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Day: March 11, 2019
March 112019
Canadian Dollar Firm As Crude Oil Rallies More than 1%
The Canadian dollar was generally strong on Monday, likely due to the rally of crude oil prices. The loonie often follows moves of the commodity because it is Canada’s biggest source of export revenue. Crude rallied more than 1% during the Monday’s trading session. Prices surged after Saudi Arabia announced it is going to cut its oil output below 10 million barrels per day in an attempt to help […]
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March 112019
US Dollar Lower Despite Strong Retail Sales, Gains on Safe Peers
The US dollar traded generally lower versus other most-traded currencies today, but managed to gain on safer ones, like the Japanese yen and the Swiss franc. Analysts explained such behavior by the market sentiment, which was positive to riskier higher-yielding assets. US retail sales were better than expected, but traders largely ignored the data. The Census Bureau reported that retail sales increased by 0.2% in January from the previous […]
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March 112019
British Pound Rallies on Market Hopes for Last Minute Brexit Deal
The British pound today rallied higher against the US dollar driven by investors hope that a last-minute Brexit deal could be reached before tomorrow’s crucial vote. The British Prime Minister was en-route to Strasbourg at the time of writing in a last-minute effort to secure a new deal and resolve the thorny Irish backstop issue by tomorrow. The GBP/USD currency pair today rallied from a low of 1.2960 in the Asian session to a high of 1.3170 the American session […]
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March 112019
Euro Mixed, Capped by Disappointing German Data
The euro was mixed today, falling against commodity currencies, trading flat against the US dollar and the Japanese yen, while posting big gains versus the Swiss franc. Market analysts attributed such behavior to the risk-on mode of markets. Macroeconomic data released over the session in Germany was disappointing, preventing the currency pair from going higher. German industrial production contracted 0.8% in January from the previous month after increasing […]
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March 112019
Chinese Yuan Weakens As Exports Plunge 21% in February
The Chinese yuan is weakening against a basket of currencies to start the trading week, driven by new data that shows exports posted a double-digit decline last month. The ongoing US-China trade discussions lingered in the background as both sides negotiate over the yuan and exchange rates. According to the National Bureau of Statistics of China, the worldâs second-largest economy witnessed its export industry suffer the worst month in three years. Because of a cooling global economy […]
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March 112019
EUR/USD Moves Sideways, Ignores US Retail Sales
EUR/USD was moving sideways in a range today. US retail sales came out better than expected, but the currency pair shrugged off the news. Retail sales rose 0.2% in January, whereas market participants had expected no growth. The decline in December was revised from 1.2% to 1.6%. (Event A on the chart.) Business inventories expanded 0.6% in December, matching analysts’ forecasts exactly, after demonstrating no change in the prior […]
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