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Day: March 20, 2018
March 202018
Canadian Dollar Supported by Strong Rally of Crude Oil
The Canadian dollar was little changed against its US counterpart and gained on other most-traded rivals thanks to the strong rally of crude oil — Canada’s most important export commodity. Prices for crude jumped more than 2%, touching the highest level in three weeks intraday, on the outlook for shrinking global glut. Meanwhile, Statistics Canada reported that wholesale sales rose 0.1% in January, matching forecasts exactly. The sales were down […]
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March 202018
US Dollar Rallies as Markets Prepare for Fed Hike
The US dollar gained against other most-traded currencies today as market participants were preparing for tomorrow’s policy announcement from the Federal Reserve. The Fed will conclude its two-day meeting and announce the policy decision at 18:00 GMT tomorrow. It will be followed by a press conference at 18:30 GMT. The gathering will be the first with Jerome Powell as a chairman. Markets consider an interest rate hike at tomorrow’s meeting almost guaranteed, […]
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March 202018
Euro Sinks to New Lows on Weak German ZEW Survey Data
The euro today booked significant losses against the US dollar following the release of German ZEW survey data for March. The ZEW data triggered a decline that extended from the early European session into the American session as the US dollar gained ground against the single currency. The EUR/USD currency pair today lost over 90 points to drop from a high of 1.2354 to a low of 1.2262. The release of the German ZEW survey expectations for March, […]
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March 202018
Pound Loses Ground Following Weak UK Inflation Data
The British pound today declined against the US dollar following the release of the UK Consumer Price Index data for February. The pound gave up all of its earlier gains accumulated during the late Asian session and early European session before the release of the UK inflation data. The GBP/USD currency pair today lost over 80 points to decline from a high of 1.4067 to trade at a low of 1.3983 at the time of writing. The Sterling pound gave […]
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March 202018
Swiss Franc Vulnerable Despite Positive Fundamentals
The Swiss franc slipped versus the US dollar today despite supportive fundamentals. Against other currencies, the Swissie was mixed. Switzerland’s trade balance surplus widened from CHF 1.1 billion in January to CHF 3.2 billion in February, above the consensus forecast. The economic forecast by the Federal Governmentâs Expert Group painted a positive picture of the Swiss economy. Yet all that was not particularly helpful to the Swissie, perhaps because traders […]
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March 202018
Aussie Drops Intraday, Reverses Decline Sharply
The Australian dollar dropped intraday during the current trading session but has started a rebound at 10:45 GMT and managed to erase its losses against most of its rivals by now, with the notable exception of the US dollar. The minutes of the March policy meeting released by the Reserve Bank of Australia today provided no surprises. The central bank was optimistic about the domestic economy overall but mentioned several headwinds. Among them was […]
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