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Day: August 29, 2018
August 292018
Chinese Yuan Weakens Against Greenback, Snaps Three-Day Winning Streak
The Chinese yuanâs recent rally has come to an end, snapping its three-day winning streak on Wednesday. The currency weakened against the American counterpart midweek amid ballooning corporate demand for cheaper US dollars. Can the yuan renew the rally this week ahead of some crucial economic data? According to Reuters, corporate clients went on a dollar-buying binge as state-owned financial institutions were selling greenback reserves. Traders paused because they […]
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August 292018
Euro Falls Against Resurgent US Dollar Amid Upbeat US GDP Data
The euro today fell against the US dollar, which was on a recovery path following yesterday’s selloff that was triggered by the risk-on market sentiment. The EUR/USD currency pair headed lower in the early American session following the release of the US Q2 GDP data, which beat consensus estimates. The EUR/USD currency pair today dropped from a high of 1.1697 in the Asian session to a low of 1.1652 in the mid-European session erasing all of yesterday’s gains. […]
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August 292018
Pound Strengthens as Shop Prices Show End of Deflation
The Great Britain was relatively strong today as data showed that shop prices showed inflation for the first time in more than five years. The Brexit fears were still weighing on the currency. The Shop Price Index reported by British Retail Consortium increased 0.1% in August, year-on-year, after falling 0.3% in July. It was the first increase in more than five years. While the data was supportive to the sterling, market participants […]
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August 292018
Japanese Yen Extends Losses on Wednesday
The Japanese yen was weak during the current trading week. The Wednesday’s session was no different as the currency fell against most major rivals, though managed to gain on the soft euro. The major theme of the week was the successful outcome of the preliminary trade talks between the United States and Mexico. That led to hopes that the similar success can be reached in negotiations with Canada and perhaps even other US trading partners. […]
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August 292018
EUR/USD Rebounds to Opening Level, Showing Confusing Behavior
EUR/USD behaved confusingly today, falling in the first half of the trading session, rebounding after the better-than-expected US GDP print, but halting the recovery after poor US housing data. US GDP increased at the annual rate of 4.2% in Q2 2018 according to the preliminary (second) estimate after rising 2.2% in Q1. It was a faster rate of increase than 4.0% predicted by analysts and 4.1% showed by the advance (first) estimate. (Event A on the chart.) […]
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