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Day: October 4, 2018
October 42018
Negative Fundamentals Drag Canadian Dollar Down
The Canadian dollar declined against its major peers today, dragged down by a range of factors. Among them were the relatively strong US dollar, falling prices for crude oil, and poor macroeconomic data. Prices for crude continued to fall today following yesterday’s surge of US oil stockpiles. North American crude fell more than 2% today on NYMEX. The Ivey PMI dropped to 50.4 in September from 61.9 in August. Analysts […]
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October 42018
US Dollar Looks Ahead to September Jobs Report After Strong Week of Data
The US dollar is continuing to post incredible gains against several currencies on Thursday after an impressive week of domestic economic data and global developments. The greenback will now look ahead to the September jobs report on Friday, which is expected to come in strong. According to the Institute for Supply Management (ISM), business activity in the non-manufacturing sector is firing on all cylinders as it expanded at a faster pace in September compared to the previous month. The Purchasing […]
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October 42018
Great Britain Pound Gains on Positive Brexit News
The Great Britain pound gained today on news that Ireland backed the Brexit plans of Britain’s Prime Minister Theresa May that would allow to avoid a border on the island. The currency was unable to outperform the very strong Japanese yen, though. May tries to find a way to avoid a hard border between Northern Ireland and the Republic of Ireland — a prospect that the European Union finds unacceptable. She showed willingness to keep Britain in the EU […]
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October 42018
EUR/USD Bounces After Falling for Six Consecutive Sessions
EUR/USD rose today following six consecutive sessions of losses. Macroeconomic data released in the United States over the current session was good but that did not prevent the currency pair from rising. Apparently, traders thought that it was oversold. Now, market participants wait for tomorrow’s nonfarm payrolls. Seasonally adjusted initial jobless claims fell from 215k to 207k last week, whereas analysts had […]
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October 42018
Risk Aversion Drives AUD to New Lows Despite Unexpectedly Widening Trade Surplus
The Australian dollar fell today, reaching a new low for the year against the US dollar, amid risk aversion on the Forex market. The unexpected increase of the trade surplus failed to support the currency. The Australian Bureau of Statistics reported that the trade balance logged a surplus of A$1.60 billion in August, up from A$1.55 billion in July. That was a surprise to market participants, who were expecting a decline to A$1.43 billion. Yet the positive data was […]
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October 42018
Yen Firm amid Risk Aversion Caused by Outlook for Fed’s Rates
The Japanese yen was relatively strong today, gaining on riskier commodity currencies. Market analysts explained the currency’s strength by risk aversion caused by anticipation of higher interest rates from the Federal Reserve. If that is the case, it it surprising to see that the yen gained on the US dollar as well. Fed Chairman Jerome Powell said yesterday that the US central bank may raise rates beyond the neutral level. […]
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