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Day: March 23, 2016
March 232016
EUR/USD Down for Fourth Session
EUR/USD extended its declined for the fourth consecutive session today. Markets are recovering after the impact of yesterday’s bombing in Brussels and feel less need for safe haven. Yet the dollar was still gaining on the euro as various regional Fed presidents were talking about possibility of an interest rate hike as soon as the next month. New home sales were at the seasonally adjusted level of 512k in February, matching forecasts exactly. The January rate […]
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March 232016
Hungarian Forint Down After Surprise Interest Rate Cut
The Hungarian forint traded lower today after yesterday’s surprise from the nation’s central bank. The Magyar Nemzeti Bank (the central bank of Hungary) lowered its main interest rate from 1.35% to 1.20% yesterday. The bank also cut other rates, including the overnight deposit rate that was reduced to -0.05%. This means that the Hungarian central banks joined the company of central banks with negative interest rates. The vast […]
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March 232016
Dollar Goes Higher as Fed Members Talk About April Rate Hike
The US dollar was pushing higher today as the outlook for monetary tightening turned into a more hawkish one after comments of Federal Reserve officials. Markets have discounted an interest rate hike in the near future after the Fed issued a dovish statement and reduced the expected pace of monetary tightening last week. Yet the market sentiment shifted after several officials talked about necessity of a rate increase, perhaps as soon as the next month. […]
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March 232016
Swiss Franc Rallies on Supportive Fundamentals
The performance of the Swiss franc was rather anemic today, but right now the currency is demonstrating attempts to rally. It should not be a surprise as both domestic fundamentals and the general market sentiment should be supportive for the currency. The ZEW-CS-Indicator for the economic sentiment in Switzerland rose from -5.9 to 2.5 in March. Additionally, the news about bombing in Brussels resulted in a surge of risk aversion. The franc struggled to rally despite the supportive fundamentals. But […]
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March 232016
Pound Continues to Move Lower Against Dollar
The Great Britain pound continued to move lower against the US dollar today after demonstrating the biggest one-day loss since February yesterday. Surprisingly enough, the currency performed even worse than the euro. The pound sank 1.1% yesterday after the news about bombing in Brussels and extended its move down today. One could have though that the euro would be hit harder by the news, but it was not […]
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