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Day: May 17, 2019
May 172019
EUR/USD Fails to Maintain Rally After US Consumer Sentiment Provides Positive Surprise
EUR/USD attempted to rally intraday but failed to keep gains, especially after the consumer sentiment reported by the University of Michigan demonstrated surprisingly sharp improvement. Leading index rose 0.2% in April, in line with expectations. The March increase got a negative revision from 0.4% to 0.3%. (Event A on the chart.) Michigan Sentiment Index surged to 102.4 in May from 97.2 in April, far above the forecast value of 97.8. That was the highest level […]
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May 172019
Chinese Yuan Slumps As FDI Slips, Housing Prices Lower Than Expected
The Chinese yuan is slumping against many major currencies at the end of the trading week. The yuan, which has plummeted in the wake of the escalation in the US-China trade war, rebounded on bullish economic data midweek but has since retreated on disappointing numbers. According to the Ministry of Commerce, foreign direct investment (FDI) advanced 6.2% in April, down from 6.5% in March. So far this year, China has recorded FDI gains in every […]
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May 172019
Pound Crashes to 4-Month Lows As Brexit Talks End Without a Deal
The Sterling pound today fell to new 4-moth lows against the US dollar as cross-party Brexit talks collapsed ahead of Theresa May’s impending resignation. The Labour Party officially called off the talks saying that there was no need to negotiate with a government that was about to collapse. The GBP/USD currency pair today fell from an opening high of 1.2798 to a new 4-month low of 1.2736 to cap off a six-day losing […]
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May 172019
NZ Dollar Fails to Hold Ground in Face of Risk Aversion
While the New Zealand dollar was attempting to rally earlier today despite risk aversion prevailing on the market, currently the kiwi has retreated, trading below the opening level against many of its most-traded rivals. Domestic macroeconomic data did nothing to help the currency of New Zealand. Statistics New Zealand reported that the Producer Price Index input fell 0.9% in the March quarter after rising 1.6% in the previous three months. […]
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May 172019
AUD/NZD Looks Bearish
The Australian dollar vs. New Zealand dollar looks to be poised for a bearish move, even if the descending trend told a different story. Long-term perspective The descending trend, that began at 1.1000 end extended until 1.0292, ended after the piercing of the double resistance area consolidated by the resistance trendline of the descending trend and the 1.0452 level. The price made a very bullish move, reaching 1.0668 with no corrections. But this, in itself, […]
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