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Day: March 12, 2019
March 122019
Japanese Yen Weakens on Machine Tool Data, Business Sentiment
The Japanese yen is weakening against major currencies on Tuesday, driven by poor economic data and bearish business sentiment. While officials have dismissed concerns of an economic contraction, the market is signaling that a recession is nigh, which could only intensify in a cooling global economy and trade war. According to the Japan Machine Tool Buildersâ Association (JMTBA), machine tool orders plunged 29% in February compared to the same time a year […]
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March 122019
Great Britain Pound Ignores Positive Data, Falls on Brexit Drama
A slew of macroeconomic reports was released today, and most of them were positive. Yet the Great Britain pound reversed its earlier gains nonetheless as the Brexit drama continued with some negative developments. According to news released overnight, Britain’s officials secured a “legally binding” changes to the Brexit agreement with the European Union, which should prevent the Irish backstop from extending indefinitely. The news increased hopes for orderly Brexit. Yet […]
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March 122019
Euro Rallies on Weak US Inflation Data Amid Brexit Headlines
The euro today rallied for the third straight session against the US dollar as investors reacted to the mixed US inflation data released today. The EUR/USD currency pair’s rally was further boosted by Brexit developments as the EU and the UK agreed to a raft of joint declarations on the Irish backstop issue. The EUR/USD currency pair today rallied from a low of 1.1247 to a high of 1.1285 following the weak US CPI data and the Brexit headlines. The currency pair rallied […]
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March 122019
USD/SEK Falls Despite Swedish CPI Miss
Sweden’s consumer inflation missed market expectations, but that did not prevent the Swedish krona from gaining on the US dollar. The possible reason for that was the fact that US underline inflation also failed to meet expectations. Statistics Sweden reported that the Consumer Price Index rose 1.9% in February, year-on-year, the same as in January. Analysts had expected a bit faster rate of increase — 2.0%. The rise of prices was mainly […]
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March 122019
Aussie Stands Ground in Face of Adverse Fundamentals
Macroeconomic reports released during the Tuesday’s trading session did not paint a positive picture of Australia’s economy. Yet that did not prevent the Aussie from standing ground, avoiding losses, most likely due to mild risk appetite on the Forex market. The National Australia Bank business confidence index dropped from +4 in January to +2 in February. The business conditions index retreated from +7 to +4. The report commented on the results: With […]
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March 122019
EUR/USD Rallies After Core US CPI Misses Mark
EUR/USD rallied today following the release of US inflation data. While the headline figure matched expectations, underline inflation slowed unexpectedly. CPI rose 0.2% in February, matching analysts’ expectations exactly. The index showed no change in January. Core CPI rose just 0.1%, whereas market participants were expecting the same 0.2% rate of growth as in the previous month. (Event A on the chart.) If you have any comments on the recent EUR/USD […]
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March 122019
Great Britain Pound Surges After Changes Made to Brexit Deal
The Great Britain pound was rallying on Monday on hopes that the UK and EU leaders will be able to negotiate a new Brexit deal, resolving the Irish backstop issue. The sterling continued to move higher at the start of the Tuesday’s session after changes to the deal were indeed made. David Lidington, Minister for the Cabinet Office, announced “legally bounding” changes to the Brexit deal that will prevent the European Union from keeping the Irish backstop […]
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