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Day: February 5, 2019
February 52019
Chinese Yuan Ignores Worries As Warnings Keep Piling On
The Chinese yuan is ignoring negative market sentiment on Tuesday, despite a myriad of warnings pertaining to the national economy. Beijing has experienced a significant slowdown in recent months, stemming mostly from the US-China trade war. Even though it looks like both sides are inching towards a new trade agreement, there is still growing pessimism regarding growth. As investors home in on a potential trade deal, there is another […]
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February 52019
Canadian Dollar Trades Flat vs. Most Rivals, Down vs. US Dollar
With no macroeconomic reports or other events scheduled in Canada for today, the Canadian dollar was trading mostly flat in the American trading session. Falling prices for crude oil and poor economic data in the United States drove the loonie lower versus its US counterpart. Underwhelming reports in the USA were detrimental to the Canadian currency because Canada has strong economic ties to its neighbor. Additionally, the disappointing indicators led to concerns about […]
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February 52019
Euro Declines Against USD on Mixed Eurozone Data, Later Rallies
The euro today lost ground against the US dollar from the mid-Asian session into the European session as the greenback rallied driven by positive investor sentiment. The EUR/USD currency pair traded at daily lows after the release of mixed PMI prints from across the eurozone by IHS Markit even as the Brexit deadlock capped the pair’s gains. The EUR/USD currency pair today dropped from a high of 1.1440 to a low of 1.1411 before rallying higher in the early […]
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February 52019
Pound Soft After Services PMI Falls Unexpectedly
The Great Britain pound was soft today after Britain’s services sector demonstrated surprisingly poor performance, expanding at the slowest rate in two-and-a-half years. Positive retail sales data was not able to offset the impact of the negative report. The seasonally adjusted IHS Markit/CIPS UK Services PMI dropped to 50.1 in January, down from 51.2 in December, while experts had predicted it to stay about unchanged. It was the lowest […]
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February 52019
Aussie Rallies as RBA Statement Doesn’t Show Dovish Stance
The Australian dollar rallied today after the monetary policy statement of the Reserve Bank of Australia. While analysts had expected the central bank to demonstrate extremely dovish stance, the actual statement was considered to be either neutral or even slightly hawkish. The RBA maintained its main interest rate at 1.5%, as was widely expected. The central bank cut its economic forecasts. Now, the bank expects growth of 3% in 2019, down from […]
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February 52019
EUR/USD Falls Despite Poor US Services PMIs
EUR/USD fell today on mixed macroeconomic data in the eurozone. US reports were not good as well, with services Purchasing Managers’ Indices dropped, but that did not prevent the dollar from attempting to stage a bounce. Markit services PMI was at 54.2 in January, down slightly from 54.4 in December, according to the final estimate, matching analysts’ forecasts and the preliminary estimate. (Event A on the chart.) ISM services PMI dropped to 56.7% […]
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