The Great Britain pound fell today after yesterday’s disastrous speech of Prime Minister Theresa May led to speculations that she may face rebellion in her Conservative party. The annual Conservative party conference speech, in which May tried to shift focus from the Brexit to domestic issues, turned into nightmare with tons of mishaps: from a prankster, to May’s coughing fits, to the stage set literally falling apart. According to Telegraph, … “Great Britain Pound Goes Lower After Prime Minister’s Disastrous Speech”
Author: admin_mm
EURUSD Might Be Just Getting Ready for a Rise
The EURUSD pair has been trading in a close to 400 pips range since the beginning of August. The major support and resistance of this range are:Support: 1.1700 Resistance: 1.2100 Today, I am looking at the 4 Hour chart. It looks bullish based on a few factors: The price has just bounced off the major … “EURUSD Might Be Just Getting Ready for a Rise”
Euro Declines Against US Dollar on Positive US Data
The euro today declined significantly against the US dollar after a raft of positive releases from the US docket starting with the ADP employment change data in the mid-European session. The EUR/USD currency pair had registered some gains early in the European session after the release of positive Markit Eurozone Services PMI data. The EUR/USD currency pair declined significantly from a high of 1.1788 to hit daily lows at 1.1746, which seems to be … “Euro Declines Against US Dollar on Positive US Data”
USD/CAD: Awaiting A Move Towards 1.2650 To Trigger A
The Canadian dollar is on the back foot after the previous gains but stabilized under 1.25. What’s next? The team at TD looks to higher ground. Here is their view, courtesy of eFXnews: TD FX Strategy Research suspects that the recent rebound in USD/CAD reflects an adjustment in positioning rather than a change in fundamentals. … “USD/CAD: Awaiting A Move Towards 1.2650 To Trigger A”
British Pound Rallies Against US Dollar on Strong PMI Data
The British pound today rallied higher against the US dollar after the release of positive Markit/CIPS UK Services PMI data. The stalled recovery in the US dollar also contributed to the pound’s rally against it due to declining US treasury yields. The GBP/USD currency pair rallied to a high of 1.3286 approaching the key resistance level of 1.3300 from daily lows of 1.3240. The release of the Markit/CIPS UK Services PMI for September triggered the currency pair’s … “British Pound Rallies Against US Dollar on Strong PMI Data”
Canadian Dollar Flat as Traders Wait for Economic Data
The Canadian dollar was flat against its major rivals (though it gained on the Japanese yen) today ahead of important reports due to release at the end of this week. The drop of crude oil hardly affected the currency. Crude oil prices fell today as traders were repositioning themselves on the market at the start of the new quarter. Usually, the loonie closely follows moves of crude, but today the commodity was not leading the currency. One … “Canadian Dollar Flat as Traders Wait for Economic Data”
EUR/USD Gains Ahead of Data-Heavy Week
The euro gained against the US dollar during the Tuesday’s quiet session ahead of the rest of the week, which will be very heavy on economic data from the United States. The shared 19-nation currency also gained on its other most-traded rivals. Analysts speculated that the drop was caused by investors who were unwinding their long positions after the long rally. The dollar was rising for three weeks straight against the basket … “EUR/USD Gains Ahead of Data-Heavy Week”
Pound Drops After Britain’s Construction Contracts Unexpectedly
The Great Britain pound dropped today after Britain’s construction sector unexpectedly contracted last month, causing worries about the state of the country’s economy and speculations that the Bank of England may refrain from tightening its monetary policy in the near future. The seasonally adjusted IHS Markit/CIPS UK Construction Purchasing Managersâ Index fell from 51.1 in August to 48.1 in September. A reading below 50.0 indicates contraction of the sector. It was … “Pound Drops After Britain’s Construction Contracts Unexpectedly”
Australian Dollar Slips after RBA & Building Approvals
The Australian dollar fell today after the Reserve Bank of Australia stood pat, leaving monetary policy without change, and building approvals rose less than was expected. The RBA kept its main interest rate at 1.5% as was widely expected. The central bank predicted that “the Australian economy will gradually pick up over the coming year,” but voiced concern about piling household debt and wage inflation, which … “Australian Dollar Slips after RBA & Building Approvals”
Australian Dollar Holds Ground After China’s Data, Ahead of RBA Meeting
The Australian dollar was stable against some of its rivals and rose versus the major European currencies today, getting some boost from positive macroeconomic reports released in Australia’s main trading partner, China, over the weekend. China’s official manufacturing Purchasing Managers’ Index rose from 51.7 in August to 52.4 in September, exceeding market expectations of a drop to 51.5 and touching the highest level since April 2012. The private report from … “Australian Dollar Holds Ground After China’s Data, Ahead of RBA Meeting”