Day: April 4, 2019

April 4
2019

Japanese Yen Struggles for Direction Amid Mixed Data

The Japanese yen is mixed against a handful of currency rivals on Thursday as a plethora of recent data could not prove the national economy was expanding or contracting. Policymakers also delved into the latest Modern Monetary Theory (MMT) proposal that is gaining steam in the US. According to the Bank of Japan (BOJ), economic output exceeded its full capacity in the fourth quarter last year by the most in nearly three decades. The central bank […]

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April 4
2019

US Dollar Firm As Unemployment Claims Lowest in Almost 50 Years

The US dollar was firm today, supported by the unexpected drop of claims for unemployment benefits. Optimism about the upcoming meeting of the leaders of the United States and China was also contributing to the strength of the US currency. The US Department of Labor reported that the seasonally adjusted number of initial jobless claims dropped to 202,000 last week from the previous week’s revised figure of 212,000. That is instead of an increase to 215,000 predicted by economists. As a result, the unemployment […]

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April 4
2019

Loonie Attempts Rally Against US Dollar on Upbeat Canadian Ivey PMI

The Canadian dollar today attempted to rally higher against its US counterpart in the American session after the release of the upbeat Canadian Ivey PMI data. The USD/CAD currency pair today traded mostly directionless amid a lack of fundamental triggers to push the pair decisively in any direction. The USD/CAD currency pair today rallied from an opening low of 1.3338 to a high of 1.3372 before heading lower during the American session. The currency pair today […]

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April 4
2019

Indian Rupee Falls vs. US Dollar After RBI Cuts Interest Rates

The Indian rupee fell against the US dollar today after India’s central bank decided to cut interest rates at today’s monetary policy meeting. The Reserve Bank of India decided to cut its main interest rate by 25 basis points to 6% today. Other interest rates were reduced as well. It was the second cut this year after another 25 points cut in February. Such decision was widely […]

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April 4
2019

Sterling Soft Despite MPs Ruling Out Hard Brexit

The Great Britain pound was soft today even as the British Parliament voted for a bill that rules out a no-deal Brexit. The House of Commons voted for a bill that prevents hard Brexit and approves an extension of the final date of Britain’s divorce from the European Union. The voting was uncharacteristically quick and was won by just one vote, making some politicians call it a “constitutional outrage”. Meanwhile, Labour leader Jeremy Corbyn talked […]

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April 4
2019

Euro Drops with German Factory Orders, Attempts to Recover

The euro declined today after German factory orders demonstrated the biggest decline in more than two years. Later, the currency attempted to rebound and is now trading near the opening level against most of its peers. German factory orders dropped 4.2% in February from the previous month following the 2.1% decline registered in January (revised positively from 2.6%). That is instead of rising by 0.3% as analysts had predicted. It […]

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