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Day: April 1, 2019
April 12019
US Dollar Rallies on Strong Manufacturing, Construction Spending
The US dollar is rallying against some of the most-traded currency pairs to kick off the trading week. The greenback is finding direction on recent data that suggest that the current bull run still has some legs and the economy could have additional room to grow. The buck was capped as traders had a renewed interest in China after a swath of data were released showing perhaps a recovery is in sight. According to the Census […]
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April 12019
Positive Chinese Reports & Negative Domestic Data Send Japanese Yen Lower
The Japanese yen opened sharply lower and proceeded to fall against all other most-trade currencies, emerging as the weakest currency on the Forex market today. While the main reason for the drop was risk appetite caused by positive macroeconomic reports in China, domestic macroeconomic data did not do any good to the Japanese currency either. Japan’s Tankan large manufacturing index dropped from 19 in the fourth quarter of 2018 to 12 in the first quarter […]
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April 12019
Australian Dollar Opens Sharply Higher, Continues to Rise After
The Australian dollar opened sharply higher today compared to the Friday’s close and continued to move up versus most major currencies afterwards. While domestic macroeconomic data was not particularly good, the currency paid more attention to extremely positive reports in China, Australia’s biggest trading partner. China’s official manufacturing Purchasing Managers’ Index climbed to 50.5 in March from 49.2 in February, reaching the highest level in six months, versus […]
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April 12019
The Australian Dollar Trying Its Best Against the Canadian Dollar
Even though the Australian dollar succeeded in extending above the important 0.9483 resistance level, it closed the week under this area. Surprisingly, this week gapped above it for a considerable amount of pips. Long-term perspective The preceding phase of this latter rise belongs to a descending move that started in December 2018 and unfolded by consolidating three flats: the upper one which is edged by 0.9698 with 0.9583, the middle one limited […]
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April 12019
EUR/USD Fails to Rally on Poor US Retail Sales
EUR/USD attempted to rally today after US retail sales disappointed. Yet the currency pair was unable to hold onto gains and retreated very quickly. US retail sales fell 0.2% in February from January instead of rising 0.3% as analysts had predicted. The January increase got a significant positive revision from 0.2% to 0.7%. (Event A on the chart.) Markit manufacturing PMI was at 52.4 in March, down from 53.0 in February, […]
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