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Day: May 24, 2017
May 242017
US Dollar Declines as FOMC Minutes Offer Dovish Interest Rates Outlook
The US dollar gave up some of its earlier gains on Wednesday to decline against other major currencies following the release of the Federal Open Market Committeeâs latest meeting minutes. The greenback, which had suffered against the euro in recent sessions amid political risks in the United States, returned to fall against the shared currency despite initial gains today due to the dovish outlook offered by the minutes. The Federal Reserve released the minutes of its […]
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May 242017
US Dollar Declines as FOMC Minutes Offer Dovish Interest Rates Outlook
The US dollar gave up some of its earlier gains on Wednesday to decline against other major currencies following the release of the Federal Open Market Committeeâs latest meeting minutes. The greenback, which had suffered against the euro in recent sessions amid political risks in the United States, returned to fall against the shared currency despite initial gains today due to the dovish outlook offered by the minutes. The Federal Reserve released the minutes of its […]
Read more
May 242017
EUR/USD Goes Higher After FOMC Minutes
Today, the Federal Open Market Committee released minutes of its latest policy meeting. While the notes were relatively upbeat, hinting at a possibility of an interest rate hike in June, EUR/USD moved up, rather than down. It seems markets considered the minutes to be not as hawkish as dollar bulls were hoping for. The weakness that the US housing market was demonstrating in the recent reports was also helping the currency pair. […]
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May 242017
Euro Declines Slightly Against US Dollar on Mario Draghi Comments
The euro today declined slightly against the US dollar after Mario Draghi, the European Central Bank President, made dovish comments in support of the bank’s quantitative easing program. Mario Draghi ignored comments made by Angela Merkel the German Chancellor earlier this week where she clearly stated that the ECB’s dovish policies were hurting the German economy. The currency pair was trading in a 50 point range for much of European […]
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May 242017
Euro Declines Slightly Against US Dollar on Mario Draghi Comments
The euro today declined slightly against the US dollar after Mario Draghi, the European Central Bank President, made dovish comments in support of the bank’s quantitative easing program. Mario Draghi ignored comments made by Angela Merkel the German Chancellor earlier this week where she clearly stated that the ECB’s dovish policies were hurting the German economy. The currency pair was trading in a 50 point range for much of European […]
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May 242017
Canadian Dollar Jumps as BoC Statement Doesn’t Show Dovishness
The Canadian dollar jumped following the monetary policy meeting of the Bank of Canada as the central bank’s statement turned out to be not as dovish as market participants were expecting. The BoC left its main interest rate at 0.5% as was widely expected. Markets also expected a dovish statement, especially after inflation missed economists’ projections. Yet instead, the central bank voiced optimism about both global and domestic economies, stating about […]
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May 242017
Canadian Dollar Jumps as BoC Statement Doesn’t Show Dovishness
The Canadian dollar jumped following the monetary policy meeting of the Bank of Canada as the central bank’s statement turned out to be not as dovish as market participants were expecting. The BoC left its main interest rate at 0.5% as was widely expected. Markets also expected a dovish statement, especially after inflation missed economists’ projections. Yet instead, the central bank voiced optimism about both global and domestic economies, stating about […]
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May 242017
Improving Trade Balance Helps NZ Dollar Weather China’s Downgrade
The New Zealand dollar fell together with other commodity currencies after the surprise cut of China’s credit rating (the fact that the Asian country is the biggest trading partner of New Zealand was not helping the matter). Yet the currency has recovered as of now, partially due to the help of positive domestic data. New Zealand’s trade balance showed a surplus of NZ$578 million in April, up from NZ$277 million in March, reaching […]
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May 242017
Improving Trade Balance Helps NZ Dollar Weather China’s Downgrade
The New Zealand dollar fell together with other commodity currencies after the surprise cut of China’s credit rating (the fact that the Asian country is the biggest trading partner of New Zealand was not helping the matter). Yet the currency has recovered as of now, partially due to the help of positive domestic data. New Zealand’s trade balance showed a surplus of NZ$578 million in April, up from NZ$277 million in March, reaching […]
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May 242017
Chinese Yuan Falls After Moody’s Downgrade, Recovers
The Chinese yuan slipped against the US dollar today (though it has trimmed the losses by now) after Moody’s Investor Service made a surprise cut of China’s credit rating for the first time in almost three decades. Moody’s reduced the country’s sovereign grade from Aa3 to A1 and changed the outlook from negative to stable. The rating agency cited following considerations for its decision: The downgrade reflects Moody’s expectation that China’s financial […]
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