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Day: May 3, 2019
May 32019
Accelerating Consumer Inflation Fails to Bolster Euro
While the euro managed to rebound against the US dollar today, the shared 19-nation currency remained soft against other most-traded rivals. Consumer inflation beat expectations, but that failed to bolster the currency. One of the possible reasons for the euro’s weakness was the unexpected decline of producer prices. Eurostat reported that eurozone annual consumer inflation was expected to be at 1.7% in April. That is compared to the analysts’ median forecast of 1.6% […]
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May 32019
Pound Drops on Brexit News, Rallies on Weak US Services PMI
The Sterling pound today fell to its daily lows in the early London session after it emerged that the UK government had made little progress in cross-party Brexit talks. The GBP/USD currency pair later rallied higher in the American session following the release of weak US non-manufacturing/services PMI and ignored the upbeat US jobs data. The GBP/USD currency pair today rallied from a low of 1.2987 to a high of 1.3110 in the American session and was […]
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May 32019
EUR/USD Volatile After NFP, Decides to Go Higher After All
EUR/USD was moving gradually lower ahead of US nonfarm payrolls. The currency pair experienced significant volatility immediately after the release of the employment data as it was mixed. While the employment and unemployment figures were much better than was expected, wage inflation missed forecasts. Ultimately, markets preferred to focus on the bad part of the report, and the EUR/USD pair went up. The unexpected drop of the ISM services PMI gave even more […]
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May 32019
US Dollar Surges on Strong April Jobs Report
The US dollar is surging to finish the trading week, buoyed by an incredible April jobs report and other data that suggests the economic slowdown worries may be unfounded after all, even with some weak pockets. The greenback is making solid gains against multiple currencies on Friday. According to the Bureau of Labor Statistics (BLS), the US economy added 263,000 new jobs, driving the unemployment rate to a 49-year low of 3.6%, […]
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May 32019
Swiss Franc Soft as Consumer Sentiment Deteriorates
The Swiss franc managed to gain on the euro today but was generally soft against other currencies. The deteriorating consumer sentiment was not helping the Swissie at all. The State Secretariat for Economic Affairs reported that the consumer sentiment index fell to -6 in April from -4 in March. Analysts were expecting a slight improvement to -3. The Federal Statistical Office reported that the Consumer Price Index rose 0.2% in April from the previous […]
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May 32019
Australian Dollar Recovers After Falling on Poor Data
The Australian dollar fell intraday but has recovered by now as markets were waiting for US nonfarm payrolls. Meanwhile, macroeconomic data in Australia was not good, which can explain the initial fall of the currency. The Australian Bureau of Statistics reported that the seasonally adjusted number of building approvals slumped by 15.5% in March from the previous month after climbing 19.1% in February. That is compared to the forecast drop of 12.5%. The Australian Industry […]
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May 32019
The Bulls Are Still in Charge on GBP/AUD
Last month, the Great Britain pound vs. the Australian dollar looked as if it was poised for a drop, but now it seems that the bulls are the ones who manage things. Long-term perspective After piercing the support of the trend that started at 1.7213 and the 1.8457 support level (an important confluence area), the price began on April 4, 2019, a decline that could make anyone think that the bears took control. […]
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