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Day: December 14, 2018

December 14
2018

Euro Crashes to New Monthly Lows on Weak Eurozone PMI Prints

The euro today crashed to new monthly lows in the early European session following the release of multiple disappointing flash PMI readings from across the eurozone by IHS Markit. The EUR/USD currency pair later extended its losses following the release of upbeat US advance retail sales data for November in the early American session. The EUR/USD currency pair today dropped from a high of 1.1365 to a low of 1.1268 in the American session before retracing some […]

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December 14
2018

Chinese Yuan Weakens on Disappointing Economic Data

The Chinese yuan is weakening at the end of the trading week on recent National Bureau of Statistics (NBS) data that disappointed investors. This year, the currency’s descent has been in line with the trends plaguing the national economy, leaving many analysts wondering if the yuan will maintain this negative performance in 2019. According to China’s statistics bureau, November retail sales rose 8.1%, down from 8.6% in October and below the market […]

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December 14
2018

Yen Gains on Domestic Economic Reports, Market Sentiment

The Japanese yen gained against its major rivals today. While the currency has basically erased its gains versus the US dollar by now, it retained them versus other majors. Domestic macroeconomic reports released over the trading session were good, but the general risk-averse market sentiment likely played a bigger part in the yen’s rally. The Tankan Manufacturing Index was at 19 in the December quarter, unchanged from the previous […]

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December 14
2018

Sterling Erases Thursday’s Gains After Theresa May Fails to Renegotiate Brexit Deal

The Great Britain pound crashed today, erasing yesterday’s gains versus a range of major currencies, as UK Prime Minister Theresa May was unable to renegotiate the Brexit deal with the European Union. May won her party’s confidence vote this week, but only with promises to make the Brexit deal more acceptable to her MPs. Yet she left Brussels empty-handed as the EU officials reiterated that the deal is […]

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December 14
2018

NZ Dollar Falls as China’s Reports Overshadow Domestic Data

The New Zealand dollar fell during the Friday’s trading session. While domestic macroeconomic data was decent, some of the reports from New Zealand’s biggest trading partner, China, were disappointing. The seasonally adjusted BusinessNZ Performance of Manufacturing Index edged down from 53.7 in October to 53.5 in November. Despite the small decline, the index remained slightly above the long-term average, and the report commented on the result: With two of the three months for the last […]

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December 14
2018

Australian Dollar Trades Lower After China’s Data Misses Expectations

The Australian dollar declined today after China released a bunch of macroeconomic indicators, some of which missed expectations. China is Australia’s biggest trading partner, making its economic well-being very important for the Australian economy and currency. The National Bureau of Statistics of China released macroeconomic data for November today. Industrial production rose 5.4%, year-on-year, slowing from the 5.9% rate of growth registered in October, whereas economists had expected the expansion […]

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December 14
2018

EUR/USD Tanks, Hurt by Weak Economic Data in Eurozone & China

EUR/USD tanked today after economic reports released in the eurozone and China during the trading session turned out to be worse than market participants anticipated, putting the Forex market into a risk-off mode. Meanwhile, US retail sales were slightly above expectations, helping the dollar a bit, though the deviation from forecasts was minimal, and therefore not enough to give the currency any significant boost. Retail sales rose 0.2% […]

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