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Day: May 10, 2019
May 102019
US Dollar Mixed As Tariffs on Chinese Goods Go Into Effect
The US dollar is surging against some currencies and sliding against others at the end of the trading week as tariff hikes on Chinese imports went into effect. With inflation meeting market expectations, investors are focused more on another hiccup in the US-China trade war deliberation, which may linger into the summer and cause market strife. On Friday, US tariffs on $200 billion in Chinese goods rose from 10% to 25% after […]
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May 102019
British Pound Trades Sideways Despite Upbeat UK GDP Data
The British pound today traded sideways against the US dollar despite the release of upbeat UK GDP data in the early London session. The GBP/USD currency pair kept trading in a tight range for the second straight session despite the release of multiple upbeat UK macro prints. The GBP/USD currency pair today traded in a tight range bounded by a low of 1.2990 and a high of 1.3027 and was near these highs at the time of writing. The currency pair opened […]
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May 102019
South African Rand Jumps as ANC Heads to Victory in Election
The South Africa rand jumped against the US dollar today on the positive outcome of the national election. While not all votes were counted yet, it seems very likely that the governing African National Congress will retain majority in the parliament. Investors welcomed the news as they are hoping that this allows President Cyril Ramaphosa to implement reforms necessary to boost the nation’s economy. USD/ZAR slumped from 14.3354 to 14.1835 […]
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May 102019
Aussie Fails to Hold Unto Gains, RBA Downgrades Growth Forecast
The Australian dollar attempted to rally today on the back of cautious optimism about the US-China trade talks but has almost lost its gains by now. The Reserve Bank of Australia released the Statement on the Monetary Policy, in which it downgraded growth forecast for this year. The RBA cut its forecast for Australia’s economic growth in 2019 significantly, to 2% from 2.75% in the previous estimate. The outlook for 2020 remained unchanged at 2.75%, though. US tariffs […]
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May 102019
Japanese Yen Soft Despite US Tariffs, BoJ Outlook
The Japanese yen was soft today as the market sentiment was stable despite the United States implementing additional tariffs on Chinese imports. News from Japan itself was good for the most part. The Bank of Japan released today the Summary of Opinions at its April monetary policy meeting. The central bank signaled that it is planning to preserve its current extra loose monetary policy in the near future: It is necessary […]
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May 102019
CAD/JPY May Be Different Than It Looks
The Canadian dollar versus the Japanese yen currency pair is now at the important support level of 81.38, an area which could have already given sings of weakness, but it could also turn out to still be the support everyone is expecting it to be. Long-term perspective After the appreciation from 78.22, the price formed what could turn out to be a bullish angled rectangle, with the highs at 85.23 and 84.35 […]
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May 102019
EUR/USD Rallies After US Inflation Miss
EUR/USD rallied today, accelerating its rise after US inflation missed forecasts. While the currency trimmed gains by the session’s end, it still closed far above the opening level. US CPI rose 0.3% in April, while analysts had expected the same 0.4% rate of growth as in March. (Event A on the chart.) Treasury budget turned from a deficit of $146.9 billion in March to a surplus of $160.3 billion in April. That was a total […]
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