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Day: May 15, 2017
May 152017
US Dollar Weakens Against Commodity Currencies as Oil Prices Surge
The US dollar weakened against the euro and a group of commodity currencies on Monday, as oil prices surged following reports of an extension for a deal that reduces oil output of major producers. Demand for the greenback was muted today as traders anticipate major data releases later this week, including the number of building permits in April and a new report on manufacturing activity in Philadelphia this month. Saudi Arabia and Russia agreed on Monday to extend crude production cuts for nine […]
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May 152017
US Dollar Weakens Against Commodity Currencies as Oil Prices Surge
The US dollar weakened against the euro and a group of commodity currencies on Monday, as oil prices surged following reports of an extension for a deal that reduces oil output of major producers. Demand for the greenback was muted today as traders anticipate major data releases later this week, including the number of building permits in April and a new report on manufacturing activity in Philadelphia this month. Saudi Arabia and Russia agreed on Monday to extend crude production cuts for nine […]
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May 152017
EUR/USD Goes Higher, Weak US Manufacturing Helps Maintain Momentum
EUR/USD was rising today, and soft manufacturing data from the United States helped the currency pair to continue the rally. With that said, EUR/USD started to move sideways after a while, and the worse-than-predicted report about net foreign purchases did not change that. NY Empire State Index slumped from 5.2 to -1.0 in May. That was a completely unexpected turn of events to analysts who were erroneously counting on an increase […]
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May 152017
Canadian Dollar Follows Crude Oil, Moving Higher
The Canadian dollar followed the move of crude oil to the upside, logging gains during the current trading session. By now, the currency has pared the rally against some of its rivals, but maintained gains against others. Saudi Arabia and Russia signaled that they are willing to extend oil productions cuts, implemented back in November to reduce oversupply of crude oil on the market, to the first quarter of 2018. The two countries are the biggest oil […]
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May 152017
Canadian Dollar Follows Crude Oil, Moving Higher
The Canadian dollar followed the move of crude oil to the upside, logging gains during the current trading session. By now, the currency has pared the rally against some of its rivals, but maintained gains against others. Saudi Arabia and Russia signaled that they are willing to extend oil productions cuts, implemented back in November to reduce oversupply of crude oil on the market, to the first quarter of 2018. The two countries are the biggest oil […]
Read more
May 152017
Swiss Franc Ignores Domestic Data, Rallies vs. Majors
The Swiss franc managed to gain on some of its most-traded counterparts during the current trading session, even though domestic macroeconomic data was detrimental to the currency. The Producer Price Index fell 0.2% in April, whereas forecasters predicted no change. Yet that did not prevent the currency from rallying against its major rivals as it was probably boosted by risk aversion caused by the North Korean missile launch and poor […]
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May 152017
Swiss Franc Ignores Domestic Data, Rallies vs. Majors
The Swiss franc managed to gain on some of its most-traded counterparts during the current trading session, even though domestic macroeconomic data was detrimental to the currency. The Producer Price Index fell 0.2% in April, whereas forecasters predicted no change. Yet that did not prevent the currency from rallying against its major rivals as it was probably boosted by risk aversion caused by the North Korean missile launch and poor […]
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May 152017
GBP/USD Shows Muted Reaction to Negative Comments on Brexit Talks
The GBP/USD currency pair did not react to negative comments made by the UK’s Brexit secretary, David Davis, regarding the EU’s negotiation timetable. The pair also shrugged of the disappointing US Empire State Manufacturing Index data, which was released during the early American session. The pair gained over 50 points at the height of its rally during the European session before retracing some of its gains. The currency pair also did […]
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May 152017
GBP/USD Shows Muted Reaction to Negative Comments on Brexit Talks
The GBP/USD currency pair did not react to negative comments made by the UK’s Brexit secretary, David Davis, regarding the EU’s negotiation timetable. The pair also shrugged of the disappointing US Empire State Manufacturing Index data, which was released during the early American session. The pair gained over 50 points at the height of its rally during the European session before retracing some of its gains. The currency pair also did […]
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May 152017
New Zealand Dollar Joins Rally of Commodity Currencies
Commodity currencies were rising today thanks to the rally of crude oil prices, and the New Zealand dollar was not an exception. But the kiwi had also its own reasons for posting gains. Unlike the Australian currency, the New Zealand dollar was able to get help from domestic economic reports. Retail sales rose 1.5% in the March quarter from the previous three months (seasonally adjusted), exceeding the medium forecast of 1.1.%. […]
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