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Day: November 7, 2018
November 72018
Japanese Yen Gains on Hawkish BOJ, Capped by Bearish Forecasts
The Japanese yen is posting a modest rally against its American counterpart midweek as the central bank and the federal government send bullish messages to the market. But the tepid gains were capped by bearish economic data and forecasts. Despite fears of a pending trade war with the worldâs largest economy, the yen has been performing admirably against the greenback in 2018. On Wednesday, the Bank of Japan (BOJ) warned that higher long-term interest rates […]
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November 72018
Euro Rallies Against US Dollar on Split US Midterm Election Results
The euro today rallied to new 2-week highs against the US dollar following the results of the US midterm elections, which led to a split congress as had been predicted by most pundits. The euro was further boosted by positive macro releases from across the euro area such as the German industrial production data for September. The EUR/USD currency pair today dropped to a low of 1.1394 in the Asian session before rallying to a high of 1.1499 in the mid-European session. […]
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November 72018
Australian Dollar Bounces Despite Contracting Construction Sector
The Australian dollar behaved in a fashion similar to its New Zealand counterpart, falling intraday but rebounding later. Unlike the New Zealand dollar, though, the Aussie did not have support of positive macroeconomic data. The only indicator released in Australia overnight, Australian Industry Group/Housing Industry Association Australian Performance of Construction Index, demonstrated a drop from 49.3 in September to 46.4 in October. The index, being below the neutral 50.0 level, indicated […]
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November 72018
NZ Dollar Jumps After Employment Data Beats Expectations
The New Zealand dollar jumped against all of its most-traded rivals today as employment data released in New Zealand overnight came out much better than was expected. Statistics New Zealand reported that the unemployment rate dropped to 3.9% in the September quarter from 4.4% in the previous three months, whereas experts had predicted it to stay unchanged. Employment rose 1.1%, more than two times the forecast increase […]
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November 72018
EUR/USD Gains After US Midterm Elections
EUR/USD gained today as markets were digesting the results of the US midterm elections. Democrats secured control of the House, while Republicans won the Senate. There were few macroeconomic reports in the United States today, and they were not particularly important, having limited impact on the currency pair. Now, traders wait for tomorrow’s policy announcement from the Federal Reserve. US crude oil inventories increased by 5.8 million barrels last week, […]
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