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Day: July 6, 2015
July 62015
Future Looks Bleak for Australian Dollar
The Australian dollar has started this trading week with a small rally but not before touching the lowest level since May 2009 against its US counterpart. Can the Aussie stand its ground or will it reach new lows? Unfortunately, things do not look good for the Australian currency. The main focus for Forex traders and the biggest negative factor for the currency is the prospects for the Grexit after Greece refused […]
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July 62015
Dollar Has Limited Support from Safe-Haven Demand
The US dollar was not performing as well as one might have expected considering the prevalent safe-haven demand among investors. The possible reason for this may be that today’s economic data from the United States was a bit on the weak side. The seasonally adjusted final reading of the Markit US Services Business Activity Index demonstrated a drop from 56.2 in May to 54.8 in June. The index of the services sector released by the Institute for Supply […]
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July 62015
Canadian Dollar Sinks Together with Oil Prices
The Canadian dollar sank today against other major currencies, even the very soft euro, as crude oil prices demonstrated huge losses during Monday’s trading. As it often happens, the Canadian currency followed the moves of crude oil, the country’s major export commodity. This made the loonie perform worse than other currencies associated with risk. In fact, the Canadian dollar underperformed even compared to the euro, which is kinda […]
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July 62015
Mexican Peso Bounces from Record Low
The Mexican peso rose today after touching the lowest level on the record earlier. Unsurprisingly, the reason for the drop was the risk-aversion sentiment that followed the Greek referendum over the weekend. Many riskier currencies of emerging markets suffered from the negative market sentiment caused by the outcome of the Greek voting. The peso was one of them. The currency followed the euro, bouncing from the earlier drop, but obviously this is not a sign of the currency’s strength. […]
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July 62015
Greece Says ‘No’ to Austerity, Euro Opens Sharply Lower
The euro opened sharply lower at the start of this week’s trading as the majority of the Greeks voted against the austerity measures demanded by the international creditors. The currency rose during the trading session but remains below the Friday’s closing level. The overwhelming majority of the Greeks said ‘no’ at the referendum during the weekend, pleasing Greek Prime Minister Alexis Tsipras who was asking them to reject the demands of the European Union and the International Monetary Fund. This outcome […]
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July 62015
How Did Greek Referendum Affect Your Trading?
Last week, the development of the Greek debt crisis prompted the Forex brokers to make all the necessary preparations for the July 5 referendum. Brokers cut leverage, removed illiquid currency pairs from trading, convinced traders to close EUR positions before weekend, and switched many pairs, including EUR/USD to close-only mode. Of course, not all the brokers did that, but most did and for a good reason. The main motivation for all these preparations […]
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July 62015
EUR/USD Bounces After Opening Sharply Lower
EUR/USD opened sharply lower at the start of today’s trading session after Greece held a referendum over the weekend. The country rejected the austerity demands of its international creditors, increasing chances for the so-called Grexit (exit of Greece from the eurozone). Meanwhile, today’s data from the United States was somewhat soft, though not terrible at all. Final revision of Markit services PMI demonstrated a reading of 54.8 in June — exactly the same as analysts’ […]
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