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Day: August 31, 2018
August 312018
Canadian Dollar Slips on Trade Concerns, Trans Mountain Reversal
The Canadian dollar is sliding before the Labor Day long weekend as global trade concerns and disappointing gross domestic product (GDP) figures are weighing on the loonie. It will be difficult for the Canadian dollar to find direction until a trilateral trade deal with the US and Mexico is either completed or rejected. On Thursday, Statistics Canada reported the economy grew at a 2.9% annualized rate in the second quarter, which is slower than […]
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August 312018
EUR/USD Declines After Trade War Fears Resurface
EUR/USD declined today as fears of trade wars between the United States and their trading partners, including the European Union, returned. Today’s US macroeconomic data beat expectations, though it was not particularly good strictly speaking. Chicago PMI showed a reading of 63.6 in August. While it was a drop from July’s 65.5, which was the highest level since January, the actual figure was better than the average […]
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August 312018
Sterling Drops on Market Sentiment, Brexit Fears
The Great Britain pound declined today due to the negative market sentiment and concerns that the United Kingdom will leave the European Union without securing a trade deal first. The sterling was heading to weekly gains, but will likely end August with the fifth consecutive monthly drop. The GfK consumer confidence improved to -7 in August, while analysts had expected it to stay at the same -10 level as in July. The Nationwide House […]
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August 312018
Japanese Yen Gains on Accelerating Inflation, Returning Fears
The Japanese yen rallied today after the release of Japan’s inflation data, though there were bad reports as well. Perhaps what was even more important, the resurging fears of trade wars resulted in more demand for safer currencies, like the yen. Tokyo annual consumer inflation accelerated to 0.9% in August from 0.8% in July, whereas experts had expected it to stay unchanged. Meanwhile, the unemployment rate edged up from […]
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August 312018
Euro Declines on Weak Eurozone Inflation Data Amid Growing Fears
The euro today declined against the US dollar amid growing fears regarding the risks posed by emerging markets and the trade war being spearheaded by the USA. The EUR/USD currency pair fell after the release of weak eurozone inflation figures and the Trump administration’s rejection of the EU’s offer on auto tariffs. The EUR/USD currency pair today declined from a high of 1.1689 to a low of 1.1642 due to the above factors. The currency pair’s decline was initially triggered […]
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August 312018
Turkish Lira Rebounds After Four Sessions of Losses
The Turkish lira remained extremely volatile, rising today after four consecutive sessions of losses. The lira gained on the news that Turkish policy makers lowered tax on lira deposits and raised them on deposits in foreign currencies. TEB Investment/BNP Paris strategist Isik Okte told Reuters: It appears to be a step taken to make lira deposit usage more attractive and to make a move from forex to lira deposits ‘profitable’. […]
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August 312018
Chinese Yuan Gains After PMIs Rise Unexpectedly
The Chinese yuan rose against the dollar today despite the worsening market sentiment. The possible reason for that was the unexpected increase of the official Purchasing Managers’ Indices. China’s official manufacturing PMI rose from 51.2 in July to 51.3 in August instead of falling to 51.0 as analysts had predicted. The services PMI demonstrated an increase from 54.0 to 54.2 versus the predicted drop to 53.8. Still, the investors were nervous as the United States were planning […]
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