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Day: May 2, 2019

May 2
2019

Mexican Peso Weakens As Economy Contracts In Q1, AMLO Dismisses Concerns

The Mexican peso weakened against a basket of currencies towards the end of the trading week after the economy contracted in the first quarter. Despite the deceleration across the country, the peso is still one of the best performing currencies so far this year. Could it hold up after a plethora of forecasts suggest the Mexican economy is in store for a rough period? In the first quarter, the gross domestic product (GDP) fell 0.2% as services activity slipped, […]

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May 2
2019

Euro Falls to New 3-Day Lows Against a Resurgent Dollar

The euro today fell to new 3-day lows against the resurgent US dollar as investors bought the world’s reserve currency with positive expectations. The EUR/USD currency pair extended yesterday’s fall, which was triggered by the FOMC‘s positive outlook for the US economy. The EUR/USD currency pair today fell from a high of 1.1219 in the early European session to a low of 1.1171 in the American session. The currency pair opened today’s session with a positive bias […]

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May 2
2019

British Pound Drops Despite Balanced BoE Interest Rate Decision

The British pound today fell against the US dollar after the Bank of England left its monetary policy unchanged and exhibited confidence in Britain’s economy. The GBP/USD currency pair had rallied higher earlier today amid rumors that Theresa May was willing to relax her tough stand on a customs union with the EU in order to get her Brexit deal done. The GBP/USD currency pair today initially rallied to a session […]

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May 2
2019

EUR/USD Extends Decline

EUR/USD extended yesterday’s decline today. There were several macroeconomic released in the United States but none of them were particularly important. Markets were focused mostly on tomorrow’s nonfarm payrolls. Nonfarm productivity climbed by 3.6% in Q1 2019. That is compared to the median forecast of a 0.9% increase and the 1.9% gain registered in Q4 2018. (Event A on the chart.) Seasonally adjusted initial jobless claims were at 230k last week, unchanged […]

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May 2
2019

Swiss Franc Soft After Disappointing Macroeconomic Releases

The Swiss franc was soft today following the release of disappointing macroeconomic data in Switzerland. The Swiss Federal Statistical Office reported that retail sales dropped 0.7% in March compared with the previous year. That was a bigger drop than experts had predicted — 0.5%. On a positive side, the February reading was revised from a drop by 0.2% to no change. The manufacturing Purchasing Managers’ Index dropped to 48.5 in April from 50.3 […]

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May 2
2019

Australian Dollar Recovers After China’s Disappointing Data

The Australian dollar demonstrated the same performance as its New Zealand counterpart — rising a bit today after yesterday’s big slump. Unlike the kiwi though, the Aussie did not have negative domestic economic data to explain the decline. Perhaps, the currency continued to fall after disappointing macroeconomic releases in China on Tuesday. Update: currently, the Aussie has lost its gains. Released on April 30, China’s official manufacturing Purchasing Managers’ Index […]

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May 2
2019

NZ Dollar Edges Higher After Wednesday’s Slump

The New Zealand dollar edged higher today following yesterday’s huge slump even though macroeconomic data released during today’s trading session was negative. The plunge during the previous session was caused by worse-than-expected jobs data. Statistics New Zealand released a report on building consents, showing a drop by 6.9% in March on a seasonally adjusted basis. The drop followed the increase by 1.7% in February. Released yesterday, the employment report showed that […]

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