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Day: November 9, 2018

November 9
2018

Euro Soft on Continuing Clash Over Italy’s Budget, Fed’s Hawkish Stance

The euro traded lower against most of its major rivals today, though managed to gain on the Great Britain pound, which itself was very soft. The shared 19-nation currency was heading to end week either flat, losing earlier gains, or lower versus its most-traded peers. Some market analysts attributed the euro’s weakness to the boost that the better-than-expected US Producer Price Index provided to the dollar. But the EUR/USD currency […]

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November 9
2018

US Dollar Strengthens As Inflation Pressures Remain in Check

The US dollar is strengthening at the end of the trading week, buoyed by new economic data that shows inflation pressures remain in check. The greenback further accelerated on a hawkish central bank that is set to raise interest rates next month. The currency’s gains were capped by retreating Treasury yields. According to the Bureau of Labor Statistics (BLS), US wholesale prices rose 0.6% in October, the largest increase since 2012, higher than […]

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November 9
2018

USD/CAD Extends Rally on US Court Decision and Weak Oil Prices

The USD/CAD currency pair today extended yesterday’s gains as the Canadian dollar dropped against the greenback amid the ongoing as the global crude oil selloff. The pair’s rally was further accelerated by news reports that a US Federal Court had stopped the construction of the Keystone XL pipeline that connects Canadian oilfields to Texas oil pipelines. The USD/CAD currency pair today rallied from an opening low of 1.3139 to a high of 1.3198 and was near […]

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November 9
2018

Aussie Falls Despite Improved RBA Economic Outlook, China’s PPI Weighs

The Australian dollar was soft today, falling against the euro and the Japanese yen for the first time after six sessions of gains in a row. Market analysts pointed at China’s slowing producer inflation as the most likely culprit in the currency’s decline. The Reserve Bank of Australia released its Monetary Policy Statement today. The central bank upgraded its economic projections. The outlook for growth of gross domestic product for 2018 was upgraded from 3.25% to 3.5%. […]

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November 9
2018

British Pound Drops on Brexit Uncertainty Amid Latest UK GDP Data

The British pound today declined against the US dollar as investors remained cautious towards the cable given the looming uncertainty over Brexit negotiations. The GBP/USD currency pair’s performance was also affected by the strong greenback as the US Federal Reserve reiterated its resolve to hike rates in December. The GBP/USD currency pair today declined from an opening high of 1.3069 to a low of 1.2989 in the early European session. The currency pair was on a downtrend during […]

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November 9
2018

NZ Dollar Suffers from Slowing Producer Inflation in China

The New Zealand dollar fell against some of its most traded rivals, including the US dollar and the Japanese yen, today. The most likely reason for the losses was the slowing producer inflation in China, New Zealand’s major trading partner. China’s Producer Price Index rose 3.3% in October from a year ago. While the reading was within market expectations, it was slowdown from the September’s 3.6% rate of growth. The Consumer […]

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November 9
2018

EUR/USD Trades Lower Following Better-Than-Expected US PPI

EUR/USD fell today. Some market analysts attributed the decline to the better-than-expected US Producer Price Index print, which boosted the dollar. But the currency pair actually did not respond to the release, continuing to move largely sideways after it and falling later. The EUR/USD pair was heading to end the week lower. PPI rose 0.6% in October, whereas specialists had expected the same 0.2% rate of growth as in September. (Event A on the chart.) […]

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