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Day: May 1, 2018
May 12018
EUR/USD Drops Ahead of Wednesday’s FOMC Announcement
EUR/USD fell today, dropping for the ninth time in eleven session. Market analysts thought that the currency pair was driven by the same forces as previously — mainly by anticipation of higher interest rates from the Federal Reserve. While basically nobody expects the Fed to announce a hike tomorrow, traders still wait for the Fed’s statement, hoping that it may signal whether US policy makers consider four hikes it total this […]
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May 12018
Canadian Dollar Gains as Canada’s Economy Recovers
The Canadian dollar rallied against its major peers, though failed to gain on the US dollar, after the Canadian economy rebounded stronger than expected from the previous decline. Canada’s gross domestic product recovered in February, rising 0.4%, following the slight 0.1% decrease in January. Economists were anticipating a bit slower growth by 0.3%. The report cited following factors contributing to the rebound: The growth was led by a rebound in the mining and oil and gas […]
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May 12018
US Dollar Continues to Demonstrate Strength Ahead of Fed Announcement
The US dollar continued to demonstrate strength today, gaining for nine times in 11 days against the euro. Trading was thinner than usual during the current trading session as markets in many countries were closed for the May Labor Day. Macroeconomic data released in the United States on Tuesday was rather mixed. In particular, the manufacturing Purchasing Managers Index reported by the Institute of Supply Management fell in April to the lowest level since July 2017. […]
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May 12018
Market Sentiment: Positive Towards USD, Negative For GBP
Market sentiment talking points: – The dominant theme in the markets at present is the weakness of EURUSD as the Dollar benefits from high yields while the Euro suffers from poor economic data. – Another important theme is the continuing weakness of the British Pound. – In this webinar I looked at the factors affecting […]
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May 12018
US AM Digest: DXY Surges Before Fed Meeting; GBP Underperforms on Manufacturing PMI Miss
Receive the DailyFX US AM Digest in your inbox every day before US equity markets open – signup here US Market Snapshot via IG: DJIA -0.3%, Nasdaq 100 -0.2%, S&P 500 -0.15% Major Headlines RBA left the cash rate unchanged at 1.50% and reiterated a steady policy US President Trump extended tariff relief for EU […]
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May 12018
ISM Manufacturing Tanks to 9-Month Low, Yet DXY Climbs Higher
ISM Manufacturing Talking Points: – ISM manufacturing composite missed estimates at 57.3% vs 58.5% expected – Supply chains remain strained despite robust demand – DXY climbed to the highest level since January ignoring today’s bearish ISM report – See the DailyFX Economic Calendar for upcoming economic data and for a schedule of live coverage see […]
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May 12018
EUR/USD Drops Ahead of Wednesday’s FOMC Announcement
EUR/USD fell today, dropping for the ninth time in eleven session. Market analysts thought that the currency pair was driven by the same forces as previously — mainly by anticipation of higher interest rates from the Federal Reserve. While basically nobody expects the Fed to announce a hike tomorrow, traders still wait for the Fed’s statement, hoping that it may signal whether US policy makers consider four hikes it total this […]
Read more
May 12018
Australian Dollar Reverses Gains After RBA Stands Pat
The Australian dollar attempted to rally intraday but halted its advance after the Reserve Bank of Australia announced its monetary policy decision. The RBA kept its main interest rate at 1.5%, as was widely expected. The central bank predicted that the Australian economic growth will pick up to a bit above 3% in 2018 and 2019. The bank also mentioned that “employment has grown strongly over the past year” but […]
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May 12018
Sterling Pound Declines on Weak UK Manufacturing PMI
The Sterling pound today declined significantly against the US dollar following the release of the Markit/CIPS UK Manufacturing PMI in the early European session. The pound’s decline was further accelerated by the US dollar’s recovery as it extended its gains at the start of the new month. The GBP/USD currency pair lost over 100 points to decline from an opening high of 1.3773 to trade at a low of 1.3667 at the time of writing. The currency pair’s decline begun in the Asian session […]
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May 12018
Brent Crude Oil Struggles to Breach $75 Mark
Crude oil talking points: – Oil prices are firm in the wake of the Israeli prime minister’s claim that he has proof of a secret Iranian nuclear program. – However, Brent crude – the global benchmark – is struggling to break through the $75/barrel level. Check out the IG Client Sentiment data to help you […]
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