The euro lost some ground the dollar in limited range trading. However, this tired rally may make way for gains down the road. Here is their view, courtesy of eFXnews: Societe Generale Cross Asset Strategy Research discusses EUR/USD outlook and maintains its bullish medium-term bias over the coming months. “EUR/USD tested 1.2450 and then fell just below … “EUR/USD: No Change In S/T Story (A Tired Rally) Or L/T Story (Heading To 1.30) – SocGen”
Author: admin_mm
Canadian Dollar Logs Weekly Losses as Trade War Fears Grow
The Canadian dollar slumped this week due to risk aversion caused by concerns about potential trade wars between the United States and other countries, China in particular. The vast majority of traders perceive US protectionism as detrimental to the global economy. Considering that China seems to be the primary target for US tariffs, Canada’s economy was not threatened as much as economies of Australia and New Zealand because China is not a major trading … “Canadian Dollar Logs Weekly Losses as Trade War Fears Grow”
USD/CAD Rallies Higher on Mixed US Releases
The USD/CAD currency pair today rallied slightly higher as the Canadian dollar weakened against its US counterpart following mixed US macro releases. The loonie was largely weaker against the greenback despite slightly positive crude oil prices, which usually boost the currency. The USD/CAD currency pair today rallied slightly higher from a low of 1.3043 to a high of 1.3098, but was unable to break above the crucial 1.3100 psychological … “USD/CAD Rallies Higher on Mixed US Releases”
EUR/USD Declines Despite Weak US Housing Data
The EUR/USD currency pair declined significantly after the release of weak US housing data. The currency pair ignored the disappointing US housing report as investor sentiment towards the pair shifted in favor of the greenback leading to the pair’s decline. The EUR/USD currency pair lost over 50 points to decline from a high of 1.2336 to a low of 1.2280 at the time of writing. The currency pair was on an uptrend from the beginning of today’s session as the euro recovered from yesterday’s … “EUR/USD Declines Despite Weak US Housing Data”
NZ Dollar Driven Down by Economic Data, Risk Aversion
The New Zealand dollar dropped today, joining other commodity-geared currencies in decline, driven down by domestic macroeconomic data as well as the general risk-averse market sentiment. The seasonally adjusted BusinessNZ Performance of Manufacturing Index fell from 54.4 to 53.4 in February. Still, the index was above the neutral 50.0 level, indicating that the sector continued to expand. Nevertheless, the report was not beneficial to the currency, which also suffered from the negative market … “NZ Dollar Driven Down by Economic Data, Risk Aversion”
Australian Dollar Declines amid Trade War Concerns
The Australian dollar fell along with other commodity currencies today amid concerns about the planned tariffs in the United States that may hamper global growth. Most economists believe that protectionism is detrimental to economy. Therefore, the prospect for trade wars led to concerns among investors, which make them less willing to purchase riskier currencies linked to raw materials. But the Aussie was especially vulnerable as it looks … “Australian Dollar Declines amid Trade War Concerns”
EUR/USD: Strategic Bulls Need To Be ‘Prudent & Patient’ To Navigate More Choppiness Ahead – SocGen
EUR/USD is leaning to the downside as the greenback gains strength. What’s next? Here is their view, courtesy of eFXnews: Societe Generale Cross Asset Strategy Research discusses EUR/USD outlook and maintains its bullish medium-term bias over the coming months, advising strategic EUR bulls need to be patient in order to navigate more choppy price action ahead. “EUR/USD … “EUR/USD: Strategic Bulls Need To Be ‘Prudent & Patient’ To Navigate More Choppiness Ahead – SocGen”
Canadian Dollar Fails to Find Support from Positive Fundamentals
The Canadian dollar dropped against its most-traded rivals today. That was puzzling considering that the employment report released during the trading session was good and crude oil prices rose. Automatic Data Processing reported that non-farm employment in Canada increased by 32,676 in February from January. Looking closer at the details about specific sectors, the biggest increase was registered in education and healthcare, while manufacturing showed the biggest decrease. … “Canadian Dollar Fails to Find Support from Positive Fundamentals”
Dollar Receives Support from Fed Policy Outlook & Economic Data
The US dollar gained against the basket of major currencies today (though fell versus the Japanese yen) amid speculations that the Federal Reserve is going to raise interest rates next week. Positive macroeconomic data also provided support to the US currency. With the unexpectedly big jump of the Empire State Manufacturing Index, the increase of both import and export prices, and the drop of jobless claims, the vast majority of Thursday’s economic reports were … “Dollar Receives Support from Fed Policy Outlook & Economic Data”
Norwegian Krone Gains as Norges Bank Hints at Interest Rate Hike
The Norwegian krone rallied today after the nation’s central bank kept its monetary policy without change but hinted at a possibility of an interest rate hike in the near future. The Norges Bank maintained its key interest rate at 0.5%, making no surprise. Unlike the Swiss franc, though, Norway’s currency reacted positively to the monetary policy announcement. The likely reason for that was the fact that the Norwegian central bank hinted at possibility … “Norwegian Krone Gains as Norges Bank Hints at Interest Rate Hike”