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Day: October 24, 2018
October 242018
Chinese Yuan Weakens Despite Increased State Support
The Chinese yuan is weakening against its US counterpart midweek, despite increased state support that should give the currency a boost. The federal government has announced a series of measures aimed at spurring economic growth as the worldâs second-largest economy weathers the global trade storm, something that analysts contend will exacerbate next year. This week, Beijing announced a round of tax cuts that would be the equivalent of 1% […]
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October 242018
Loonie Rallies After Bank of Canada Rate Hike
The Canadian dollar today rallied to new highs against most of its peers including the US dollar after the Bank of Canada announced its interest rate decision in the early American session. The loonie’s rally was further boosted by the hawkish tone in the bank’s monetary policy statement, which investors interpreted as hinting at more rate hikes in future. The USD/CAD currency pair today dropped from a high of 1.3100 in the European session to a low of 1.2984 […]
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October 242018
Euro Drops to 2-Month Lows on Weak PMI Data Amid Italian Politics
The euro today tumbled to new lows against the US dollar due to the current impasse between the European Union and Italy regarding the country’s 2019 budget. The euro was further weighed down by the disappointing PMI data from across the euro area released by Markit Economics earlier today, which indicated an economic slowdown in the region. The EUR/USD currency pair today fell from a high of 1.1476 to a low of 1.3925 and was trading slightly above […]
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October 242018
EUR/USD Dips as Eurozone Macroeconomic Data Disappoints
EUR/USD dropped as PMI prints released in the eurozone today were disappointing, while US PMIs were better than expected. Traders wait for tomorrow’s policy meeting of the European Central Bank but do not expect any changes to monetary policy, especially after the poor macroeconomic data. Both Markit manufacturing PMI and Markit services PMI rose in October according to the flash reading. Manufacturing PMI edged up a bit to 55.9 […]
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