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Day: January 6, 2016
January 62016
Dollar Down vs. Euro as Fed Policy Minutes Look Dovish
Today, the dollar fell against some of its major peers, including the euro, after the Federal Reserve released minutes of its December meeting. Markets considered the minutes to be dovish, pushing the greenback down as a result. Very solid employment data was unable to help the US currency to hold ground, though it gave hope for dollar bulls that nonfarm payrolls, released on Friday, would also be strong. ADP employment […]
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January 62016
Tumbling Crude Oil Prices Drag Canadian Dollar Along
The Canadian dollar dropped today against its major counterparts, dragged down by falling prices for crude oil. The general risk-negative sentiment on the currency markets added to the weakness of the loonie. Futures for crude oil lost more than 5 percent of their value during the current trading session as US gasoline inventories demonstrated the biggest gain since 1993. The performance of the Canadian currency strongly correlates with that of crude oil as the commodity is […]
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January 62016
Dollar Drops vs. Euro & Yen, Retains Gains vs. Other Majors
The US dollar fell against the euro and the Japanese yen today as minutes of the latest Federal Reserve policy meeting were relatively dovish. The greenback retained gains against most other major currencies thanks to the strong private employment report. While US policy makers have raised interest rates in December, they were worried about low inflation: Consumer price inflation continued to run below the FOMC’s longer-run objective of 2 […]
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January 62016
Continued Safe Haven Demand Helps Greenback
Forex traders are still looking for a safe haven today, and the US dollar is providing that feeling of confidence. With upheaval in the stock markets and uncertainty over North Korea and the Middle East, it’s no surprise that the dollar is gaining ground today. Risk appetite is low right now as investors and traders move away from the assets likely to be impacted by recent developments in Asia. Disappointing news out of China […]
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January 62016
PMI Reading Helps Euro Hold Its Own
Euro is holding its today in currency trading on the FX market, in spite of global jitters related to the latest news out of China and North Korea. Better economic data is helping the 19-nation currency as some expect to see growth in 2016. The latest PMI reading for the eurozone came in at 54.3 during December, representing an increase from the November reading of 54.2. This increase was good news, since many analysts had expected […]
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January 62016
Pound Extends Move Down During Wednesday’s Trading
The Great Britain pound extended its move down today, reaching the lowest level since April against the US dollar and the lowest since October 2014 versus the Japanese yen. The Markit/CIPS UK Services PMI went down from 55.9 in November to 55.5 in December, though it remained comfortably above the neutral 50.0 level, indicating expansion of the sector. The more negative factor for the currency was uncertainty associated with the planned referendum […]
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January 62016
Yuan at Lowest Level in Five Years
The Chinese yuan depreciated today, falling to the lowest level in five years, as the People’s Bank of China lowered its reference rate, prompting speculations among market participants that China is going to renew currency wars. The PBoC cut its daily fixing by 0.22 percent to 6.5314 per dollar today. The move obviously made the yuan weaker while the poor economic data from China also contributed to the weakness of the currency. Additionally, […]
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January 62016
CAD Falls to Record Low Since 2003 vs. USD
The Canadian dollar fell to the lowest level in more than a decade against the US dollar during the Wednesday’s trading session. The currency was also lower against other major peers, hurt by both domestic and overseas news. The loonie dropped together with other commodity-related currencies due to the poor economic data from China. The Asian nation is a significant consumer of raw materials, making its economic performance vital to currencies linked […]
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January 62016
NZ Dollar Hurt by News from New Zealand & Abroad
The New Zealand dollar dipped today, hurt by news from both New Zealand itself and from abroad. The currency declined for the fifth straight trading session versus the US dollar and the Japanese yen. GlobalDairyTrade reported that prices dropped 1.6 percent during the first dairy auction this year. Milk exports account for about one third of New Zealand’s export revenue, making dairy prices an important factor for the nation’s economy […]
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