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Day: April 26, 2019
April 262019
Chinese Yuan Rises As Industrial Output, Stimulus Boost Economy
The Chinese yuan is rallying at the end of the trading week, buoyed by better industrial output and continued stimulus by the federal government. Despite Beijing noting that economic growth is improving, analysts are still encouraging the government to maintain its interventionist policies â both monetary and fiscal. Industrial production is surging in the worldâs second-largest economy. One area in particular is turning investors’ heads: cement output. In March, China produced […]
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April 262019
Swedish Krona Rises for First Day in Five After Economic Data
The Swedish krona rose today after falling for four days in a row. Decent domestic macroeconomic data helped the currency. Sweden’s retail sales rose 0.5% in March from the previous month on a seasonally adjusted basis, accelerating its rate of growth from February’s 0.3% and beating market expectations of 0.2%. Year-on-year though, the rate of growth slowed to 1.9% in March from 3.2% in February, missing the consensus forecast of 2.8%. The Producer Price Index […]
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April 262019
Pound Posts Gains Despite Brexit Pessimism and Upbeat US GDP
The Sterling pound today traded mostly sideways against the US dollar as it solidified gains made from yesterday’s 10-week lows as the Brexit impasse continued. The GBP/USD currency pair dropped lower following the release of US Q1 GDP data before quickly reversing the losses and printing new daily highs driven by positive investor sentiment. The GBP/USD currency pair today rallied from a session low of 1.2874 after the GDP release […]
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April 262019
EUR/USD Sharply Rebounds After Dropping on US GDP
US gross domestic product rose last quarter more than was expected. Initially, EUR/USD dropped sharply on the news but rebounded very quickly and continued to move higher. Analysts speculated that it is because, while the headline GDP figure looked very good, underline details seemed rather weak and were not painting a favorable picture of the US economy. US GDP rose 3.2% in Q1 2019 according […]
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April 262019
Turkish Lira Falls for Seventh Session After Central Bank Disappoints
The Turkish lira fell today, extending its decline for the seventh consecutive trading session, after Turkey’s central bank disappointed market participants by yesterday’s monetary policy statement. The Central Bank of the Republic of Turkey left its interest rates unchanged at yesterday’s monetary policy meeting. The bank said in the statement: The Committee has decided to maintain the tight monetary policy stance until inflation outlook displays a significant improvement. Traders were disappointed […]
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April 262019
Japan’s Macroeconomic Data Mixed, Yen in Red
The Japanese yen traded broadly in red today as the market sentiment favored riskier currencies, not safer ones. Japan’s domestic macroeconomic data was mixed, giving the currency no direction. On the positive side, the Tokyo core Consumer Price Index rose 1.3% in April from a year ago, while analysts had expected the same 1.1% rate of growth as in March. Retail sales climbed 1.0% in March, year-on-year, exceeding the consensus forecast […]
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April 262019
NZ Dollar Gains on Market Sentiment, Record Exports
The New Zealand dollar gained today, rising for the second day and joining other commodity currencies in a rally. In general, currencies linked to raw materials were firm today as the market sentiment stabilized, though the positive domestic macroeconomic data also helped the kiwi. Statistics New Zealand reported that the trade balance logged a surplus of NZ$922 million in March, which was far above the median forecast of NZ$131 million. The balance showed a deficit […]
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April 262019
USD/JPY Hits Resistance
The US dollar versus the Japanese yen dropped after reaching the important 112.20 resistance area and printed a clear bearish engulfing that just might change the expected outcome. Long-term perspective The pair is in an ascending move starting at the 106.92 support area. Beginning with this appreciation phase, the first attempt to cross the 112.20 level was on March 5, 2019, when the price failed to confirm it as a support and retraced to 110.27. From […]
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