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Day: March 7, 2016
March 72016
Canadian Dollar Near Highest Since November vs. US Dollar
The Canadian dollar rallied today, trading near the highest level since November against its US counterpart. The rally was fueled by the rise of crude oil prices as well as the general risk-positive market sentiment. As many other currencies, the loonie fell against the greenback initially today but has bounced as of now as the US currency weakened. The strong gains of crude oil certainly contributed to the good performance of the Canadian dollar. The optimism of market participants […]
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March 72016
Dollar Fails to Rally Against Euro & Pound
The US dollar was attempting to rally against such major rivals as the euro and the Great Britain pound earlier today but has failed. In fact, the currency trades below the opening level right now and continues to move lower. Last week, non-farm payrolls portrayed a confusing picture of the US jobs market, making traders doubt whether the Federal Reserve is going to tighten monetary policy further this year. It looks […]
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March 72016
Euro a Little Lower on ECB Expectations
Euro is a little lower today, thanks in large part to expectations that the European Central Bank will actually have to take steps to stimulate the eurozone economy this week. However, the losses to the euro are limited, as some of these expectations have been priced in, and so far the ECB has failed to deliver on its threats. Later this week, the European Central Bank will announce its next policy moves. […]
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March 72016
UK Pound Continues to Struggle on Economy, Brexit Uncertainty
Once again, the UK pound is struggling in Forex trading. As the economy continues to lose steam, and as concerns mount that an upcoming referendum will end the United Kingdom’s participation in the European Union, the sterling is heading mostly lower today. There isn’t a whole lot of support for the UK pound today. Recent economic data indicates that the economy is losing steam. The latest Services PMI reading from Markit missed the forecast […]
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March 72016
Yen Firmer as Kuroda Downplays Stimulus Prospects
The Japanese yen was firmer today as Haruhiko Kuroda, Bank of Japan Governor, downplayed prospects for additional monetary stimulus from the central bank. Kuroda signaled during today’s speech that he wants to assess the impact of the current extremely accommodative policy on the economy before acting again: I’d likely to carefully examine how the effects of [the 0.1% negative deposit rate] will filter through to the real economy. Furthermore, he admitted that […]
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March 72016
AUD Opens Sharply Lower, Recovers
The Australian dollar opened sharply lower today from the Friday’s close as China slashed its growth outlook. As of now, the currency recovered a bit and is trading close to or above the Friday’s closing level. China announced that it is targeting 6.5%-7.0% growth for 2016. Markets met the announcement with mixed reaction. The news was rather pessimistic, but it was countered by optimism for stimulus measures that the country is likely […]
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