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Day: February 28, 2019
February 282019
NZ Dollar Weak amid Risk Aversion, Mixed Data
The New Zealand dollar fell on Thursday amid risk aversion and mixed macroeconomic reports. The ANZ Business Confidence index dropped to -30.9 in February from -24.1 in January. The number of building consents gained 17% in January after rising 5.4% in December. The overseas trade index dropped 3.0% in the December quarter from the previous three months after falling 0.3% in the September quarter. Analysts had predicted a smaller drop by 1.0%. NZD/USD dropped […]
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February 282019
Poor Chinese Economic Data Overshadows Australian Reports, Dragging Aussie Down
The Australian dollar fell on Thursday and was one of the weakest currencies on the Forex market during the trading session. While domestic macroeconomic data was decent for the most part, poor reports from China and risk aversion on markets dragged the currency down. China’s official manufacturing Purchasing Managers’ Index fell to 49.2 in February from 49.5 in January, moving further away from the neutral 50.0 level. Economists had expected it to stay […]
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February 282019
Krona Gains as Sweden’s Economic Growth Beats Expectations
The Swedish krona gained today after data showed that the nation’s economy expanded last quarter two times the forecast amount. Statistics Sweden reported that gross domestic product jumped 1.2% in the fourth quarter of 2018 after contracting 0.1% in the previous three months. That is compared to the consensus forecast of a 0.6% growth. It was the fastest pace of expansion since the second quarter of 2017. USD/SEK traded at 9.2383 as of 21:34 […]
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February 282019
Negative Market Sentiment Allows Swiss Franc Ignore Economic Data
The Swiss franc gained today, getting boost from risk aversion on the Forex market. The currency gained even as domestic macroeconomic reports were extremely disappointing, demonstrating weakness of the Swiss economy. Switzerland’s State Secretariat for Economic Affairs reported that gross domestic product rose 0.2% in the fourth quarter of 2018, trailing the consensus forecast of a 0.4% increase. The increase followed the 0.3% drop in the previous quarter. The report explained that manufacturing was […]
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February 282019
US Dollar Weakens As Economy Slows in Q4, Jobless Claims Rise
The US dollar weakened against a basket of currencies on Thursday, driven by a slowing national economy in the fourth quarter and a bump in jobless claims in the last week. The greenbackâs losses were capped by a positive business barometer that suggested renewed activity. According to the Bureau of Economic Analysis (BEA), the gross domestic product (GDP) advanced at a 2.6% annual pace in the October-to-December period, beating market forecasts of 1.9%. While fourth-quarter GDP was higher than median […]
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February 282019
Euro Rallies Driven by Other Currency Cross, Drops on US GDP Data
The euro today rallied higher against the US dollar from the early European session driven largely by investor sentiment to hit over 3-week tops midway through the session. Shortly after, the EUR/USD currency pair plunged lower in a pullback that was compounded by the release of the upbeat US Q4 GDP data. The EUR/USD currency pair today rallied from a low of 1.1366 to a more than 3-week high of 1.1420 before retracing all […]
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February 282019
EUR/USD Loses Gains After Release of US GDP
EUR/USD was rising today but has lost all of its gains by now after a report showed that US gross domestic product rose last quarter more than was expected. Meanwhile, meeting between the US and North Korean leaders ended abruptly, putting markets into a risk-off mode. US GDP rose 2.6% in Q4 2018 according to the advance (first) estimate. Analysts had predicted a smaller increase […]
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