The Canadian dollar was weak across the board today, reaching the lowest level in more than a year against many of its most-traded peers. There were several possible reasons for that, most important of them were prospects for trade wars and slowing economic growth in Canada. Canada’s gross domestic product rose just 0.1% in December. While markets expected such reading, it was still a slowdown from the 0.4% growth […]
Read moreThe euro was trading mostly higher today (though not against the extremely strong Japanese yen) even as domestic macroeconomic data was mixed and the general sentiment on the Forex market was in favor of safer currencies. German retail sales fell 0.7% in January from the previous month instead of rising by 0.8% as analysts had predicted. At the same time, German import prices rose 0.5%, slightly above the median forecast of 0.4%, while […]
Read moreThe British pound today traded sideways against the US dollar after the release of the Markit/CIPS UK Construction PMI in the early European session. The pound rallied slightly higher in the mid-European session in risk-off environment as markets reacted to President Trump’s announcement that the US would institute steep tariffs on imported steel and aluminum products. The GBP/USD currency pair traded mostly in a sideways ranged marked by a high of 1.3816 and a low of 1.3755. The currency’s pair’s sideways […]
Read moreThe Japanese yen rallied against its most-traded rivals today, touching the highest level since November 2016 versus the US dollar, thanks to the outlook for monetary policy normalization, positive macroeconomic data, and the general risk averse sentiment on the Forex market. Bank of Japan Governor Haruhiko Kuroda surprised markets, discussing hist stimulus exit strategy for the first time today. He said: The BOJâs board members expect that prices will […]
Read moreThe New Zealand dollar attempted to rally today, but the attempt has failed, and the currency is trading below the opening level as of now. New Zealand building consents rose 0.2% in January after tanking by 9.5% in the previous month. The kiwi paid little attention to the report. Rather, the currency felt pressure from risk aversion caused by the announcement of US tariffs on steel and aluminum imports. NZD/USD was up from 0.7245 to 0.7278 intraday […]
Read more