The Forex market was largely driven by central banks’ meeting during the past trading week. Yet the Canadian dollar had its own bullish factor that allowed it to ignore other news for the most part and to become the strongest major currency by the weekend (though other commodity currencies were strong as well). The aforementioned factor that contributed to the amazing performance of the Canadian dollar was the speech of Carolyn Wilkins, Bank of Canada Senior … “Canadian Dollar Ends Week Strongest amid Interest Rate Hike Speculations”
Author: admin_mm
US Dollar Edges Lower Against Euro on Gloomy Consumer Outlook and Weak Housing Data
The US dollar edged lower against the euro on Friday to give up some of the gains it posted yesterday, as a gloomy outlook for consumer expectations dragged the greenback lower. Housing data released earlier today also weighed on the dollar, but did not overshadow the Federal Reserveâs decision to raise interest rates on Wednesday, which maintained some of the weekly gains of the US currency. The University of Michigan published a new reading for its consumer sentiment … “US Dollar Edges Lower Against Euro on Gloomy Consumer Outlook and Weak Housing Data”
GBP/USD Consolidates Gains Ahead of Brexit Negotiations
The GBP/USD currency pair today rallied higher briefly after the release of weak US consumer confidence data during the North American session. The currency pair did not build on the upward momentum established during yesterday’s session after the Bank of England took on a hawkish tone. The currency pair was trading within a 20 point range for much of today’s session, but rallied higher by an extra 20 points after the data release … “GBP/USD Consolidates Gains Ahead of Brexit Negotiations”
NZ Dollar Rebounds as Manufacturing Expansion Accelerates
The New Zealand dollar rebounded after yesterday’s slump versus the US dollar today and continued to rise against the Japanese yen for the fourth consecutive day. The seasonally adjusted BusinessNZ Performance of Manufacturing Index rose from 56.9 in April to 58.5 in May — the highest level since January 2016. The index was staying above the neutral 50.0 level, indicating expansion, since October 2016. The positive data allowed the New Zealand currency to recover … “NZ Dollar Rebounds as Manufacturing Expansion Accelerates”
Japanese Yen Lower After BoJ Meeting
The Japanese yen fell today after the Bank of Japan maintained its ultra-loose monetary policy and did not discuss its stimulus-exit plans. The BoJ left its key interest rate at -0.1% and the size of the asset-purchase program at â¥80 trillion, exactly as was expected by market participants. But they were also expecting a discussion of plans for the eventual exit from the extremely accommodative policy and were disappointed as the central bank failed to mention such … “Japanese Yen Lower After BoJ Meeting”
GBP/USD: What’s next after the hawkish BOE?
No less than three MPC members voted for raising interest rates, up from a lone vote last time. Rising inflation is becoming a worry for the BOE. What does this mean for the pound? Here is their view, courtesy of eFXnews: GBP: A Hawkish BoE Surprise; What’s Next For GBP – BTMU BTMU FX Strategy … “GBP/USD: What’s next after the hawkish BOE?”
Loonie Drops vs. Greenback, Gains on Other Rivals
The Canadian dollar fell against its US counterpart today due to the hawkish stance of the Federal Reserve and positive US macroeconomic data. The loonie fared far better against other most-traded currencies. The greenback got a huge boost from yesterday’s policy announcement from the Federal Reserve. Today’s economic reports released in the United States were mixed, but the market paid attention to the positive ones, driving the US currency even higher. … “Loonie Drops vs. Greenback, Gains on Other Rivals”
Swiss Franc Mixed After SNB & PPI
The Swiss franc was mixed after today’s policy announcement from the Swiss National Bank and the release of the Producer Price Index. The currency gained on the euro and the Japanese yen but fell versus the US dollar and the Great Britain pound. The SNB maintained interest rates unchanged, announcing: Interest on sight deposits at the SNB is to remain at â0.75% and the target range for the three-month Libor is unchanged at between â1.25% and â0.25% The central bank maintained … “Swiss Franc Mixed After SNB & PPI”
US Dollar Advances on Positive Manufacturing Data and Hawkish Interest Rates Outlook
The US dollar climbed versus the euro and the Japanese yen on Thursday, as sentiments toward the near future outlook for US interest rates improved following hawkish signals from the Federal Reserve yesterday. Positive manufacturing data in the United States eased concerns about the health of the economy, which further supported the greenback today. The Federal Open Market Committee released a statement yesterday after ending a monetary policy meeting that lasted two days. … “US Dollar Advances on Positive Manufacturing Data and Hawkish Interest Rates Outlook”
British Pound Reverses Decline Against US Dollar After BoE Rate Decision
The GBP/USD currency pair was on a downward trend due to the stronger US dollar, but rallied higher after the Bank of England announced its rate decision. The US dollar later gained slightly against the British pound after the release of positive US data such as the initial jobless claims. The currency pair gained about 100 points after the BoE rate announcement, but has since retraced some of its gains. The release … “British Pound Reverses Decline Against US Dollar After BoE Rate Decision”