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Day: May 3, 2016
May 32016
E-Book Review: An Introduction to Japanese Candlestick Charting
Japanese candlestick charts have become a staple trading tool since a long time ago. had been written by Erik Gebhard of Altavest quite some time before that (in the year 2000). Nevertheless, this e-book can still serve as a primer for newbie traders on the Japanese candles and on the patterns based on them. The whole e-book is just 14 pages long, so there is not much to review in it really. Of course, […]
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May 32016
Canadian Dollar Tumbles amid Crude Oil Sell-Off
The Canadian dollar fell more than 1% against its major counterparts today as the sell-off of crude oil hurt the commodity-linked currency while poor economic data from China gave traders even more incentive to avoid currencies related to raw materials. Crude oil prices declined on Tuesday as traders felt concern about the oversupply on the market. Oil dragged the loonie down as a large chunk of Canada’s export revenue comes from […]
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May 32016
UK Manufacturing PMI Below 50.0 — Pound Sinks
The Great Britain pound dropped against its major rivals today as the manufacturing index dropped unexpectedly, showing contraction of the sector. The Markit/CIPS UK Manufacturing PMI fell from 50.7 to 49.2 in March. The reading below 50.0 indicates that the manufacturing sector is in decline. Forecasters were totally wrong, promising an increase to 51.3. GBP/USD plunged from 1.4672 to 1.4554 as of 15:53 GMT today, retreating from the daily high of 1.4767. GBP/JPY […]
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May 32016
Swiss Franc Gains, Ignoring Adverse Fundamentals
The Swiss franc gained today even though fundamentals did not look particularly supportive for the currency. Switzerland’s State Secretariat for Economic Affairs released a report about consumer confidence, showing a drop of the index from -14 to -15 in the three months through March. Experts had predicted in increase to -12. Thomas Jordan, Chairman of the Swiss National Bank, was speaking yesterday, and he reiterated that the exchange rate of the franc remains too […]
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May 32016
Australian Dollar Sinks Over 1% After RBA Makes Surprise Cut
The Australian dollar sank today, falling more than 1% against its major peers, after the Reserve Bank of Australia shocked the market, slashing its benchmark cash rate. Poor economic data from China weakened the currency further. The RBA announced today that it is reducing its main interest rate by 25 basis points to 1.75%. It was a big surprise as the vast majority of analysts had not […]
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