The euro rallied today as speculators continued to anticipate quantitative easing tapering from the European Central Bank. While the shared 19-nation currency was unable to beat the very strong Great Britain pound, it gained on other most-traded peers, especially safe haven currencies. ECB President Mario Draghi attempted to talk down the euro at last week’s press conference, which followed the decision to keep monetary policy unchanged. Yet market … “Euro Gains on Rivals as Traders Anticipate QE Tapering from ECB”
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US Dollar Rises Against Major Peers as Businesses Look for More Employees
The US dollar rose against the euro and the Japanese yen on Tuesday as employers in the United States looked for more workers than expected in July. However, the greenback was weaker against the British pound as strong inflation data in the United Kingdom supported the cable. US job openings hit a new record as companies continued to have strong demand for new jobs, despite the lowest unemployment rate in years. The Department of Labor reported today that job … “US Dollar Rises Against Major Peers as Businesses Look for More Employees”
British Pound Rallies Against US Dollar on Positive UK Inflation Data
The British pound today rallied to new yearly highs against the US dollar after the release of headline UK inflation data, which beat expectations, early in the European session. The stronger US dollar, as tracked by the US Dollar Index, could not derail the pound’s strong rally even as US treasury yields rallied higher. The GBP/USD currency pair rallied by over 120 points from its daily lows at the height of its rally, … “British Pound Rallies Against US Dollar on Positive UK Inflation Data”
Aussie Holds Ground Even as Business Confidence Deteriorates
The Australian dollar was little changed today even as the business confidence of Australian firms deteriorated. Moreover, the Aussie gained on currencies perceived to be safe, like the Japanese yen and the Swiss franc. National Australia Bank reported that the business confidence index dropped 12 in July to 5 in August, falling below the long-run average. As for factors considered to be the most important for the drop, the report explained: For those indicating deterioration in confidence, the biggest concerns … “Aussie Holds Ground Even as Business Confidence Deteriorates”
UN Votes for Watered-Down Sanctions on North Korea, Yen Drops
The Japanese yen fell against other most-traded currencies during today’s trading as the situation around North Korea were calming down, prompting Forex market participants to leave safer currencies in favor of higher-yielding ones. The United Nations voted for sanctions against North Korea. Yet that was a watered-down version of sanctions planned by the United States initially. In particular, the USA dropped oil embargo to win support from Russia and China, who … “UN Votes for Watered-Down Sanctions on North Korea, Yen Drops”
The Economic Toll of Hurricane Harvey
With reported wind speeds of up to 130 mph and over nine trillion gallons of water falling in torrential rains on the coast alone, the destruction rendered by Hurricane Harvey will surely go down as one of the largest and most devastating hurricanes in US history. Initially, the world has watched in horror as pictures … “The Economic Toll of Hurricane Harvey”
Can EUR/USD reach even higher ground? – 3 opinions
Mario Draghi did his best to talk down the euro, complaining about the exchange rate. This did not succeed, to say the least. What’s next? Here are three opinions: Here is their view, courtesy of eFXnews: EUR/USD: Market Won’t ‘Overdo’ EUR Rise Post-ECB; Where To Target? – NAB NAB Research comments on today’s ECB September policy … “Can EUR/USD reach even higher ground? – 3 opinions”
USD/CAD Rallies Higher Despite Positive Canadian Employment Data
The USD/CAD currency pair today rallied higher despite the release of positive Canadian employment data by Statistics Canada. The pair’s upward momentum is likely to have been caused by the fact that the loonie had exhausted all its previous momentum after the Bank of Canada rate hike earlier this week. The USD/CAD pair rallied by over 100 points from its session lows signalling that the pair had hit a support … “USD/CAD Rallies Higher Despite Positive Canadian Employment Data”
GBP/USD Rallies to New Monthly Highs on Positive UK Data
The GBP/USD currency pair today rallied to new highs after the release of positive UK industrial production data by the Office for National Statistics early in the European session. The selling tone around the US dollar also contributed to the currency pair’s rally even as the US Dollar Index hit yearly lows earlier today. The GBP/USD pair today hit new monthly highs last witnessed on August 4th as it rallied by over 120 points … “GBP/USD Rallies to New Monthly Highs on Positive UK Data”
Aussie Gains on Greenback, Falls vs. Other Rivals
The Australian dollar gained versus its US counterpart, touching the highest level since May 2015, on the back of the US dollar’s weakness. The Aussie gained on the euro as well, but lost its gains versus the Japanese yen. Number of home loans in Australia rose 2.9% in July from June on a seasonally adjusted basis, far exceeding the forecast increase 1.0%. The trade balance surplus reported by China, Australia’s biggest trading partner, narrowed … “Aussie Gains on Greenback, Falls vs. Other Rivals”