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Day: February 13, 2019

February 13
2019

US Dollar Rebounds Despite Headline Inflation Miss

The US dollar was weak in the first half of Wednesday’s trading session but reversed losses versus some currencies later, erasing them against others outright. Slight miss of inflation print did not prevent the rebound. In fact, the greenback climbed after the worse-than-expected data. The Bureau of Labor Statistic reported that the Consumer Price Index was unchanged in January from the previous month, seasonally adjusted. Analysts had predicted a small […]

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February 13
2019

Euro Suffers from Falling Industrial Production

The euro was weak across the board today. Market analysts explained the currency’s poor performance by worse-than-expected industrial production in the eurozone. Eurozone industrial production contracted 0.9% in December from the previous month after falling 1.7% in November. Analysts had expected a smaller decline by 0.4%. Industrial production in the whole European Union fell by 0.5%. EUR/USD tumbled from 1.1324 to 1.1266 as of 21:12 GMT today. EUR/JPY was almost flat at 125.06, […]

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February 13
2019

Chinese Yuan Surges Amid Trade Deal Optimism, Ignores Bearish Reports

The Chinese yuan is surging midweek as investors are optimistic about Washington and Beijing nearing a new trade agreement that would end this year-long standoff between the world’s two largest economies. Although President Donald Trump and President Xi Jinping will not meet prior to the March 1 deadline, both sides are positive that crucial developments can be made in the final days of the trade truce. Before […]

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February 13
2019

Aussie Gains on Risk Appetite, Recovering Consumer Sentiment

The Australian dollar gained today amid risk appetite caused by hopes for a successful outcome of trade negotiations between China and the United States. Positive domestic macroeconomic data also helped the Australian currency. The Westpac-Melbourne Institute Index of Consumer Sentiment rose 4.3% in February from the previous month. The improvement followed the sharp drop of the index by 4.7% in January. The report suggested that the recent change of the central bank’s monetary policy stance played part […]

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February 13
2019

Pound Falls on Weak CPI Data, Spikes Higher on Brexit Rumors

The British pound today traded in an erratic manner against the US dollar as it rallied higher in the Asian session, before falling, and then spiking higher on Brexit rumors. The GBP/USD currency pair was not done with its sudden moves as it quickly retraced all its gains and headed lower in the American session as the greenback recovered. The GBP/USD currency pair today rallied to a daily high of 1.2959 before retracing all its […]

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February 13
2019

NZ Dollar Soars After RBNZ Releases Neutral Statement

The New Zealand dollar surged today after the Reserve Bank of New Zealand surprised the market, releasing a neutral monetary policy statement, whereas market participants had expected more dovish bias. The RBNZ left its main interest rate unchanged at 1.75% today, as was widely expected. The central bank said in the accompanying statement: We expect to keep the OCR at this level through 2019 and 2020. The bank also stated: We […]

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February 13
2019

EUR/USD Slides After Eurozone Industrial Production Contracts

EUR/USD fell today, reversing yesterday’s gains. Market analysts argued that the possible reason for the decline was the bigger-than-expectedcontraction of eurozone industrial production. (Event A on the chart.) Macroeconomic data in the United States was not good as well, but that did not prevent the dollar from rising against the euro. US CPI was flat in January on a seasonally adjusted basis, whereas analysts had expected an increase by 0.1%. The index declined 0.1% […]

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