The US dollar versus the Japanese yen might look as if it is ready for a rally, but the chart tells a different story. Long-term perspective After confirming the resistance area at 112.20, the price entered a descending phase that confirmed, on June 25, 2019, the support of 106.92, which corresponds to the psychological level of 107.00. Adding the fact that the same level was confirmed at the beginning of 2019, the price should have appreciated in a very convinced … “USD/JPY Possibly Preparing a New Leg Down Towards 107.00”
Category: Forex news
US Dollar Takes a Breather After Strong Data Sparks Rally
The US dollar is taking a breather midweek following a strong session on Tuesday, driven by strong economic data that left investors feeling ebullient. A string of housing numbers did come out, but the market did anticipate weakness in the sector, which could adjust tradersâ minds about the worldâs largest economy being on solid footing. It has been a rough year for the national real estate market, and the mortgage applications data … “US Dollar Takes a Breather After Strong Data Sparks Rally”
Canadian Dollar Mixed on Higher Auto Sales, Crashing Energy Prices
The Canadian dollar is mixed against a basket of currencies on Tuesday as investors sift through new motor vehicle sales data and foreign securities purchases for May. The loonie was sent lower on crashing energy prices, which is bad news for a resource-rich market. Traders will now wait for June inflation numbers that are expected to be lower than in May. According to Statistics Canada, new motor vehicle sales surged … “Canadian Dollar Mixed on Higher Auto Sales, Crashing Energy Prices”
Sterling Crashes to New 27-Month Lows on Hard Brexit Fears
The Sterling pound today fell to new 27-month lows against the US dollar as markets reacted to a poor UK jobs report and the uncertain British political environment. The GBP/USD currency pair was also adversely affected by comments from the two remaining Conservative Party candidates saying that the Irish backstop was dead. The GBP/USD currency … “Sterling Crashes to New 27-Month Lows on Hard Brexit Fears”
Aussie Firm After RBA Monetary Policy Meeting Minutes
The Australian dollar gained against the majority of its most-traded counterparts today, with the exception of the US dollar. That is despite the Reserve Bank of Australia released policy minutes, which suggested that the central bank maintained easing bias. The RBA released minutes of the monetary policy meeting on July 2, when the central bank decided to lower interest rates. The notes explained the decision: Members judged that a further reduction in the level of interest … “Aussie Firm After RBA Monetary Policy Meeting Minutes”
NZ Dollar Rises on In-Line CPI, Loses Gains vs. US Dollar
The New Zealand dollar gained against most of its major peers today. While the kiwi has lost gains versus its US counterpart by now, it was still trading higher against other peers. Market analysts attributed the rally to the positive consumer inflation print, though some of them argued that the data is not as good as might seem at first glance. Statistics New Zealand reported that the Consumer … “NZ Dollar Rises on In-Line CPI, Loses Gains vs. US Dollar”
Swiss Franc Opens Higher, Mixed Afterwards
The Swiss franc opened sharply higher against its major rivals today. While it fell from the opening level against some peers, the Swissie gained on others. Domestic macroeconomic data was negative to the currency. Switzerland’s Federal Statistical Office reported that the Producer Price Index fell 0.5% in June from the previous month. Analysts had predicted an increase of 0.1%. The index was unchanged in May. USD/CHF opened at 0.9829 … “Swiss Franc Opens Higher, Mixed Afterwards”
Chinese Yuan Tries to Find Direction on Slowing GDP, Strong Data
The Chinese yuan is struggling to find direction to kick off the trading week after economic growth slowed to its lowest level in nearly three decades. But it was not all bad news for the worldâs second-largest economy as an influx of data came in better than expected, giving the yuan some support. The big news on Monday was the gross domestic product growth rate coming in at 6.2% in the second quarter, down from … “Chinese Yuan Tries to Find Direction on Slowing GDP, Strong Data”
Australian Dollar Gains on China’s Data
The Australian dollar gained against its most-traded rivals today after the release of macroeconomic indicators in China, Australia’s biggest trading partner. While not all indicators were especially good, most of them were decent enough to support the Aussie. The National Bureau of Statistics of China reported that gross domestic product rose 6.2% in the second quarter of this year from a year ago, down from 6.4% in the first quarter and matching … “Australian Dollar Gains on China’s Data”
Pound Reverses 3-Day Rally Amid Upbeat US Manufacturing Report
The British pound today fell against the US dollar reversing all of Friday’s gains amid a lack of any major releases from the UK docket. The GBP/USD currency pair fell due to the absence of catalysts to prop up the Sterling with the pair’s performance being driven largely by investor sentiment. The GBP/USD currency pair … “Pound Reverses 3-Day Rally Amid Upbeat US Manufacturing Report”