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Day: October 9, 2018
October 92018
Canadian Dollar Bounces, Following Other Riskier Currencies
The Canadian dollar behaved similarly to some other currencies, including the Australian dollar and the Great Britain pound, falling initially but bouncing later today. The most likely explanation for the choppy movement were changes in the traders’ sentiment. While initially risk aversion prevailed on the market, later speculators felt less need for a safe haven. The Canadian dollar had also own factors for determining its behavior. Among positive ones was the rally […]
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October 92018
Japanese Yen Trims Gains Caused by Risk Aversion
The Japanese yen gained intraday on risk aversion but has trimmed its gains by now. Currently, the yen trades above the opening level against the US dollar, flat versus the euro, and below the opening against the Great Britain pound. The clash between the European Union and Italy over the Italian budget continued to spoil the traders’ mood. Adding to the negative sentiment on the market was the downgrade of the global growth by the International Monetary Fund. Maurice Obstfeld, […]
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October 92018
Euro Drops on High US Yields and Italy Budget Plans, Later Rebounds
The euro today declined significantly against the US dollar as the US 10-year Treasury yields hit a 7-year high and investors reacted to the prospect of lower global economic growth. The tensions between Italy and the European Union regarding the latter’s budget plans also dragged the pair lower. The EUR/USD currency pair today dropped from a high of 1.1502 in the Asian session to a low of 1.1429 in the mid-European session, but later recovered. The currency pair’s initial drop […]
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October 92018
Chinese Yuan Rebounds After State Stimulus Injection
The Chinese yuan is rebounding against a basket of currencies on Tuesday after the federal government injected tens of billions of dollars into the national economy. Despite bearish forecasts and tumbling Asian stocks, the currency has strengthened, but it is still near a multi-year low. Beijing reduced the amount of cash that financial institutions are required to maintain in reserves. The Peopleâs Bank of China (PBOC) slashed the reserve requirement ratios (RRRs) by 1% […]
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October 92018
Pound Drops on Brexit Fears & Negative Data, Bounces Later
The Great Britain pound behaved similarly to the Australian dollar and several other currencies, falling intraday but rising later. Negative macroeconomic data was likely responsible for the initial drop, though the Brexit fears also likely played a role. British Retail Consortium reported that like-for-like retail sales fell 0.2% in September from a year ago. The decline followed the increase at the same 0.2% in the previous month. Helen Dickinson OBE, Chief […]
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October 92018
Australian Dollar Bounces Despite Risk Aversion
The Australian dollar was down intraday but bounced later, rising above the opening level against some of its rivals. The business confidence reported by the National Australia Bank rose from +5 to +6 in September, staying around the long-run average. The NAB business conditions edged up from +14 to +15, stabilizing after the decline earlier this year. Alan Oster, NAB Group Chief Economist, explained the increase: The rise in the month […]
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