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Day: October 31, 2018

October 31
2018

US Dollar Weakens Despite Strong Jobs Numbers, Higher Wages

The US dollar is weakening against some of its counterparts midweek, despite several bullish indicators to suggest the economy is still strong. The labor market remains healthy, wages are climbing, and business confidence continues to jump. The greenback might be taking a breather after rallying earlier this week. According to ADP, the US private sector created 227,000 new jobs, beating market forecasts of 1780,000. The ADP also revised […]

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October 31
2018

Canadian Dollar Soft Despite Expanding GDP

The Canadian dollar gained today despite better-than-expected growth of Canada’s economy. The possible reasons for the weakness were: the strength of the US dollar, the decline of crude oil prices, and other macroeconomic indicators, some of which were not that good. Statistics Canada reported that gross domestic product increased 0.1% in August, rising for the seventh consecutive month. While that was a small slowdown from the July’s 0.2% rate of growth, the reading was […]

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October 31
2018

Euro Drops Further Driven by Political Uncertainty and Weak Data

The euro today fell to new lows last seen in mid-August against the US dollar as the political uncertainty in key eurozone countries such as Germany and Italy weighed on the single currency. The release of mixed macro data from the euro area combined with the strong employment data from the USA also added to the selling pressure on the euro. The EUR/USD currency pair today dropped from a high of 1.1360 to a low of 1.1307 as sellers drove the pair lower. […]

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October 31
2018

Japanese Yen Mixed After BoJ Meeting

The Japanese yen was mixed today, falling against some of its major rivals but rising against others. The Bank of Japan concluded its two-day policy meeting today and released its economic projections. The Bank of Japan left its monetary policy unchanged, surprising no one, with the main interest rate remaining at -0.1% and the size of asset purchases staying the same. The central bank made some downward revisions to its […]

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October 31
2018

NZ Dollar Fails to Maintain Rally Despite Improving Business Confidence

The New Zealand dollar attempted to rally earlier today but failed and moved below the opening level. The slight improvement of the business confidence was not enough to support the currency. The ANZ Business Confidence Index rose to -37.1 in October from -38.3 in September. The retail sector demonstrated the biggest bounce but remained the worst performer. The manufacturing sector was the most optimistic. NZD/USD fell from 0.6553 to 0.6532 as of 13:21 GMT today after […]

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October 31
2018

Australian Dollar Rebounds After Falling on China’s Data

The Australian dollar dipped intraday following the economic releases in Australia and China. While Australia’s indicators were within expectations, China’s reports were disappointing. The currency has rebounded by now, trading near the opening level. The Australian Bureau of Statistics reported that both the headline Consumer Price Index and the trimmed mean CPI rose by 0.4% in the September quarter of 2018 from the previous three months. Analysts had predicted a bit bigger increase […]

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October 31
2018

EUR/USD Declines as ADP Employment Grows Beyond Expectations

EUR/USD attempted to rally today but failed and reversed its movement, trading far below the opening level by now. The currency pair accelerated the decline after the release of better-than-expected US employment data but halted the drop after the manufacturing index came out worse than expected. ADP employment rose by 227k in October, far above the median forecast of 188k. The September increase got a negative revision from 230k to 218k. (Event […]

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