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Day: August 30, 2018
August 302018
Canadian Dollar Drops As GDP Shows No Growth
The Canadian dollar dropped today after nation’s gross domestic product showed no growth in June, disappointing market participants. Hopes for a NAFTA deal remained a positive factor for the currency, which may support it in the near future. Statistics Canada reported that GDP basically showed no growth in June after rising 0.5% in May. Markets were counting on at least small increase by 0.1%. The disappointing data may prompt the Bank […]
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August 302018
South African Rand Slumps As Government Warns of âCatastropheâ Without Land Reform
The South African rand is sliding to its lowest level in more than a week after the government warned of a national âcatastropheâ should its controversial land reform program fail to take place. South Africa has been under the spotlight in recent months after domestic leaders have been pressing land reform as a way to eliminate inequality and facilitate racial justice, something that has drawn international support. In 2018, President […]
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August 302018
Swiss Franc Falls vs. Yen As KOF Business Barometer Declines
The Swiss franc fell versus the Japanese yen and was little changed against the US dollar following the release of unfavorable macroeconomic data. The KOF Economic Barometer fell from 101.7 in July (revised up from 101.1) to 100.3 in August. The report explained the result: The strongest contributions to this negative result come from manufacturing, followed by the indicators from the exporting sector. On the other hand, the indicators related to private consumption give […]
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August 302018
NZ Dollar Crashes As Business Confidence Worsens
The New Zealand dollar tumbled today after macroeconomic data showed that the business confidence deteriorated and the number of building consents fell. ANZ Business Confidence Index dropped to -50.3 in August from -44.9 in July. The report commented on the result: Headline business confidence fell a further 5 points in August, but firms’ views of their own activity were steady. Manufacturing is now the least confident sector â likely […]
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August 302018
EUR/USD Crashes After Economic Releases on Thursday
EUR/USD was rising at the start of the Thursday’s trading session but crashed following the release of European macroeconomic data and accelerated its decline following US economic releases. It is hard to explain the crash considering that the vast majority of macroeconomic indicators, both European and US, were within expectations. Both personal income and spending rose in July. Income increased 0.3%, decelerating somewhat from June’s 0.4% rate of growth. Spending […]
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August 302018
Euro Falls on Mixed German Data Amid Depressed Market Sentiment
The euro today fell against the US dollar following mixed releases from Germany led by the weak import price index data among others. The EUR/USD currency pair gave up yesterday’s gains that were triggered by positive investor sentiment towards the single currency based on hopes for a Brexit deal. The EUR/USD currency pair today dropped from a high of 1.1717 in the early European session to a low of 1.1657 in the American session. The currency […]
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