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Day: January 24, 2018
January 242018
USD Slumps as Mnuchin Talks About Benefits of Weaker Currency
The US dollar slumped against all other major currencies today following the remarks from US Treasury Secretary Steven Mnuchin, who talked about benefits of weaker currency. Mnuchin said in Davos today: Obviously a weaker dollar is good for us as it relates to trade and opportunities. Many analysts pointed out that such comments oppose the policy of strong currency that the United States had for years, even […]
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January 242018
EUR/USD Rises to Highest in Three Years
EUR/USD climbed to the highest level since the end of 2014 today after US Treasury Secretary Steven Mnuchin suggested that a weaker dollar is beneficial to the US economy. Economic reports released in the United States over the trading session were not helpful to the US currency either, with the manufacturing index being the only positive indicator. Flash Markit manufacturing PMI rose from 55.1 in December to 55.5 in January, reaching the highest […]
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January 242018
GBP/USD Rallies to New Highs on Positive UK Jobs Report
The GBP/USD currency pair today rallied to new highs above the 1.4100 level last witnessed before the historic Brexit vote. The pound rallied higher against the greenback buoyed by the positive UK labour market report released early in the European session. The GBP/USD currency pair gained over 180 points to rally from a low of 1.4001 to a high of 1.4190 at the time of writing. The British pound rallied higher in the early European session boosted by the positive […]
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January 242018
South African Rand Reaches 12 per Dollar for First Time Since 2015
Today, the South African rand reached the 12 per dollar level for the first time since May 2015. That happened thanks to the growing optimism about the future of the country’s economy as well as due to the general risk-positive market sentiment. Investors and economists have started to look more favorably on South Africa after Cyril Ramaphosa won the election for the leadership of the ruling African National Congress in December, hoping that he will win presidency […]
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January 242018
Euro Rallies to 3-Year Highs Against US Dollar on Mixed Eurozone PMIs
The euro today rallied to 3-year highs against the US dollar after the release of upbeat flash PMIs from different Eurozone countries by Markit Economics. The manufacturing activity across the Eurozone slowed down in January as measured by the PMI, while the composite and services PMIs registered new all-time highs. The EUR/USD currency pair today rallied by over 60 points from a low of 1.2291 to hit a high of 1.2356 in the early European session. The release of the upbeat […]
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January 242018
Japanese Yen Gains as Manufacturing Accelerates
The Japanese yen managed to rise against a range of its most-traded peers, including the US dollar and the euro, despite mixed macroeconomic data released in Japan over the trading session. Japan’s trade balance surplus shrank from ¥0.29 trillion in November to ¥0.09 trillion in December. Economists had promised a much smaller decrease to ¥0.27 trillion. Meanwhile, the Nikkei Flash Japan Manufacturing Purchasing Managers’ Index showed an increase from 54.0 in December […]
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