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Day: October 10, 2018
October 102018
Canadian Dollar Weakens on Lower Crude Prices, Higher US Bond Yields
The Canadian dollar is trading lower against its US and European counterparts midweek. The loonie has been tumbling on lower crude oil prices and rising US bond yields that analysts fear could impact global growth. It appears that striking a new trilateral trade deal with the US and Mexico only provided short-term relief for the currency. On Wednesday, the US Energy Information Administration (EIA) boosted its 2018 […]
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October 102018
British Pound Rallies on Brexit Progress Despite Weak UK Macro Data
The British pound today rallied higher against the US dollar from the early European session as it emerged that the European Union and the UK were about to reach a Brexit deal. The GBP/USD currency pair was further boosted by the fact that the US warned China against devaluing its currency, which did not favor the greenback. The GBP/USD currency pair today fell to a low of 1.3134 before rallying to a high of 1.3210 following […]
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October 102018
Euro Rallies as Italian-German Yield Spread Narrows
The euro rallied today but trimmed its gains against some rivals, including the Japanese yen and the Great Britain pound. The currency kept gains versus the US dollar and the Swiss franc, though. Some market analysts attributed the rally to the pause in the rise of US Treasury yields, though it looks like by now Treasuries have resumed movement to new multi-year highs. Others explained the euro’s strength by the narrowing spread in the Italian-German bond […]
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October 102018
EUR/USD Rises as US Treasury, German-Italian Bond Spread Fall
EUR/USD gained today as US Treasury yields paused a rally. Additionally, the German-Italian bond spread narrowed, signaling that concerns about the Italian budget eased a bit. Now, traders wait for tomorrow’s US Consumer Price Index report. PPI rose 0.2% in September on a seasonally adjusted basis, matching analysts’ forecasts exactly. The index declined 0.1% in August. (Event A on the chart.) Wholesale inventories rose 1.0% in August from July following […]
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October 102018
Yen Down as Traders Feel No Need for Safe Haven, Positive Data Doesn’t Help
The Japanese yen was weak across the board today as markets calmed down and the sentiment stabilized, giving traders no incentive to buy safer currencies. Positive macroeconomic data did not help the currency. Cabinet Office reported that core machinery orders rose 6.8% in August from the previous month. That is instead of falling by 3.9% as analysts had predicted. The orders jumped as much as 11% in July. But as it often […]
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October 102018
Aussie Unable to Hold onto Gains Caused by Improving Consumer Sentiment
Positive macroeconomic data helped the Australian dollar to rise overnight but the currency has trimmed its gains by now, losing them outright against some of its major peers, including the US dollar and the euro. The Westpac-Melbourne Institute Index of Consumer Sentiment rose 1% in October from the previous month. The index fell 3% in September. The report commented on the result: It is encouraging that these negatives seem to have, at least for the time […]
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