The Australian dollar tumbled today after a central bank official damped expectations of an interest rate hike. Earlier this week, the policy minutes released by the Reserve Bank of Australia boosted the Aussie, signaling that Australian policy makers think that the neutral level for interest rates is far above the current one. That led to speculations that the central bank will hike rates in the near future. Yet RBA deputy governor … “Australian Dollar Sinks as Interest Rate Hike Expectations Slashed”
Author: admin_mm
AUD/USD: Doubts about the rally, at least short-term
The Australian dollar made a big breakout on RBA comments, but the same institution tried playing it down. What’s next? Here is their view, courtesy of eFXnews: AUD/USD: S/T Correction Likely On Position-Squaring Risk & RBA Comments – Credit Agricole Credit Agricole CIB FX Strategy Research argues that AUD/USD is likely vulnerable to a short-term correction … “AUD/USD: Doubts about the rally, at least short-term”
South African Rand Firm Despite Interest Rate Cut
The South African rand rallied today despite yesterday’s surprise interest rate cut from the nation’s central bank. The South African Reserve Bank reduced its main interest rate by 25 basis points to 6.75% yesterday. It was the first cut in five years and a complete surprise to market participants. Yet the rand, which was one of the strongest emerging market currencies this year, was not disturbed by the surprise announcement. … “South African Rand Firm Despite Interest Rate Cut”
Euro Rallies Against US Dollar for Second Consecutive Day
The euro today rallied higher against the US dollar extending the gains made in a rally that was triggered by Mario Draghi‘s hawkish comments at a press conference yesterday. The euro was much stronger against a weak US dollar, which was negatively affected by the political turmoil in Washington as Donald Trump‘s administration failed to repeal Obamacare. The EUR/USD pair hit a new 52-week high today as the investors expressed confidence in the single currency as opposed … “Euro Rallies Against US Dollar for Second Consecutive Day”
Polish Zloty Drops amid Political Turmoil
The Polish zloty dropped today amid political turmoil in Poland that led to confrontation with the European Union. Protesters massed across Poland to oppose the bill that would allow politicians to appoint supreme court judges. The EU also voiced concern over the legislation, considering it to be a move towards authoritarian rule. There were even talks about sanctions against the country, though it is unlikely to happen as some … “Polish Zloty Drops amid Political Turmoil”
Canadian Dollar Climbs Against US Peer Following Solid Retail Sales
The Canadian dollar moved higher against its US counterpart on Friday, following the release of solid retail sales data that reflected growing consumer demand. A fresh reading for the consumer price index also supported the loonie today after matching analyst estimates. Statistics Canada, the nationâs official statistical office, stated in a report that retail sales continued to increase for the third month in a row, gaining 0.6% to $48.9 billion in May. Sales … “Canadian Dollar Climbs Against US Peer Following Solid Retail Sales”
AUD Boosted by Employment Data, Unable to Keep Momentum
The Australian dollar rallied on the back of positive employment data in the first half of the current trading session but was unable to keep the upward momentum. The currency trimmed gains against the US dollar and lost them outright against other most-traded rivals. Australian employers added 14,000 jobs in June. While it was a bit less than analysts had predicted (14,400), the miss was not big. Furthermore, the growth was driven … “AUD Boosted by Employment Data, Unable to Keep Momentum”
Japanese Yen Mixed After BoJ Policy Meeting & Economic Outlook
The Japanese yen was mixed following the monetary policy announcement from the Bank of Japan. The currency reacted to the moves of its peers for the most part, rising against the weak ones and falling versus the strong ones. The BoJ kept its monetary policy unchanged, including the key interest rate that stayed at -0.1%. The central bank revised its interest rate, boosting the forecast for economic growth but paring back the inflation outlook for this … “Japanese Yen Mixed After BoJ Policy Meeting & Economic Outlook”
Euro Rallies Against Peers on Mario Draghi Speech and ECB Rate Decision
The euro rallied higher against its main counterparts today after the European Central Bank Governor’s speech on the bank’s rate decision. Mario Draghi‘s speech was a commentary on the ECB’s future outlook after it announced that it would maintain its current interest rates and its quantitative easing program. The EUR/USD currency pair rallied by over 90 points during and after Mario Draghi’s speech as he took on a slightly … “Euro Rallies Against Peers on Mario Draghi Speech and ECB Rate Decision”
British Pound Declines Against Peers Despite Positive Retail Sales Data
The British pound today declined against the US dollar and the euro despite the release of positive UK retail sales data. The British pound rallied higher for a minute or so after the release before retracing all its gains and trending lower. The GBP/USD currency pair lost over 90 points at the height of its decline today as investors remain bearish towards the pound. UK retail sales released today by the Office for National Statistics rebounded … “British Pound Declines Against Peers Despite Positive Retail Sales Data”