The euro today gained ground against the US dollar after the release of weak US Personal Consumption Expenditure data early in the North American session. The EUR/USD currency pair had rallied higher during the early European session despite the release of the flash Eurozone CPI estimate by Eurostat, which missed expectations. The currency pair rallied by over 60 points to hit new daily highs after the release of the PCE data. The EUR/USD pair … “Euro Rallies Against US Dollar on Weak PCE Data”
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Swiss Franc Gets Boost from Positive Outlook for Economy
The Swiss franc gained on its rivals, though not on the euro, thanks to data that revealed a favorable outlook for the Swiss economy. The KOF Economic Barometer rose from 104.2 to 105.8 in September, exceeding the median forecast. The report commented on the result: This indicates that the outlook remains favourable — the Swiss economy should continue to grow at above average rates in the near future. The manufacturing sector was the biggest contributor to the improving outlook. USD/CHF … “Swiss Franc Gets Boost from Positive Outlook for Economy”
Japanese Yen Shows No Trend After Slew of Economic Reports
A range of macroeconomic reports were released in Japan today. Most of them were within expectations, giving no edge to the nation’s currency. Therefore, the Japanese yen showed no discernible trend during the current trading session, rising against some rivals and falling versus others. Japan’s core Consumer Price Index demonstrated an annual growth of 0.7% in August, while the Tokyo core CPI rose 0.5% in September from a year ago. … “Japanese Yen Shows No Trend After Slew of Economic Reports”
EURUSD and AUDUSD Looking Bullish
Today I am looking at two currency pairs- EURUSD and AUDUSD. Why did they get my attention? Let’s start by first looking at the EURUSD. EURUSD Analysis Above is the Daily chart of EURUSD. First, I am looking at the EURUSD daily chart. It looks more bullish than bearish. There is a major support level … “EURUSD and AUDUSD Looking Bullish”
Canadian Dollar Recovers After Wednesday’s Steep Decline
The Canadian dollar recovered today following yesterday’s steep decline, though the currency was still heading to weekly losses against most of its majors. Yesterday, Bank of Canada Governor Stephen Poloz delivered a speech about future monetary policy. He sounded rather cautious, and analysts considered the cautiousness to be a sign that the central bank is not going to continue raising interest rates in the foreseeable future. That strongly hurt … “Canadian Dollar Recovers After Wednesday’s Steep Decline”
Australian Dollar Extends Decline Ahead of Next Week’s RBA Meeting
The Australian dollar extended its decline today, falling for the third consecutive day against the euro and for the fourth versus the US dollar and the Swiss franc. The Aussie started a rally at the beginning of June, but it looks like the upward momentum has petered out. Analysts speculated that one of the probable reasons for that was the slump of prices for iron ore. The commodity is the biggest source of export revenue for Australia, therefore the falling prices have … “Australian Dollar Extends Decline Ahead of Next Week’s RBA Meeting”
British Pound Mixed Against Main Counterparts Following Mark Carney Comments
The British pound weakened against the euro on Thursday, even after positive comments from Bank of England Governor Mark Carney. Meanwhile, the UK currency rose against the US dollar following a confirmation that progress was achieved in the Brexit negotiations. Speaking at an event that celebrated the twentieth anniversary of the independence of the Bank of England, Carney said that the central bank is not omnipotent. He added that, while policymakers can work … “British Pound Mixed Against Main Counterparts Following Mark Carney Comments”
EUR/USD Rallies to New Highs Ignoring Strong US GDP Data
The EUR/USD currency pair today rallied to new highs ignoring the robust US GDP data released mid-European session, which led to a brief decline. The currency pair rallied higher in the late Asian session and the early European session after the release of positive Eurozone data. The currency rallied by over 70 points from its daily low hit during the Asian session with a minor decline that occurred after the US releases, … “EUR/USD Rallies to New Highs Ignoring Strong US GDP Data”
Japanese Yen Stable After Announcement of Snap Election
The Japanese yen was stable today despite the announcement of a snap election in October. According to reports, Prime Minister Shinzo Abe dissolved the parliament, announcing a snap election on October 22. He hopes to capitalize on rising approval rating, caused by his response to the North Korean threat. But the Party of Hope, newly created by Tokyo Governor Yuriko Koike, can pose serious challenge for Abe’s plans for securing power. USD/JPY traded at 112.72 … “Japanese Yen Stable After Announcement of Snap Election”
NZ Dollar Fails to Hold Gains After RBNZ Policy Meeting
The New Zealand dollar attempted to rally during the Asian trading session but failed to hold onto gains and is trading near the opening level as of now. The Reserve Bank of New Zealand held a policy meeting at the end of the previous trading session. As was widely expected, the central bank left its main interest rate unchanged at 1.75%. The RBNZ said in the statement that “growth is projected to maintain its current pace going … “NZ Dollar Fails to Hold Gains After RBNZ Policy Meeting”