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Day: March 7, 2019
March 72019
Swiss Franc Mixed After Unemployment Rate Meets Expectations
The Swiss franc traded mixed today, falling against some rivals, while holding versus others. Domestic macroeconomic data was not helpful in finding direction. The Swiss Secretariat for Economic Affairs reported that the unemployment rate edged down to 2.7% in February from the ten-month high of 2.8% in January, without adjustments for seasonal factors. Seasonally adjusted, the unemployment rate remained unchanged at 2.4%, in line with expectations. USD/CHF jumped from […]
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March 72019
Dovish ECB Rate Decision and Draghi Comments Trigger Euro Crash
The euro today crashed to almost 2-year lows following dovish comments by the European Central Bank Governor after the bank’s interest rate decision earlier today. The EUR/USD currency pair today fell to lows last witnessed in June 2017 after the ECB slashed the eurozone’s economic growth forecasts and announced new easing measures. The EUR/USD currency pair today fell from a high of 1.1320 to a low of 1.1205 following the dovish actions by the bank […]
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March 72019
Aussie Rallies on Near-Record Trade Surplus, Retreats Later
The Australian dollar rallied today due to the unexpected increase of the trade surplus. The currency has lost gains against some of its rivals by now, while keeping them versus others. The Australian Bureau of Statistics reported that the trade balance logged a surplus of A$4.55 billion in January, up from A$3.77 billion in November. That is instead of a drop to A$2.85 billion predicted by economists. Moreover, it was the second largest surplus on record. […]
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March 72019
Japanese Yen Surges Despite Fears of Recession
The Japanese yen is rallying against a basket of currencies towards the end of the trading week, despite fears that the latest data might be signaling that Tokyo is in a recession. This has the central bank calling for additional stimulus should the national economy fall even further, which is applying more pressure on the federal government ahead of the important US-Japan trade talks. On Thursday, the Cabinet Office released the latest findings of its […]
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March 72019
EUR/USD Tanks to Almost 2-Year Low After Dovish ECB Meeting
EUR/USD tumbled today, touching the lows not seen since June 2017. The reason for the sharp dive was the extremely dovish monetary policy meeting of the European Central Bank. While the ECB kept its interest rates unchanged, it announced a new round of 2-year TLTROs in September this year and significantly downgraded its growth forecasts. Nonfarm productivity rose 1.9% in Q4 2018 after increasing 2.3% in Q3. Analysts had […]
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