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Day: August 14, 2018
August 142018
US Dollar Holds Ground Despite Improving Market Sentiment
In general, safer currencies found little demand today as markets were recovering from the shock caused by the Turkish financial crisis. But the US dollar avoided losses for the most part, rising to the highest level in more than a year against the basket of major currencies. The Dollar Index rallied 0.36% today. Analysts speculated that it was because the Turkish crisis was not resolved, and investors were still buying the greenback as a hedge […]
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August 142018
Japanese Yen Soft As Turkish Fears Ease
The Japanese yen was soft today as markets calmed after fears of the Turkish financial crisis eased. With that said, the currency trimmed losses against some of its rivals and erased them against the euro completely. The yen was the strongest currency during the height of risk aversion, therefore it is reasonable for the currency to demonstrate the biggest pullback when the market sentiment improved. It is important to remember that the crisis is […]
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August 142018
Canadian Dollar Strengthens on Booming Real Estate, Higher Energy Prices
The Canadian dollar strengthened on Tuesday thanks to positive real estate market numbers and higher energy prices. The loonie also bounced back against its US counterpart on the threat of an economic collapse in Turkey that could seep into other emerging markets. Crude oil prices surged after Saudi Arabia, one of the worldâs biggest energy producers and recent foe of Ottawa, announced it would be cutting output levels, leaving […]
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August 142018
Euro Struggles to Rally on Upbeat Eurozone Data Amid Turkish Crisis
The euro today struggled to rally higher despite the release of upbeat data from across the Eurozone such as the German GDP report. The EUR/USD currency pair was largely weighed down by the ongoing currency crisis in Turkey, which has negatively affected the global financial markets. The EUR/USD currency pair today traded between a high of 1.1429 and a low of 1.1384 and was on a downtrend at the time of writing. The release of the German GDP data by the Federal Statistical Office […]
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August 142018
British Pound Rallies Then Drops on Mixed UK Jobs Data
The British pound today rallied briefly following the release of the UK labour market report for August, where the unemployment rate hit a new record low. The GBP/USD currency pair was weighed down by the higher than expected claimant count rate, which saw it drop from session highs back to its opening levels. The GBP/USD currency pair today rallied to a high of 1.2827 after the jobs report before dropping to an intra-day […]
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August 142018
Aussie Mixed As Market Sentiment Improves, Economic Data Disappoints
The market sentiment improved today after fears about the crisis in Turkey eased, alleviating pressure on riskier currencies. Yet the Australian dollar was mixed as domestic macroeconomic data was also mixed, while economic releases in China, Australia’s biggest trading partner, were universally disappointing. The business confidence index reported by National Australia Bank ticked up from 6 to 7 in July. At the same time, the business conditions index fell […]
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