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Day: February 27, 2019
February 272019
Chinese Yuan Jumps on Data, Capped by Currency Manipulation Claims
The Chinese yuan is strengthening midweek on signs of an economic recovery, even though a government-sponsored enterprise (GSE) recently defaulted on its debt, sparking concerns about the worldâs second-largest economy. But the yuanâs gains were capped on accusations that Beijing was manipulating its currency. Bloomberg Economics released some interesting measurements regarding the state of Chinaâs once roaring economy. The gauges suggest that there are plenty of signs that […]
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February 272019
Canadian Dollar Rallies on Higher Oil Prices and Mixed CPI Data
The Canadian dollar today rallied higher against its southern neighbor driven largely by rising oil prices during the European session. The loonie extended its gains in the early American session after the release of mixed Canadian inflation data to drive the USD/CAD currency pair to new daily lows. The USD/CAD currency pair today dropped from a high of 1.3176 to a low of 1.3114 in the American session before retracing some of its losses. The currency […]
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February 272019
Sterling Rallies as Theresa May Changes Stance
The Great Britain pound gained against its major rivals today as British Prime Minister Theresa May changed her stance regarding the no-deal Brexit and delay for Britain’s separation from the European Union. Previously, May was strongly opposing a delay for the Brexit and wanted to keep the “no-deal Brexit” scenario in the cards. But now, she completely switched gears as chances are her Brexit plans will be turned down once […]
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February 272019
Australian Dollar Dragged Down by Market Sentiment, Poor Data
The Australian dollar was weak today, falling for the same reasons as its New Zealand counterpart: the negative market sentiment and poor domestic macroeconomic data. The Australian Bureau of Statistics reported that construction work done fell 3.1% in the December quarter from the previous three months on a seasonally adjusted basis. That was completely opposite to analysts’ expectations of a 0.6% increase. The decline in the September quarter got a substantial negative revision from 2.8% […]
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February 272019
NZ Dollar Falls on Risk Aversion, Trade Deficit
The New Zealand dollar traded lower today amid mild risk aversion on the Forex market. Worse-than-expected domestic macroeconomic data was not helping either. Statistics New Zealand reported that the trade balance demonstrated a deficit of NZ$914 million in January after logging a surplus of NZ$12 million in December. Economists had predicted a smaller gap of NZ$300 million. Both imports and exports increased compared to the same period in the previous year, but […]
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February 272019
EUR/USD Mixed amid Risk Aversion, Mixed US Data
EUR/USD fell today amid risk aversion caused by geopolitical tension. US data released today was mixed as factory orders showed almost no growth but pending home sales rose more than was expected. Factory orders rose just 0.1% in December versus 1.5% predicted by analysts. It was not enough to offset the drop by 0.5% registered in the previous month. (Event A on the chart.) Pending home sales […]
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