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Day: February 6, 2019
February 62019
NZ Dollar Sinks After Extremely Underwhelming Employment Data
The New Zealand dollar fell sharply by the end of the Wednesday’s trading session and remained weak at the start of the Thursday’s session. The reason for the huge slump was an extremely underwhelming employment report. The Statistics New Zealand reported that employment rose 0.1% in the December quarter of 2018 from the previous three months, missing the consensus forecast of a 0.3% increase. The unemployment rate shot up from 4.0% to 4.3%, above the average forecast of 4.1%. The labor cost […]
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February 62019
US Dollar Rallies on Sino-US Trade Talks Optimism & Good US Data
The US dollar rallied against most other currencies today. The major reasons for the rally were positive macroeconomic data released in the United States on Wednesday and optimism about the trade talks between the USA and China. US Treasury Secretary Steven Mnuchin said that prior meetings with Chinese Vice Premier Liu He were “very productive.” Mnuchin will travel with a US delegation to China next week to achieve a trade […]
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February 62019
Canadian Dollar Falls on Bad Consumer Data, Capped by Crude Oil
The Canadian dollar is retreating from a two-month high midweek as disappointing consumer data weighed on the currency. The losses were capped by a modest rally in crude oil prices. While the market is anticipating a lower loonie in the near-term, the experts say this could rescue the Canadian economy. According to the National Bank of Canada, consumer spending is expected to fall to its lowest level in a decade this year. Researchers say that real consumption growth […]
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February 62019
Pound Trades Sideways as Brexit Deadlock Persists Ahead of BoE
The British pound today traded in a range amid a lack of any major Brexit headlines or macro releases to push the cable in either direction. Investors were waiting for the outcome of Theresa May‘s visit to Northern Ireland in order to determine the currency pair’s future direction. The GBP/USD currency pair today declined to hit a low of 1.2924 before rallying and hitting a high of 1.2980 and was trading near this level at the time of writing. The currency pair opened […]
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February 62019
Euro Falls vs. Majors with Decline of German Factory Orders
The euro declined versus its major rivals today after a report showed that German factory orders fell in December unexpectedly. The euro performed much better versus commodity currencies. Destatis, German Federal Statistical Office, reported that factory orders fell 1.6% in December from the previous month on a seasonally adjusted basis. That was a total surprise to analysts as they were expecting an increase by 0.3%. The indicator dropped 7.0% […]
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February 62019
Aussie Sinks After RBA Chief Hints at Possibility of Interest Rate Cut
The Australian dollar slumped today, erasing yesterday’s gains, after Philip Lowe, Reserve Bank of Australia Governor, mentioned in his speech that an interest rate cut is as likely as a hike. Previously, the RBA was saying that the next move in rates is more likely to be a hike, and yesterday’s monetary policy statement seemed to confirm this. Yet today, Governor Lowe contradicted that in his speech titled “The Year Ahead,” […]
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February 62019
EUR/USD Falls for Third Consecutive Session on Economic Data
EUR/USD fell today for the third day in a row after Germany released a disappointing report on factory orders. Meanwhile, US data was good, with the trade deficit decreasing more than was expected. Signs of positive developments in the Sino-US trade talks provided additional boost to the US dollar against its rivals, including the euro. US trade balance deficit shrank to $49.3 billion in November down from the revised reading of $55.7 […]
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