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Day: March 17, 2016
March 172016
EUR/USD Surges for Second Day
EUR/USD demonstrated a strong rally today, surging for the second day. The dollar remained very weak as an aftershock after yesterday’s policy announcement from the Federal Reserve. As for US economic data, the manufacturing sector staged unexpected revival but other indicators were not especially good. Philadelphia Fed manufacturing index rose sharply from -2.8 in February to 12.4 in March. It was a far better reading than the predicted -1.4. (Event […]
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March 172016
UK Pound Higher, Even After Productivity Forecast Downgrade
UK pound is mostly higher today against its major counterparts, even after the Office for Budget Responsibility (OBR) cut its forecasts for productivity. However, many analysts expect that pounds to weaken in upcoming weeks and months as the Bank of England waits to raise rates until after the Brexit issue is resolved. The OBR revised its workforce productivity forecasts down to 2.0% from an earlier 2.4%. This revision comes […]
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March 172016
Norwegian Krone Rises, Ignoring Interest Rate Cut
The Norges Bank was yet another central bank to hold policy meeting today. The bank made a decision to cut its key interest rate. Surprisingly enough, the Norwegian krone gained against its major peers despite the news. Norway’s central bank held a policy meeting today, but unlike the Swiss National Bank it made changes to its policy. Namely, the bank cut its main interest rate by 25 […]
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March 172016
Swiss Franc Mixed After SNB Refrains from Lowering Rates Further
Quite a few central banks scheduled their policy for the current trading session, and the Swiss National Bank was among them. The bank refrained from changing its monetary policy. The Swiss franc was mixed after the announcement, rising against the US dollar but falling versus the euro. The SNB left its interest rates stable, refraining from lowering them deeper into the negative territory. The central bank signaled that […]
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