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Day: February 1, 2019
February 12019
Canadian Dollar Rallies on Rising Oil Prices, Mixed US NFP
The Canadian dollar rose against its US counterpart today due to the mixed US nonfarm payrolls. The loonie gained on other most-traded rivals as well, most likely thanks to the strong rally of crude oil prices. Domestic macroeconomic data did not help the currency, being rather underwhelming. The official US employment report showed strong growth of employment, but other parts of the report were weak, with an unexpected rise of the unemployment […]
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February 12019
US Dollar Pulls Back After Stellar Jobs Report
The US dollar is losing ground against its major currency rivals to finish off the trading week. After the latest jobs report still showed a robust labor market to kick off 2019, investors will now see if the Federal Reserve will revise its âpatientâ stance and return to its aggressive path to normalizing monetary policy. According to the Bureau of Labor Statistics (BLS), the US economy added 304,000 new […]
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February 12019
Euro Range Bound on Mixed Eurozone PMIs, Rallies on Upbeat CPI Data
The euro today traded in a tight range against the US dollar during the Asian session as market risk sentiment subsided on weak Chinese Caixin manufacturing PMI data. The EUR/USD currency pair remained range bound as several PMI prints from across the eurozone were released by IHS Markit before rallying higher on upbeat eurozone inflation data. The EUR/USD currency pair today rallied from a low of 1.1434 to a high of 1.1475 after […]
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February 12019
Britain’s Sterling Falls Following Decline of Manufacturing Index
The Great Britain pound traded widely lower today after the UK manufacturing index touched the lowest level in three months. The IHS Markit/CIPS UK manufacturing PMI dropped to 52.8 in January from 54.2 in December, touching the lowest level in three months. Analysts had predicted a higher reading of 53.5. Rob Dobson, Director at IHS Markit, which compiles the survey, commented on the result: The start of 2019 saw UK manufacturers continue their […]
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February 12019
Swiss Franc Trades Higher Despite Underwhelming Domestic Data
The Swiss franc traded higher against most of its major peers today despite underwhelming domestic macroeconomic data. The likely reason for that was the fact that most of economic reports released in other countries were not particularly good as well. The State Secretariat for Economic affairs reported that the consumer confidence index was at -4 in January, up from -6 registered in October. The report commented on the result: Despite less favourable […]
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February 12019
Yen Trades Lower After Manufacturing Index Hits 29-Month Low
The Japanese yen was soft today after the manufacturing index hit the lowest level in almost two-and-half years. The headline Nikkei Japan Manufacturing Purchasing Managers’ Index was finalized at 50.3 in January, down from 52.6 in December. While it was a better reading that analysts’ forecasts and the preliminary figure of 50.0, it was still the lowest reading in 29 months. Meanwhile, the unemployment rate edged down unexpectedly to 2.4% in December […]
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February 12019
AUD Slides as China’s Caixin Manufacturing PMI Misses Expectations
The Australian dollar fell against its major peers today after the disappointing manufacturing report from China, Australia’s biggest trading partner. Macroeconomic data in Australia itself was decent, but that did not help the currency. The seasonally adjusted Caixin China Manufacturing PMI dropped to 48.3 in January from 49.7 in December. It was the lowest reading since February 2016. Analysts had predicted a much smaller decline […]
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February 12019
EUR/USD Rallies, Keeps Gains After Mixed Nonfarm Payrolls
EUR/USD rallied today on the back of better-than-expected inflation data released in the eurozone and kept its gains after mixed US nonfarm payrolls. The currency pair dipped for a short while following the release of positive US manufacturing reports but bounced back very quickly afterwards. Nonfarm payrolls climbed by 304k in January, much more than analysts had predicted — 165k. On the negative side, the previous month’s reading got a downward revision […]
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