The Canadian dollar was weak across the board today, reaching the lowest level in more than a year against many of its most-traded peers. There were several possible reasons for that, most important of them were prospects for trade wars and slowing economic growth in Canada. Canada’s gross domestic product rose just 0.1% in December. While markets expected such reading, it was still a slowdown from the 0.4% growth … “Canadian Dollar Weakens on Trader War Concerns & Slowing Growth”
Author: admin_mm
Euro Firm Despite Mixed Data & Risk-Off Sentiment
The euro was trading mostly higher today (though not against the extremely strong Japanese yen) even as domestic macroeconomic data was mixed and the general sentiment on the Forex market was in favor of safer currencies. German retail sales fell 0.7% in January from the previous month instead of rising by 0.8% as analysts had predicted. At the same time, German import prices rose 0.5%, slightly above the median forecast of 0.4%, while … “Euro Firm Despite Mixed Data & Risk-Off Sentiment”
Japanese Yen Touches Highest Since November 2016 vs. US Dollar
The Japanese yen rallied against its most-traded rivals today, touching the highest level since November 2016 versus the US dollar, thanks to the outlook for monetary policy normalization, positive macroeconomic data, and the general risk averse sentiment on the Forex market. Bank of Japan Governor Haruhiko Kuroda surprised markets, discussing hist stimulus exit strategy for the first time today. He said: The BOJâs board members expect that prices will … “Japanese Yen Touches Highest Since November 2016 vs. US Dollar”
British Pound Trades Sideways on UK Construction PMI
The British pound today traded sideways against the US dollar after the release of the Markit/CIPS UK Construction PMI in the early European session. The pound rallied slightly higher in the mid-European session in risk-off environment as markets reacted to President Trump’s announcement that the US would institute steep tariffs on imported steel and aluminum products. The GBP/USD currency pair traded mostly in a sideways ranged marked by a high of 1.3816 and a low of 1.3755. The currency’s pair’s sideways … “British Pound Trades Sideways on UK Construction PMI”
NZ Dollar Fails to Rally, Dragged Down by Risk Aversion
The New Zealand dollar attempted to rally today, but the attempt has failed, and the currency is trading below the opening level as of now. New Zealand building consents rose 0.2% in January after tanking by 9.5% in the previous month. The kiwi paid little attention to the report. Rather, the currency felt pressure from risk aversion caused by the announcement of US tariffs on steel and aluminum imports. NZD/USD was up from 0.7245 to 0.7278 intraday … “NZ Dollar Fails to Rally, Dragged Down by Risk Aversion”
US Dollar Weakens on US Trade Tariffs & Jerome Powell Testimony
The US dollar was moving up during the Thursday trading session but has lost its gains against basically all of its most-traded peers. There were two likely reasons for that: the announcement of US import tariffs and disappointment in the second testimony of the new Federal Reserve leader Jerome Powell. US President Donald Trump announced that the United States are going to impose duties of 25% on steel and 10% aluminum, … “US Dollar Weakens on US Trade Tariffs & Jerome Powell Testimony”
Swiss Franc Bounces on Risk Aversion, Unable to Beat EUR & JPY
The Swiss franc was falling today following the release of domestic macroeconomic data. The currency managed to reverse losses later thanks to risk aversion caused by announcement of import tariffs by the United States. The Swissie could not overcome the euro and the Japanese yen, though. Swiss gross domestic product rose 0.6% in the fourth quarter of the last year, meeting expectations. Retail sales dropped 1.4% in January from a year ago. That is compared … “Swiss Franc Bounces on Risk Aversion, Unable to Beat EUR & JPY”
NZ Dollar Rallies vs. US Dollar in Thursday’s Trading
The New Zealand rose against its US peer today. While domestic macroeconomic data was good, it had little impact on the New Zealand currency, and the likely reason for its rally versus the greenback was the weakness of the US currency itself. The overseas merchandise trade index rose 0.8% in the December quarter from the previous three months, reaching the record high. The actual growth was faster than 0.5% predicted by analysts … “NZ Dollar Rallies vs. US Dollar in Thursday’s Trading”
Australian Dollar Extends Decline After Thursday’s Mixed Data
The Australian dollar extended decline today for the third consecutive session versus its US counterpart and for the fourth session against the euro and the Japanese yen. Economic data released in Australia on Thursday was mixed, while China’s manufacturing report was neutral. The Australian Industry Group Australian Performance of Manufacturing Index decreased from 58.7 to 57.5 in February, signaling about further expansion but at a slightly slower pace. Private capital expenditure fell … “Australian Dollar Extends Decline After Thursday’s Mixed Data”
Euro Declines on Markit Eurozone PMI Data, Later Rebounds
The euro today traded lower against the US dollar after the release of mixed Markit PMI data from across the euro area in the early European session. The euro also headed lower shortly after the release of US personal consumption expenditure report in the early American session. The EUR/USD currency pair today traded in a tight range marked by a high of 1.2213 and a low of 1.2162, but had broken higher at the time of writing. The weak Markit … “Euro Declines on Markit Eurozone PMI Data, Later Rebounds”