The euro today fell aggressively against the US dollar reversing most of yesterday’s gains after the New York Federal Reserve rushed to clarify dovish comments made by its President John Williams. The EUR/USD currency pair was also pressured by the weak German producer data released earlier today as well as the resurgent greenback. The EUR/USD currency pair today fell from an opening high of 1.1268 … “Euro Falls As Fed Reassures Markets of Its Less-Dovish Stance”
Category: Forex news
Canadian Dollar Soft After Crude Oil Drops 2%
The Canadian dollar was performing extremely poor today. While the loonie has managed to erase intraday losses versus the US dollar by now, the Canadian currency remained below the opening level against other most-traded rivals. The most likely reason for the drop was the decline of crude oil prices. Positive Canadian employment data did little to help the currency. Futures for crude oil fell about 2% on Thursday due to a range of negative … “Canadian Dollar Soft After Crude Oil Drops 2%”
Sterling Gets Boost from Brexit News, Strong Retail Sales
The Great Britain pound was one of the strongest currencies today, gaining on most of its major rivals, though failing to gain on the extremely strong Australian dollar and almost erasing gains versus the New Zealand dollar. The factors supporting the currency were a reduced chance of a no-deal Brexit and a surprisingly good retail sales report. Investors were concerned that Boris Johnson, the most likely candidate for the seat of the prime minister, may push for a no-deal … “Sterling Gets Boost from Brexit News, Strong Retail Sales”
AUD/USD Facing an Important Test Before Continuing Towards 0.7200
The Australian dollar versus the US dollar currency pair is at an important resistance area, but the bulls are very determined. The clues for which path the price will take lie in a few details. Long-term perspective The price is in a downwards movement since the mid of 2018, but is also limited by the support of 0.6858 and the resistance area of 0.7055 and 0.7013. Between this support and resistance zones the waves typical for a consolidative phase took shape. … “AUD/USD Facing an Important Test Before Continuing Towards 0.7200”
Euro Drops on Fears of Further Monetary Easing From the ECB
The euro today fell from its daily highs against the US dollar as markets reacted to news that the European Central Bank was considering a different approach to meet its inflation target. The EUR/USD currency pair later recovered given that the greenback was also under significant selling pressure as markets continue to price in a Fed rate cut on July 31. The EUR/USD currency pair today fell from a … “Euro Drops on Fears of Further Monetary Easing From the ECB”
Weak Employment Data Doesn’t Prevent Rally of Australian Dollar
Australian employment data came out today much weaker than was expected. Yet that did not prevent the Australian dollar from rising against the majority of its most-traded peers. The Australian Bureau of Statistics reported that the seasonally adjusted number of employed people increased by a meager 500 in June from the previous month, whereas analysts had predicted a solid increase of 9,100. The May increase got a positive revision from … “Weak Employment Data Doesn’t Prevent Rally of Australian Dollar”
Yen Mixed Despite Shrinking Trade Deficit
The Japanese yen was mixed today, rising against some majors, such as the US dollar and the euro, but falling against commodity currencies as well as the Great Britain pound. The decline of global stocks and domestic macroeconomic data were supportive of the currency, but that was not enough to bolster the yen sufficiently. Japan’s trade balance deficit shrank to ¥0.01 trillion in June down from ¥0.62 trillion in May. Exports gained … “Yen Mixed Despite Shrinking Trade Deficit”
Swiss Franc Flat As Trade Surplus Balloons in June
The Swiss franc is trading relatively flat against some of its currency rivals on Thursday as some recent economic data are pushing up the safe-haven asset. While not consider the global beacon of exports, Switzerland has enjoyed a significant jump last month, helping it experience the biggest trade surplus in more than two years. With Zurich engaged in terse discussions with the European Union (EU), this could … “Swiss Franc Flat As Trade Surplus Balloons in June”
Japanese Yen Mixed After Fitch Maintains Credit Rating
The Japanese yen was mixed today after Fitch Rating maintained Japan’s sovereign credit rating. The forecasts made by the agency were not all good, though. Fitch Ratings maintained Japan’s Long-Term Foreign-Currency Issuer Default Rating at ‘A’. The outlook is stable. The rating agency cited the following reasons for its decision: Japan’s ratings balance the strengths of an advanced and wealthy economy, with high governance standards and strong public institutions, … “Japanese Yen Mixed After Fitch Maintains Credit Rating”
Euro Struggles to Rally Despite Upbeat Eurozone Inflation Data
The euro today attempted to rally against the US dollar from the Asian session but encountered massive resistance despite the release of upbeat euro area inflation data. The EUR/USD currency pair could not muster enough momentum to mount a sustained rally as each attempt was quickly countered by a retracement as the bears stepped in. … “Euro Struggles to Rally Despite Upbeat Eurozone Inflation Data”