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Day: March 21, 2016
March 212016
EUR/USD Little Changed in Subdued Trade
EUR/USD traded close to its opening level after trying to move both to the upside and to the downside. Trading is subdued as this week is relatively light on economic data and other major events, providing little in term of helping currencies establishing trends. Therefore, traders digest the previous week’s events, the Federal Reserve’s policy announcement in particular. Existing home sales fell to the seasonally adjusted annual rate of 5.08 million in February from […]
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March 212016
NZ Dollar Weak on Monday
The New Zealand dollar declined against its US counterpart today as traders thought that the greenback’s decline last week was overdone. The kiwi was also weak against its other major peers. The US Federal Reserve shocked markets last week by trimming its forecast for monetary tightening, promising just two interest rate hikes this year instead of the previous prediction of four. The announcement led to a crash of the US […]
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March 212016
Euro Retains Much of Its Strength
Euro is still trading relatively strong against most of its major counterparts. Even though the 19-nation currency is down against the dollar today, it isn’t down by very much and it is largely holding its ground. Much of this has to do with the fact that ECB policymakers are finding it difficult to continue to talk the euro down. Euro is mostly higher today when trading […]
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March 212016
Canadian Dollar Dragged Down by Crude Oil, Attempts to Recover
The Canadian dollar went lower against its major counterparts, the US dollar in particular, tracking the decline of crude oil. The currency is attempting to recover right now. The Canadian currency is strongly tied to the performance of crude, and lately the correlation became even stronger than usual as the loonie was moving in lockstep with moves of oil prices. Therefore, it was unsurprising that the currency fell today as crude oil was falling […]
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March 212016
Outlook for Dollar Unclear
The US dollar tumbled last week due to the unexpectedly dovish comments of the Federal Reserve, though the currency has started to recover by the weekend. What can traders expect from the greenback this week? This trading week is relatively light on economic data. The most important economic release should be the final revision of US gross domestic product for the fourth quarter. Yet the report will be released on Friday, meaning that […]
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March 212016
Great Britain Pound amid Political Turmoil
The Great Britain pound fell today as the split in the ruling Conservative party led to concerns that Prime Minister David Cameron may have problems in holding his party together in voting for staying in the European Union. Iain Duncan Smith, Secretary of State for Work and Pensions, announced an unexpected resignation on late Friday. He explained his decision with “unfair” cuts in welfare. Smith is a known Brexit supporter. GBP/USD declined from […]
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March 212016
Australian Dollar Recovers from Initial Losses
This week’s trading started with risk aversion that has dragged commodity currencies down. Yet the Australian dollar recovered after initial losses following the rally of Chinese stocks. Chinese regulators loosed limits on short-term margin lending for stock trades. This made the Shanghai Stock Exchange Composite Index rally more than 2%. The Aussie followed in a rally, recovering from the pressure of falling commodity prices and the risk-negative market […]
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