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Day: June 7, 2018
June 72018
Canadian Dollar Trades Lower on Thursday
The Canadian dollar fell today amid the threat of trade wars and concerns about lack of progress in NAFTA talks. The big rally of crude oil prices was unable to help the currency. The Bank of Canada released the Financial System Review today, mentioning the high household indebtedness level amid key risks and saying about the pace of interest rate increases: The pace of rate increases will depend on domestic monetary policy and global market forces. […]
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June 72018
Preview: Can the Turkish Central Bank Deliver Delightful Boost to Turkish Lira on Surprise Rate Hike?
TRY Analysis and Talking Points Turkish Lira Likely to Find Near-Term Support on Surprise Rate Hike However, a Decision to Stand-Pat Could See TRY Pressured in Run up to Election Can the Turkish Central Bank Regain its Credibility? Today marks a moment for the Turkish Central Bank to restore its credibility. After its emergency meeting […]
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June 72018
Ripple (XRP) Price Battles with Technical Resistance; Where Next?
Ripple (XRP) – News and Talking Points – XRP is finding the 200-day moving average an obstruction. – Cryptocurrency support levels are holding. To see how retail traders are currently positioned in Ripple and what it means for traders looking forward, you can download the IG Client Sentimentpage for free for updated retail positioning. Ripple […]
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June 72018
US AM Digest: Turkish Lira Boosted By Surprise 125bps Rate Hike, EUR Buying Resumes Ahead of ECB
US Market Snapshot via IG: DJIA 0.2%, Nasdaq 100 -0.1%, S&P 500 0.05% Major Headlines Turkish Central Bank Delivers 125bps Rate Rise UK Publish Expected End Date for Irish Backstop proposal TRY: The Turkish Central Bank regained some of their credibility this morning after delivering a surprise 125bps rate hike, which bolstered the Turkish Lira […]
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June 72018
Euro Rallies Higher Despite Weak German Factory Orders Data
The euro today rallied higher against the US dollar despite the release of weak German factory orders for April in the early European session. The euro’s rally was further boosted by the weak US dollar even as investors turned bullish on the single currency, and sold the greenback. The EUR/USD currency pair today rallied from a low of 1.1781 to a high of 1.1840 gaining over 55 points despite the mixed Eurozone data. The currency pair rallied higher […]
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June 72018
Australian Dollar Soft After Thursday’s Economic Releases
The Australian dollar was very soft today, probably due to the risk-off market sentiment, while domestic macroeconomic data did nothing to help the currency. The trade balance surplus shrank to A$0.98 billion in April from A$1.73 billion in March, matching the consensus forecast exactly. The seasonally adjusted Australian Industry Group Performance of Construction Index fell to 54.0 in May from 55.4 in April. There will be no economic releases from […]
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June 72018
Swiss Franc Trades Strong on Thursday
The Swiss franc was rather strong today, gaining on most of its major rivals. Economic data released in Switzerland over the trading session was neutral. The Swiss unemployment rate fell from 2.7% to 2.4% in May (not adjusted for seasonal variations), below the median forecast of 2.5%. The Swiss National Bank reported that foreign currency reserves shrank to CHF 741 billion in April from CHF 757 billion in March. USD/CHF […]
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June 72018
Turkish Lira Surges After Interest Rate Hike
The Turkish lira jumped sharply today after the Turkish central bank performed an emergency interest rate hike following data that showed accelerating inflation. The Central Bank of the Republic of Turkey raised its policy rate from 16.5% to 17.75% at today’s emergency meeting. The announcement came following the inflation report few day before that showed a surge of annual inflation to 12.15% in May from 10.85% the month before. Indeed, the central […]
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June 72018
Euro at Risk of Profit-Taking as End of Asset-Purchase Program Nears
EUR analysis and talking points: – The European Central Bank Governing Council will likely discuss ending its asset-purchase program when it meets next Thursday. – However, that may already be priced in to Euro exchange rates, leaving it vulnerable to profit-taking after its recent advances. Check out the IG Client Sentiment data to help you […]
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June 72018
Asia AM Digest: EUR & AUD Up, Can Tokyo Echo Wall Street Rise?
Current Developments – Euro, Sentiment and Australian Dollar Rises A rally in the Euro on Wednesday helped to keep the US Dollar suppressed as the markets searched for yield prospects outside of the world’s largest economy. During the first half of yesterday’s session, comments from ECB Executive Board Member Peter Praet helped push German front-end […]
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