The ECB left its policy unchanged but opened the door to act in September. The euro has fallen on prospects of action. Draghi has prepared EUR/USD to extend its falls on the Fed decision. Mario Draghi is Super Mario once again. The European Central Bank has left its interest rate unchanged but still sent the … “Draghi masters the long term downfall of the euro”
Category: Forex news
USD/JPY Might Change Course to 110.27
The US dollar versus the Japanese yen currency pair seems to be left out of the bearish interest, as the price went above the important 108.00 support. Long-term perspective After reconfirming the important 112.20 resistance, the price entered in a bearish driven movement that brought the price under 108.12, a major support. As it retraced to confirm 108.12 as resistance, the bulls took action and dragged the price above the support area. The bears saw this as a new … “USD/JPY Might Change Course to 110.27”
Pound See-Saws on Boris Johnsonâs Cabinet, Later Crashes
The British pound today see-sawed between gains and losses as investors remained cautious after Boris Johnson assumed office as the new British Prime Minister. The GBP/USD currency pair was weighed down by the cabinet reshuffle announced by the new PM with many of those appointed being hard Brexiteers, which increases the chances of a no-deal … “Pound See-Saws on Boris Johnsonâs Cabinet, Later Crashes”
Euro Weakens As ECB Signals September Rate Cut, More QE
The euro fell to a two-year low against some of its major currency rivals on Thursday after the European Central Bank (ECB) left interest rates unchanged but prepared investors for additional easing in the fall. President Mario Draghi essentially maintained a sour outlook on the eurozone economy, suggesting that the ECB needs to maintain and deliver a âhighly accommodativeâ policy even when Christine Lagarde becomes the new head. At its July policy meeting, … “Euro Weakens As ECB Signals September Rate Cut, More QE”
South African Rand Gains After Inflation Beats Expectations
The South African rand gained today after nation’s inflation beat expectations. South Africa’s annual inflation was at 4.5% in June, the same as in May and above the market consensus of 4.4%. Core inflation was at 4.3%, up from 4.1% in May, which was the lowest rate in more than a year. Monthly inflation was at 0.4%, up from 0.3% in the previous month and matching forecasts. USD/ZAR edged down from 13.9115 to 13.8908 … “South African Rand Gains After Inflation Beats Expectations”
NZ Dollar Gains After Trade Surplus Widens Unexpectedly
The New Zealand dollar rose today after the nation’s trade surplus widened unexpectedly last month. Statistics New Zealand reported that the trade balance logged a surplus of NZ$365 million in June, up from NZ$175 million in May (revised, NZ$264 million before the revision). That was a total surprise to market participants who were expecting a drop to NZ$100 million. The quarterly trade balance posted a deficit of NZ$773 million. NZD/USD … “NZ Dollar Gains After Trade Surplus Widens Unexpectedly”
Euro Trades Sideways at 2-Month Lows on Weak German PMI Data
The euro today traded sideways against the US dollar with a slight bearish bias following the release of disappointing German and eurozone PMI data by Markit Economics. The EUR/USD currency pair today remained under pressure as investors wait for tomorrow’s European Central Bank monetary policy decision, which many expect to be dovish. The EUR/USD currency … “Euro Trades Sideways at 2-Month Lows on Weak German PMI Data”
Australian Dollar Falls After PMI Releases
The Australian dollar fell against other most-traded counterparts today after the Purchasing Managers’ Indices showed that both manufacturing and service sectors continued to expand but with a slower pace. The Commonwealth Bank Flash Manufacturing PMI fell to 51.4 in July from 52.0 in June. The Commonwealth Bank Flash Services Business Activity Index dropped to 51.9 in July from 52.6 in June. CBA Senior Economist Belinda Allen commented on the results: … “Australian Dollar Falls After PMI Releases”
Chinese Yuan Edges Higher As Beijing Slaps Anti-Dumping Duties on Steel Imports
The Chinese yuan is edging higher midweek after the federal government announced that it would be slapping anti-dumping duties on steel imports from major regional trading partners. This might be part of the nationâs strategy of âarduous effortsâ to match this yearâs industrial output growth target, particularly as protectionism and trade wars apply pressure on exports and affect the world’s second-largest economy. Recently, the Ministry of Commerce confirmed that … “Chinese Yuan Edges Higher As Beijing Slaps Anti-Dumping Duties on Steel Imports”
AUD/USD Not Ready Yet for 0.7200
The Australian dollar versus the US dollar currency pair has not seized the opportunity to go for 0.7200, probably because of a resistance that is to hard to breach. Long-term perspective Since the middle of June 2018 the pair is in a descending move and the latest developments etched on the chart what can be considered an inverted head and shoulders. This, added to the longevity of the trend, has all the reasons to point towards the possibility of a trend change. But it … “AUD/USD Not Ready Yet for 0.7200”