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Day: February 8, 2019
February 82019
Canadian Dollar Rallies on Jobs Report, Capped by Oil Slide
The Canadian dollar is rallying against a basket of currencies to finish off the trading week. The loonie was given a much-needed jolt on Friday thanks to a strong January jobs report. But the gains were capped by falling crude oil prices that have cratered 5% over the last week. According to Statistics Canada, the national economy added 66,800 net new jobs last month, fueled by the private sector. The latest labor force […]
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February 82019
USD/INR Declines Following Thursday’s Interest Rate Cut
The Indian rupee traded higher versus the US dollar today following yesterday’s unexpected interest rate cut by the Reserve Bank of India. India’s central bank cut its policy repo rate by 25 basis points to 6.25% yesterday. Most analysts did not expect such move. The Monetary Policy Committee also shifted its hawkish stance: The MPC also decided to change the monetary policy stance from calibrated tightening […]
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February 82019
Swiss Franc Mixed After Rising on Risk Aversion, Ignores Rising Unemployment Rate
The Swiss franc behaved similarly to the Japanese yen today, rising intraday on risk aversion, but retreating versus its major peers later. Against commodity currencies, though, the Swissie retained its gains. The increase of Switzerland’s unemployment rate did not bother the currency too much. The State Secretariat for Economic Affairs reported that the unemployment rate rose to 2.8% in January from 2.7% in December, not adjusted for seasonal variations. That […]
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February 82019
Yen Retreats After Rising on Risk Aversion, Ignores Economic Data
The Japanese yen retreated after rising earlier today on risk aversion caused by bad news about Sino-US trade talks. Domestic macroeconomic data was mixed, giving the currency no direction. Markets started the session in a risk-off mode after a report that US President Donald Trump said that it is “highly unlikely” that he will meet with Chinese President Xi Jinping before the March 2 […]
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February 82019
RBA Cuts Economic Forecasts, Australian Dollar Down
The Australian dollar declined today after the Reserve Bank of Australia downgraded its growth and inflation forecasts and reiterated that chances for an interest rate hike and a cut are “balanced” now. The losses were limited, though, and the currency has currently moved away from day’s lows. The RBA released it Statement on Monetary Policy for February, in which it slashed its economic projections. Gross domestic product is now expected to grow […]
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