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Day: May 22, 2018
May 222018
Loonie Unable to Maintain Rally Despite Supportive Fundamentals
The Canadian dollar fell today after rallying intraday. That was surprising, considering that fundamentals looked extremely supportive for the currency. Statistics Canada reported that wholesale sales climbed 1.1% in March from February, beating the average forecast of 0.8%. Price for crude oil, Canada’s major export, jumped above the $80 mark. Yet all those factors were unable to help the loonie to keep gains, and the currency fell below […]
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May 222018
US Dollar Flat, Waits for Fed Minutes
The US dollar traded almost flat against most of its major peers amid profit-taking and in anticipation of the upcoming policy minutes from the Federal Reserve. Analysts pointed out that the greenback has rallied as much as 7% since February, prompting traders to look for more reasons to buy the currency. Yet fundamentally, the environment remained positive for the currency. US Treasury yields pulled back from the 7-year highs during the Tuesday’s trading session. […]
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May 222018
GBP/USD Rallies Then Declines on Testimonies by BoE Members
The GBP/USD currency pair today retreated from its overnight rally after encountering resistance just before the crucial 1.3500 psychological level. The currency pair was on an uptrend from the early European session before reversing in the mid-European session following testimonies by Bank of England policymakers before the UK Parliament’s Treasury Select Committee. The GBP/USD currency pair today declined from a high of 1.3492 to a low of 1.3412 losing about 80 points. […]
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May 222018
EURUSD Looks Oversold But Further Falls Lie Ahead
EURUSD News and Talking Points – Italian bond yields highlight real EUR risk. – USD pauses before the next move higher. The DailyFX Q2 Trading Forecasts for all major currencies, commodities and indices, are now availableto download to help you make more informed trading decisions. EURUSD Pauses for Breath Ahead of Further Falls. A combination […]
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May 222018
GBP Nudges Higher as BOE Policy MakersTestify
GBP Moving Higher From Depressed Levels Four senior members of the Bank of England’s monetary policy committee are discussing the last UK Inflation Report in Parliament and GBP has picked up a touch on early commentary. Early talk from Gertjan Vlieghe pushed GBP when the economist said that UK interest rates are likely to rise […]
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May 222018
USDJPY Bulls in Driving Seat Amid Reduced Trade War Concerns
USDJPY Analysis and Talking Points USDJPY supported from easing trade war concerns Falling trendline resistance from the 2015,2016 and 2017 highs may cap gains See our Q2 JPY forecast to learn what will drive the oil prices through the quarter. Impact of Trade Wars click here Easing Trade War Concerns Support USDJPY Yesterday, trade talks […]
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May 222018
Market Sentiment Data: Bearish Signals for GBP, Gold and Bitcoin
Market sentiment talking points: – The dominant themes in the markets at present are a strong US Dollar and a buoyant oil price. – However, both CAD and AUD are holding their ground as EUR and GBP suffer. – In this webinar, DailyFX Analyst and Editor Martin Essex looked at market sentiment, confidence and positioning […]
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May 222018
US AM Digest: GBP Rises on Hawkish Vlieghe, EUR Dips as MS5/League Seek EU Critic as Economy Minister
Receive the DailyFX US AM Digest in your inbox every day before US equity markets open – signup here US Market Snapshot via IG: DJIA +0.2%, Nasdaq 100 +0.4%, S&P 500 +0.2% Major Headlines China slashes import tariffs on autos BoE’s Vlieghe sees 1 or 2 rate hikes per year as appropriate Italy’s 5 Star […]
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May 222018
Japanese Yen Bounces After Falling on CPI & Risk Appetite
The Japanese yen fell intraday, dragged down by underwhelming domestic macroeconomic data and the positive market sentiment. Yet the currency has bounced by now as the impact of risk appetite seemed to wane. The Bank of Japan reported that the Consumer Price Index rose 0.5% in April from a year ago. That was a slower pace of growth than 0.6% predicted by analysts and 0.7% registered in the previous month. Bank of Japan Governor Haruhiko Kuroda was […]
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May 222018
Australian Dollar Attempts to Keep Rising, Fails
The Australian dollar rose earlier today, extending yesterday’s rally, on the back of the positive market sentiment. Yet the currency has retraced its gains by now. Fears of trade wars receded after the United States and China agreed to make various concessions to avoid conflict. The USA put tariffs on China’s goods on hold, while China reduced import duty on passenger cars. Yet US President Donald Trump came under criticism for concessions […]
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