Index, which tracks the greenback’s performance against a basket of its peers, rallied from a daily low of 89.82 to a high of 90.15. … “US Dollar Rallies Higher on Manufacturing PMI Releases”
Australian Dollar Declines on China’s Data, Trade War Fears
The Australian dollar fell today after negative macroeconomic data from China and signs that the United States and China are close to starting a full-blown trade war. The Caixin China General Manufacturing PMI dropped from 51.6 in February to 51.0 in March. The drop was totally unexpected to economists, who were counting on an increase to 51.8. Staying with the theme of China, the Asian nation announced a tit-for-tat response for the US tariffs on country’s goods. … “Australian Dollar Declines on China’s Data, Trade War Fears”
Japanese Yen Falls as Macroeconomic Data Disappoints
The Japanese yen was flat versus the US dollar and lower against other major currencies today after the release of disappointing macroeconomic reports in Japan. The Bank of Japan Tankan manufacturing index dropped from 26 in the December quarter to 24 in the March quarter. The non-manufacturing index declined from 25 to 23. Both values were below the economists’ expectations. Private data echoed the negativity of the official report, with the Nikkei Japan Manufacturing PMI … “Japanese Yen Falls as Macroeconomic Data Disappoints”
EUR/USD Trades Sideways on Mixed German and US Data
The EUR/USD currency pair today traded sideways in a tight range following the release of positive German employment change data in the early European session. The release of the weak German Consumer Price Index data in the mid-European session also had a subdued impact on the single currency. The EUR/USD currency pair traded mostly in a range between a high of 1.2335 and a low of 1.2292 and was rejected multiple times from both support and resistance levels. The positive German … “EUR/USD Trades Sideways on Mixed German and US Data”
Pound Declines Against US Dollar on UK GDP and Current Account Data
The British pound today declined against the US dollar after the release of the UK Q4 GDP data and the country’s current account data, which were published in the early European session. The current account deficit boosted the pair slightly by coming in lower than expected, while the GDP data did not provided the added boost to the currency pair as expected. The GBP/USD currency pair today lost over 60 points to decline from a high … “Pound Declines Against US Dollar on UK GDP and Current Account Data”
Japanese Yen Gains on Rivals After Retail Sales Data
The Japanese yen gained on its most-traded rivals today. The rally followed the retail sales report, though it did not start immediately after the release of the data. Japan’s Ministry of Economy, Trade and Industry reported that retail sales increased 1.6% in February from a year ago. That was faster than the 1.5% growth in January but slower than 1.7% predicted by economists. Month-over-month, the sales were up 0.4%. USD/JPY … “Japanese Yen Gains on Rivals After Retail Sales Data”