Day: September 24, 2018

September 24
2018

Euro Surges After German Business Climate, Draghi’s Comments

The euro edged up today after the better-than-expected German business climate print and rose further sharply following comments from European Central Bank President Mario Draghi. As of now, the currency has lost its gains versus the US dollar, trimmed them against the Japanese yen, but kept them against the Swiss franc. The ifo Business Climate Index ticked down to 103.7 in September from 103.9 (seasonally-adjusted) in August. The drop […]

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September 24
2018

US Dollar Extends Losing Skid Ahead of Federal Reserve Policy Meeting

The US dollar erased its early gains and extended its two-week losing skid on Monday. As investors braced for the Federal Reserve’s two-day policy meeting and read reports that China canceled trade talks with the US, the greenback dipped against a basket of currencies. On Wednesday, the central bank will conclude its two-day Federal Open Market Committee (FOMC) meeting. The market widely anticipates that Fed Chair Jerome Powell and the Board […]

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September 24
2018

Britain’s Pound Recovers on Brexit Hopes

The Great Britain pound recovered a bit today following the big slump on Friday. The main driver for the currency was Brexit news. On Friday, the sterling demonstrated a sharp drop after the trade negotiations between the United Kingdom and the European Union hit an impasse. Yet the currency recovered today after Brexit Secretary Dominic Raab voiced confidence that a trade deal will be reached: We keep on negotiating in good faith, we try […]

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September 24
2018

Aussie Suffers with Other Commodity Currencies from US-China Trade War

The Australian dollar recovered a bit after opening sharply lower today. While trading was somewhat slower than usual as markets in China and Japan were closed for a holiday, the new developments in the US-China trade war dragged commodity currencies down. The planned US tariffs on $200 billion of Chinese goods took effect this midnight. In response, China not only promised to implement its own levies on US imports, but also […]

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