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Day: December 18, 2018
December 182018
Canadian Dollar Sinks Alongside Crude Oil
The Canadian dollar sank today, falling to the lowest level since June 2017 versus the US dollar. The main reason for the decline was likely the slump of prices for crude oil, though surprisingly poor macroeconomic data played its part as well. Crude oil posted big losses today, with the North American grade tumbling as much as 5% before reducing losses later. Concerns about global economic growth and oversupply made […]
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December 182018
Swiss Franc Drops After Switzerland’s Economic Outlook Gets Negative Revision
The Swiss franc traded on par with the US dollar but fell against most other major currencies today. While the market sentiment seemed to be beneficial to safe currencies, news from Switzerland itself was detrimental to the Swissie. Switzerland’s State Secretariat for Economic Affairs revised its growth outlook for the nation’s economy. Growth of gross domestic product received a negative revision to 2.6% in 2018 from the September projection of 2.9% and to 1.5% […]
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December 182018
US Dollar Retreats Ahead of Fed Decision, Recession Talk
The US dollar is retreating against some of its major rivals on Tuesday as traders wait for action from the Federal Reserve. There is also some new data out that is fueling talk of a recession, nearly one decade after the end of the last economic contraction. Still, the buck is on track for one of its best years. Fed Chair Jerome Powell and the Federal Open Market Committee (FOMC) started their […]
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December 182018
Euro Gains Against US Dollar Despite Weak German IFO Data
The euro today rallied higher against the US dollar from the early European session largely driven by positive market sentiment as investors refrained from buying the greenback. The EUR/USD currency pair extended its rally despite the release of disappointing German IFO business climate index as markets remained dovish towards the US dollar ahead of tomorrow’s Fed interest rate decision. The EUR/USD currency pair today rallied from a low of 1.1335 […]
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December 182018
NZ Dollar Rises Sharply After Business Confidence Improves
The New Zealand dollar rose sharply today after a report showed that the business confidence improved this month, though remained negative. The ANZ business confidence index climbed to -24.1 in December from -37.1 in the previous month. The report said: – Expected profitability and employment, investment and export intentions rose, and perceived availability of credit jumped sharply. – Marring the picture a little, most indicators for the agriculture sector deteriorated. The construction […]
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December 182018
Aussie Mixed After Dovish RBA Minutes, Macroeconomic Data
The Australian dollar was mixed today after the release of monetary policy meeting minutes from the Reserve Bank of Australia and macroeconomic data. The currency rose against few of its major rivals, including the US dollar, but fell against others, like the Japanese yen and the New Zealand dollar. The RBA released today minutes of its monetary policy meeting that happened on December 4. Markets considered them to be more dovish […]
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December 182018
Risk-Averse Environment Helps Yen Gain for Third Day
The Japanese yen rose today, extending its gains for the third consecutive trading session. The main reason for the rally was the negative market sentiment, which made investors seek safer options to park their funds. Concerns about global growth intensified after the crash of stock markets around the world. Yesterday, all of US stock indices dropped, most of them falling about 2% or more. Asian and European equities slumped as well, […]
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