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Day: November 28, 2018
November 282018
Dovish Fed Chair Powell Makes Greenback Sink
The US dollar was trading mostly sideways during the Wednesday’s trading session despite disappointing macroeconomic data. But that changed after Federal Reserve Chairman Jerome Powell delivered a surprisingly dovish speech, after which the greenback plunged. Powell delivered a speech titled “The Federal Reserve’s Framework for Monitoring Financial Stability” at the Economic Club of New York today. Markets especially focused on one particular statement in the speech: Interest rates […]
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November 282018
Japanese Yen Falls on Sluggish Factory Activity, Flat Stocks
The Japanese yen is falling against the greenback midweek as preliminary data found manufacturing activity expanded at the slowest pace since 2016 in November, leaving investors doubtful of strong growth in the fourth quarter. The yen took another hit on forecasts that the Japanese stock market will end the year flat. There was good news for the Bank of Japan (BOJ), though. According to the Flash Markit/Nikkei Japan Manufacturing Purchasing Managersâ Index (PMI), […]
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November 282018
NZ Dollar Gains After Release of Financial Stability Report
The New Zealand dollar gained today after the Reserve Bank of New Zealand released the Financial Stability report. Gains were limited, though, as market participants were waiting for new developments in the trade war between the United States and China. The RBNZ stated in its semiannual Financial Stability Report released overnight: New Zealandâs financial system risks have eased, but remain high. Slower mortgage lending growth and house price […]
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November 282018
Australian Dollar Logs Small Gains Despite Lackluster Data
The Australian dollar gained today despite disappointing domestic macroeconomic data. With that said, gains were relatively small, and the Aussie currently moves sideways. The Australian Bureau of Statistics reported that construction work done fell 2.8% in the September quarter from the previous three months, seasonally adjusted. That is instead of rising 0.9% as experts had predicted. On a positive note, the increase in the previous quarter got a positive revision from […]
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November 282018
EUR/USD Stable Ahead of Powell’s Speech
EUR/USD was stable today. While basically all macroeconomic reports released in the United States over the current trading session were disappointing, traders were not concerned with that, focusing their attention on the upcoming speech of Federal Reserve Chair Jerome Powell. US GDP grew 3.5% in Q3 2018 according to the preliminary (second) estimate, unchanged from the advance (first) estimate. Market participants have hoped for a small upward […]
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