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Day: August 9, 2018
August 92018
Canadian Dollar Mixed Ahead of GDP
The Canadian dollar was mixed on Thursday, rising against the euro but falling versus the US dollar and staying almost flat against the Japanese yen. Domestic macroeconomic data was also mixed, making no incentive for the currency to go one way or the other. Canada Mortgage and Housing Corporation reported that housing starts were at the seasonally adjusted annual rate of 206,314 in July, down from 246,200 in June. Analysts had expected […]
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August 92018
Chinese Yuan Retreats From One-Week High As PBOC Discourages âHerd Behavior’
The Chinese yuan is reversing its gains this week after touching a one-week high on Wednesday. The decline came as the central bank warned some of the nationâs largest financial institutions about potential âherd behaviorâ and momentum-chasing moves in the foreign exchange market. On Thursday, according to Bloomberg, the Peopleâs Bank of China (PBOC) urged the big banks to prevent any âherd behaviorâ that might form in the wake of the yuan slumping to a 13-month low. The central […]
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August 92018
Aussie Fails to Keep Gains Caused by China’s Positive Inflation Reports
While Australia’s economic calendar had no releases today, but China, Australia’s biggest trading partner, released important inflation data. The reports showed better-than-expected results, prompting the Australian dollar to rally. Yet the currency has lost its gains by now and is trading far below the opening level. The National Bureau of Statistics of China reported that the Consumer Price Index rose 2.1% in July, year-on-year, after increasing 1.9% […]
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August 92018
Euro Declines Against Resurgent US Dollar Despite Mixed US Data
The euro today declined against a resurgent US dollar in the wake of the intensifying trade spat between the US and China. The EUR/USD currency pair headed lower in the late Asian session as the greenback rallied higher and the selling pressure increased during the early European session. The EUR/USD currency pair today declined from a high of 1.1619 in the Asian session to a low of 1.1575 in the early European session. The currency pair’s decline was largely triggered by the escalating trade […]
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August 92018
NZ Dollar Tanks, Hurt by Dovish RBNZ
The New Zealand dollar plummeted today following the monetary policy announcement of the Reserve Bank of New Zealand released by the end of yesterday’s trading session. While the central bank left its monetary policy unchanged, the statement was more dovish than market participants had expected. The RBNZ left its main interest rate at 1.75%, in line with market expectations. Yet the statement by Governor Adrian Orr was surprisingly dovish, saying […]
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August 92018
EUR/USD Falls Despite US PPI Missing Forecasts
EUR/USD declined today even as US producer inflation missed expectations. Consumer inflation data will be released tomorrow, and if it fails to meet expectations as well, that would bode ill for the US currency. PPI showed no change in July, whereas experts had predicted an increase by 0.2%. The index rose 0.3% in June. (Event A on the chart.) Initial jobless claims were at 213k last week, down from the previous […]
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