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Day: July 24, 2014
July 242014
UK Retail Sales Disappoint FX Market, GBP Retains Weakness
The Great Britain pound retained its weakness against the US dollar today, following yesterday’s losses and touching the lowest level in a month. Against the Japanese yen, the sterling continued to trade sideways. Britain’s retail sales rose just 0.1 percent in June from May. Market participants counted on at least 0.2 percent growth. The data followed yesterday’s Bank of England policy minutes, which put heavy pressure on the UK currency, suggesting […]
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July 242014
Yuan Rises as Manufacturing Growth Beats Expectations
The Chinese yuan advanced today after the gauge of the nation’s manufacturing sector demonstrated an increase this month which was above economists’ projections. The HSBC Flash China Manufacturing Purchasing Managersâ Index climbed from 50.7 in June to 52.0 in July, reaching the highest level in 18 months. The actual reading was above the median forecast of 51.2. The data eased concerns about economic slowdown in China, allowing the yuan to gain ground. USD/CNY […]
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July 242014
NZ Dollar Sinks After RBNZ Statement
The New Zealand dollar sank today after the Reserve Bank of New Zealand raised its key Official Cash Rate but signaled that it is going to pause the interest rate hike cycle. The central bank also said that the current exchange rate is “unjustified”. The RBNZ lifted its benchmark interest rate by 25 basis points to 3.5 percent, exactly as was expected. Yet at the same time Reserve […]
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July 242014
US Dollar Index Heads Higher as Gold Drops
US dollar index is heading higher, gaining ground as gold drops. It’s an interesting situation today, since the dollar index is gaining, even though the euro is heading higher against the dollar for the time being. US dollar is getting a bit of a boost today from the fact that jobless claims have hit an eight-year low. The news is once again spurring speculation that the Federal Reserve will […]
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July 242014
Fundamental Data Results in Volatility for EUR/USD
EUR/USD demonstrated big swings today, reacting to mixed fundamental indicators. At first, the currency pair jumped on positive data from Europe. It retreated later after the unexpected drop of US jobless claims but bounced after the worse-than-expected US housing data. Initial jobless claims dropped from 303k to 284k last week instead of rising to 310k as analysts predicted. (Event A on the chart.) New home sales were at the seasonally adjusted […]
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