The Mexican peso slipped a bit against the US dollar during the American trading session after Mexico’s central bank raised its overnight interbank funding rate. The Banco de Mexico lifted its key interest rate by 25 basis points to 7.5%. Such move was widely expected by experts. The central bank increased borrowing costs as a measure to combat rising consumer prices after annual inflation climbed to 6.77% in December — … “USD/MXN Rises a Little After Mexican Central Bank Raises Key Rate”
Author: admin_mm
Canadian Dollar Soft Ahead of Friday’s Employment Report
The Canadian dollar fell against basically all of its most-traded counterparts following the release of mixed macroeconomic data earlier today. Additionally, some market analysts explained the currency’s weakness by traders being cautious ahead of tomorrow’s jobs data. The Canada Mortgage and Housing Corporation reported that the number of housing starts was at 216,210 in January, almost unchanged from the figure of 216,275 registered in December. Meanwhile, Statistics Canada revealed that the New … “Canadian Dollar Soft Ahead of Friday’s Employment Report”
Pound Rallies Against US Dollar on Hawkish BoE Rate Hold
The British pound today rallied to new highs against the US dollar after the Bank of England held interest rates at the same level. The pound’s rally was largely influenced by the hawkish stance taken by the BoE as it stated that interest rates should rise at a faster rate this year than was previously expected. The GBP/USD currency pair gained over 200 pips to rally from a low of 1.3848 to a high of 1.4067, crossing … “Pound Rallies Against US Dollar on Hawkish BoE Rate Hold”
Aussie Weakens After Starting Session Strong
The Australian dollar started the current trading session strong but eased down since then, trimming gains against some rivals and losing them completely against others. The business confidence index reported by the National Australia Bank fell from +8 to +6 in the December quarter. The trade balance surplus of China, Australia’s biggest trading partner, narrowed sharply in January. It is not necessarily a bad sign for the Australian economy as that … “Aussie Weakens After Starting Session Strong”
NZ Dollar Soft After RBNZ Meeting, Tries to Crawl Back
The New Zealand dollar started the current trading session soft following the monetary policy meeting of the Reserve Bank of New Zealand at the end of the previous session. But the currency managed to trim losses against some rivals by now and erase them outright against others. The RBNZ left its main interest rate at 1.75% as was widely expected. Yet the markets considered the central bank’s policy statement to be rather dovish as it concluded … “NZ Dollar Soft After RBNZ Meeting, Tries to Crawl Back”
EUR/USD: An Interim Top Or A Bull Flag In The Making?: The Key Level To Watch – Credit Suisse
EUR/USD has slipped from the highs, but does it still have the momentum to rise? Here is their view, courtesy of eFXnews: Credit Suisse discusses EUR/USD technical outlook and notes that the bearish short-term price action has seen the pair prodding below 1.2343/23, the 23.6% retracement of the December to January rally, key low and price high. “Only a … “EUR/USD: An Interim Top Or A Bull Flag In The Making?: The Key Level To Watch – Credit Suisse”
Loonie Follows Crude Oil in Decline, Ignoring Increase in Building Permits
The Canadian dollar fell against its most-traded peers today (though not against the surprisingly soft euro) even after a report revealed that Canadian building permits climbed by more than two times the forecast amount in December. The likely reason for the drop was the decline of crude oil prices. Statistics Canada reported that the number of building permits climbed by 4.8% in December compared to 2.1% predicted by analysts. The increase followed the drop … “Loonie Follows Crude Oil in Decline, Ignoring Increase in Building Permits”
Great Britain Pound Vulnerable Ahead of BoE Meeting on Thursday
The Great Britain pound was soft on Wednesday as traders were nervous ahead of the Bank of England policy meeting on Thursday. The currency fell against such rivals as the US dollar and the Japanese yen but managed to gain on its European peers, including the euro and the Swiss franc. The BoE will announce its decision at 12:00 GMT tomorrow. Experts predict no changes to the existing monetary policy, meaning that the main interest rate will … “Great Britain Pound Vulnerable Ahead of BoE Meeting on Thursday”
Euro Drops Against US Dollar Despite German Coalition Deal
The euro today dropped significantly against the US dollar despite Angela Merkel‘s CDU party reaching a coalition deal with the social democrats in the early European session. The euro’s initial decline was largely triggered by weak German industrial production data released earlier today. The EUR/USD currency pair lost over 70 points to drop from a daily high of 1.2406 to a low of 1.2324 at the time of writing. The currency pair’s initial decline … “Euro Drops Against US Dollar Despite German Coalition Deal”
Australian Dollar Falls Despite Faster Growth of Construction Sector
Growth of the Australian construction industry accelerated last month, but that provided little support to the Australian dollar, which fell against its major rivals during the Wednesday’s trading session. The seasonally adjusted Australian Industry Group/Housing Industry Association Australian Performance of Construction Index climbed from 52.8 to 53.3 in January. The report signaled that the construction industry was experiencing growth for 12 months in a row. Yet the data released overnight … “Australian Dollar Falls Despite Faster Growth of Construction Sector”