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Day: August 24, 2018
August 242018
Chinese Yuan Seeks to Make Big Gains on Stability Efforts
The Chinese yuan is looking to make gains at the end of the trading week as the central bank announced that it would be reintroducing a currency fixing method amid the yuanâs dramatic descent. The announcement comes after President Donald Trump accused China of being a currency manipulator. On Friday, Reuters reported that the Peopleâs Bank of China (PBOC) will reintroduce a measure to ensure the currency market is stable during the yuanâs volatile trading […]
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August 242018
Euro Rallies Higher on Positive German GDP Data and Weak US Data
The euro today rallied higher against the US dollar following the release of mixed data from Germany led by the positive German Q2 GDP data. The EUR/USD currency pair posted more gains following the release of weak data from the US docket in the early American session. The EUR/USD currency pair today rallied from an initial low of 1.1538 to a high of 1.1599 in the early American session. The currency pair’s rally begun in the Asian session […]
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August 242018
NZ Dollar Rallies After Trade Deficit Shrinks
The New Zealand dollar rallied today after the country’s trade balance deficit shrank unexpectedly last month. The currency gained on almost all of its most-traded rivals, though it has pared gains versus the euro by now. Statistic New Zealand reported that the trade balance logged a deficit of NZ$143 million in July. That was a decrease from the June gap of NZ$288 million (revised, NZ$113 million before the revision). Analysts […]
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August 242018
Australian Dollar Rallies After Australia Get New Prime Minister
The Australian dollar rallied today after the country’s political crisis was resolved for the time being as Australia got a new leader. As was expected, Malcolm Turnbull did not last long as Prime Minister after winning a vote for staying in the seat just this Monday. By Friday, Treasurer Scott Morrison will replace him in the office, which was considered to be the most market-friendly outcome. That being said, analysts did not […]
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