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Day: October 30, 2018
October 302018
Chinese Yuan Weakens As Economists Cut GDP Estimates
The Chinese yuan is weakening on Tuesday after economists slashed their gross domestic product (GDP) estimates amid the escalating trade war with the US. The yuanâs declines were capped on stimulus measures employed by Beijing to spur growth and limit the trade warâs effects on the economy. According to a survey of economists by Bloomberg, the GDP for the worldâs second-largest economy is expected to increase by 6.4% on a year-over-year basis in the fourth-quarter of 2018. The economists also anticipate a 6.3% […]
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October 302018
Euro Falls on Weak Eurozone GDP Growth Data, Later Recovers
The euro today fell to new lows against the US dollar following the release of disappointing GDP growth data from across the eurozone. The pair later recovered slightly during the early American session as investors awaited US consumer data. The EUR/USD currency pair today dropped from a high of 1.1387 to a low of 1.1344 in the American session before retracing most of its losses. The currency pair was in a tight consolidative phase during the Asian […]
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October 302018
EUR/USD Weak After Eurozone Economic Growth Slows
EUR/USD was weak today after macroeconomic releases from the eurozone. In particular, the eurozone economic growth slowed two times last quarter compared to the previous three months. (Event A on the chart.) S&P/Case-Shiller home price index rose just 5.5% in August, year-on-year, whereas analysts had expected about the same 5.9% rate of growth as in July. Month-on-month, the index was basically unchanged. (Event B on the chart.) Consumer confidence rose to 137.9 […]
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