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Day: May 22, 2019
May 222019
Icelandic Krona Crashes As Wow Air Bankruptcy Triggers Recession
The Icelandic krona is continuing its slide against a basket of currencies midweek as the bankruptcy of a budget airline has triggered a recession, prompting the central bank to spring into action. The latest financial crisis comes roughly a decade since the island nation was on the brink of insolvency following the collapse of several major banks that contributed to the global catastrophe. Wow Air, the nationâs budget airline, recently filed for bankruptcy. Joining a plethora of other European […]
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May 222019
Pound Hits New 4-Month Lows As PM May Is Pressured to Resign
The British pound today hit new 4-month lows against the US dollar as U.K. leaders criticized Theresa May‘s new proposed Brexit deal, which she outlined yesterday. The GBP/USD currency pair hit new lows as news reports indicated that multiple factions within the Conservative Party were planning to force the Prime Minister to resign. The GBP/USD currency pair today fell from an opening high of 1.2718 in the Asian session […]
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May 222019
Japanese Yen Flat amid Directionless Trading
The Japanese yen was largely flat today as trading was somewhat directionless during the current trading sessions, and markets were in a consolidation mode. Over the longer-term, though, the currency should be well-supported by factors that are negative to the risk sentiment. The continuing trade war between the United States and China gave investors ample reasons for seeking out safe haven, and the yen is a logical choice for those seeking safety. With the USA […]
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May 222019
Australian Dollar Shows Resilience Facing Adverse Fundamentals
The Australian dollar was surprisingly strong today despite adverse fundamentals, which were including poor macroeconomic data, the negative market sentiment, and the dovish monetary policy outlook. The six month annualized growth rate in the WestpacâMelbourne Institute Leading Index, which suggests the likely pace of economic activity relative to trend three to nine months into the future, fell from â0.13% in March to â0.47% in April. The report commented on the result: The Index growth […]
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May 222019
Bulls Still Wonât Give Up on GBP/AUD
The ascending trend on the Great Britain pound versus the Australian dollar currency pair ended, but the bulls still guard their gains. Long-term perspective At the beginning of December 2019, the pair started an ascending trend that was halted by 1.8742. The apparent correction that started from this level managed to extend beyond the double support made up by the trendline of the ascending trend and 1.8757, reaching 1.8178. But 1.8178 served the bulls by facilitating […]
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May 222019
EUR/USD Fails to Keep Intraday Gains, Retreats Below Opening
Trading was somewhat directionless during the Thursday’s trading session. Moves of EUR/USD reflected that as the pair was moving higher intraday but then reversed its direction and went below the opening level. The EUR/USD pair continued to move lower after the release of FOMC minutes, which suggested that the FOMC does not plan either hike or cut interest rates this year. US crude oil inventories rose by 4.7 […]
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