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Day: May 13, 2019

May 13
2019

Pound Declines on Market Sentiment, Brexit Uncertainties

As many other currencies, the Great Britain pound declined on Monday. While the negative market sentiment was the major reason for the decline, domestic news was not good as well. The mood of market participants was gloomy today due to the trade spat between the United States and China. While the sterling is usually less susceptible to bad news from China as Britain does not have strong trading ties with the Asian nation, […]

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May 13
2019

Chinese Yuan Craters on Tariff Retaliation, Auto Sales

The Chinese yuan is cratering against several major currency rivals to start the trading week. After the US government unexpectedly raised tariffs on $200 billion in Chinese goods, Beijing responded by raising tariffs on $60 billion worth of American products. On Monday, the Ministry of Finance announced that it would be increasing their tariffs on more than 5,100 US goods, ranging from 5% to 25%. The highest rate will target […]

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May 13
2019

Japanese Yen Profits from Risk Aversion Caused by Trade Wars

The Japanese yen surged against the majority of most-traded currencies today as the negative market sentiment drove investors towards safer assets. The yen posted losses versus the Swiss franc, which also profited from its role of a safe haven, though by now the Japanese currency has trimmed its losses. As for news from Japan itself, the Cabinet Office reported that the leading index slipped to 96.3% in March from 97.1% in February. The reading […]

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May 13
2019

Aussie Sinks as US-China Trade Tensions Sour Market Sentiment

The Australian dollar sank today, leading the decline among riskier commodity currencies, as the market sentiment deteriorated amid escalating trade tensions between China and the United States. Domestic macroeconomic data was not helpful to the Aussie either. The Australian Bureau of Statistics reported that the total seasonally adjusted number of home loans dropped by 2.5% in March from the previous month. That is instead of rising 2.2% as analysts had predicted. But […]

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May 13
2019

Euro Rallies on China’s Retaliatory Measures, Drops Shortly After

The euro today leapt to new monthly highs against the US dollar after news reports suggested that China was planning retaliatory tariffs on US exports. According to the Guardian, China is set to implement a 25% tariff on $60 billion worth of US imports as well as halting bond purchases among other measures. The EUR/USD currency pair today rallied from a low of 1.1221 in the early European session to a high of 1.1263 in the early […]

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May 13
2019

US Dollar Outlook for Week of May 13-17, 2019

The US dollar ended the previous trading week relatively soft as markets were digesting the news that the United States decided to implement tariffs on Chinese goods. The developments in the trade negotiations between the world’s two biggest economies are likely to affect the greenback during the current trading week, though US macroeconomic data can have its impact as well. It seemed that the USA and China were close to reaching a trade deal, […]

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May 13
2019

One Last Chance for the Bulls on USD/JPY

Under the 110.27 support area and still with an overall bullish bias, the US dollar versus the Japanese yen currency pair has what it takes for yet another upwards move. Long-term perspective After the decline etched by the confirmation of 112.20 as resistance on April 24, 2019, the price pierced the first major support at 110.27 and made a new low — at least for the time being — at 109.46. Of course, one could say that after such […]

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