The Swiss franc slipped today after the nation’s central bank kept monetary policy unchanged and showed not intention to tighten its unconventional accommodative policy. The Swiss National Bank kept its interest rates unchanged in the negative territory, in line with market expectations. The central bank continued to complain about the strength of the franc, saying that “the Swiss franc remains highly valued.” As a result, the SNB pledged to continue intervening in the currency markets … “Swiss Franc Drops as SNB Keeps Monetary Stimulus”
Author: admin_mm
GBP/USD Declines as Britain Expels Russian Diplomats
The GBP/USD currency pair declined after news emerged that the UK government had expelled 23 Russian diplomats following the poisoning of a Russian ex-spy. The currency pair traded choppily today as it had spiked higher following the release of the US advance retail sales data, which did not meet expectations. The GBP/USD currency pair lost about 70 points to decline from a high of 1.3996 to a low of 1.3925 at the time of writing. … “GBP/USD Declines as Britain Expels Russian Diplomats”
Euro Trades Lower on Mario Draghi’s Dovish Comments
The euro today dropped to new lows against the US dollar following the ECB President Mario Draghi‘s dovish comments during a speech in Frankfurt. Mixed releases from the Eurozone such as Germany’s Consumer Price Index for February could not reverse the euro’s decline. The EUR/USD currency pair lost over 60 points to decline from a high of 1.2412 to a low of 1.2348 at the time of writing. The main trigger behind the currency pair’s decline was … “Euro Trades Lower on Mario Draghi’s Dovish Comments”
Australian Dollar Climbs, Supported by Domestic & Chinese Data
The Australian dollar climbed against its most-traded peers today after the release of macroeconomic data, both domestic and in China. The Westpac Melbourne Institute Index of Consumer Sentiment rose 0.2% in March from February following the 2.3% drop last month. Westpac Senior Economist, Matthew Hassan, commented on the report: Sentiment continues to hold in slightly optimistic territory with March marking the fourth consecutive monthly reading above the 100 level. That … “Australian Dollar Climbs, Supported by Domestic & Chinese Data”
Swedish Krona Gains as Inflation Remains Stable
The Swedish krona rose today after the report that showed inflation remained stable in Sweden last month. Statistics Sweden reported that the Consumer Price Index with a fixed interest rate rose 1.7% in February year-on-year, the same as in January, and 0.7% month-over-month. The biggest contributors to the gain were higher prices from clothing, package holidays, transport services, and energy. The Harmonised Index of Consumer Prices was up 1.6% in February year-on-year, … “Swedish Krona Gains as Inflation Remains Stable”
EUR/USD Rallies Higher on Trump Firing Rex Tillerson
The EUR/USD currency pair today rallied to new highs after President Trump fired Rex Tillerson as Secretary of State and nominated Mike Pompeo the CIA Director as his replacement. The pair was on an uptrend from the early European session after the European Central Bank‘s Governing Council member, Philip Lane hit the wires stating that the bank was not worried about the euro’s current level. The EUR/USD currency pair gained over … “EUR/USD Rallies Higher on Trump Firing Rex Tillerson”
Is the Oil Rally on the Rise?
Aside from cryptocurrencies being the main subject of the markets recently, commodities are reaching new heights with crude oil on the rise with solid growth. For the first time since 2014, Brent oil reached $71 per barrel, as well as WTI crude futures rising to $66.35 per barrel, the highest price mark since December 2016. Both … “Is the Oil Rally on the Rise?”
Yen Drops Against Other Most-Traded Currencies
The Japanese yen slumped against basically all most-traded currencies today. At the present time, it is hard to say whether it is because of the poor macroeconomic data or the political scandal. The Producer Price Index rose 2.5% in February from a year ago, matching expectations but slowing from the previous month’s 2.7% growth. The Indices of Tertiary Industry Activity fell 0.6% in January from December, missing the average forecast of a 0.2% … “Yen Drops Against Other Most-Traded Currencies”
Aussie Drops Even as Business Conditions Index Reaches Record High
The Australian dollar dropped today against its most-traded rivals, though not against the extremely weak Japanese yen, even as Australia’ business conditions index reached a record high. Yet by now, it looks like the currency managed to pare its losses. The National Australia Bank reported that the business conditions index climbed from +18 to +21 in February, reaching a record high. At the same time, the business confidence index declined … “Aussie Drops Even as Business Conditions Index Reaches Record High”
Japanese Yen Rallies Following Poor Domestic Data
The Japanese yen rallied against its most-traded peers today even as macroeconomic data released in the Asian nation over the trading session was rather poor. The Japanese Ministry of Finance reported that the Business Survey Index for all industries fell from 6.2 in the December quarter of 2017 to 3.3 in the current quarter. The manufacturing index dropped from 9.7 to 2.9. While the data was bad, market analysts thought that it would … “Japanese Yen Rallies Following Poor Domestic Data”