The US dollar rose against other major currencies on Monday following the release of manufacturing activity data that exceeded analyst estimates. Expectations of higher interest rates in the short term led an index that tracks the strength of the greenback touched its highest level in about one and half months. The Institute for Supply Management stated in a report that was published today that the manufacturing purchasing managersâ index had a reading of 60.8 in September. … “US Dollar Rises as Manufacturing Data Exceeds Expectations”
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British Pound Declines Against US Dollar on Weak PMI Data
The British pound today weakened against the US dollar after the release of weak UK manufacturing PMI data early in the European session. Several releases from the US docket such as the ISM Manufacturing Index in the early North American session also drove the British pound lower against the greenback. The GBP/USD currency pair was on a downtrend for most of today’s session losing about 130 points at the height of its steady decline. The currency pair’s … “British Pound Declines Against US Dollar on Weak PMI Data”
Tankan Survey Mixed, Japanese Yen Falls vs. Dollar
The Japanese yen fell against the US dollar but rose against other major rivals today after the important Japanese indicator, Tankan survey, showed somewhat mixed results. According to the survey, the index of business conditions for major manufacturers increased from 17 in the June quarter to 22 in the September quarter, exceeding market expectations. But the non-manufacturing index remained unchanged at 23, whereas experts were anticipating an increase, albeit a small one. … “Tankan Survey Mixed, Japanese Yen Falls vs. Dollar”
Euro Stable After Catalan Independence Referendum
Political crisis in Spain led to worries among investors and drove prices for European assets down. Yet the euro was showing muted reaction to the news so far. Catalonia held a referendum about independence from the rest of Spain, which resulted in an overwhelming yes vote. The Spanish government called the referendum illegal and initiated a harsh crackdown on the Catalan separatists. For now, the euro was either flat or just slightly down against its rivals. … “Euro Stable After Catalan Independence Referendum”
Trading off the Phoenix Economy
Like life, countries, and economies go through different periods, sometimes difficult sometimes strong. There are times when the world is knocking at your door, desperate for that commodity or service that your country exports. Most countries can point to a time when this was the case. History will show that India exported spices, China – … “Trading off the Phoenix Economy”
Dollar Ends Week & Month on Strong Footing
The US dollar ended the week firm, rising against most of its major peers. What is more, September was a good month for the greenback overall as it gained against most of its major peers. The major contributors to the dollar’s strength were hopes for a tax reform from US President Donald Trump and an interest rate hike from the Federal Reserve. Other safe currencies, namely the Japanese yen and the Swiss franc, were … “Dollar Ends Week & Month on Strong Footing”
USD/JPY: There Is A Pattern For Price Action When Snap
Japanese PM Shinzo Abe called a snap election in Japan. This is not the first time and the team at BTMU seems a pattern. Here is their view, courtesy of eFXnews: BTMU FX Strategy Research notes that USD/JPY tends to rise when snap elections are called, correlated to the Nikkei stock price index. “Seasonal JPY repatriation … “USD/JPY: There Is A Pattern For Price Action When Snap”
US Dollar Higher Against Most Rivals
The US dollar rose against most of its major rivals (though not all of them) today even as mixed macroeconomic reports did not lend much support to the currency. One of the major supporting factor for the dollar remains the outlook for monetary tightening from the Federal Reserve. Earlier this week, Fed Chairperson Janet Yellen signaled that the US central bank is going to proceed with removing monetary easing: … “US Dollar Higher Against Most Rivals”
British Pound Erases Earlier Losses After Hawkish BoE Remarks
The British pound erased some of the losses it had against the euro and the US dollar in the wake of disappointing economic growth data on Friday. The UK currency was supported by hawkish comments that were made by policymakers from the Bank of England during a conference earlier today. In a report that was published today, the UK Office for National Statistics stated that the nationâs gross domestic product increased 1.5% in the second quarter of 2017 from … “British Pound Erases Earlier Losses After Hawkish BoE Remarks”
Canadian Dollar Declines Against US Dollar on Weak GDP Data
The Canadian dollar today weakened against its US counterpart after the release of weak Canadian GDP data by Statistics Canada. Several releases from the US docket such as the personal income data for August also served to boost the US dollar against its Canadian counterpart. The USD/CAD currency pair today rallied by about 85 points from its daily low hit during the mid-European session before the releases. The Canadian dollar … “Canadian Dollar Declines Against US Dollar on Weak GDP Data”