Day: May 28, 2019

May 28
2019

Canadian Dollar Weakens Despite Ottawa Tabling USMCA Ratification

The Canadian dollar is weakening against major currencies on Tuesday, despite the federal government tabling a motion that would ratify the historic US-Mexico-Canada Agreement, or USMCA. But the loonie might be losing traction because the Bank of Canada (BOC) is not expected to raise interest rates until after the federal election in October. Foreign Affairs Minister Chrystia Freeland tabled a ways and means motion in the House of Commons that kicks off […]

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May 28
2019

Euro Trades Flat As EU Leaders Meet to Discuss Top Jobs, Later Falls

The euro today dropped briefly against the US dollar in the Asian session before recovering and trading flat during the European session as the new EU leaders met to discuss top positions in the organization. The EUR/USD currency pair later fell back to its daily lows in the American session following the release of upbeat US consumer confidence data at the time. The EUR/USD currency pair today hit a daily high of 1.1198 before falling to a low of 1.1168 […]

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May 28
2019

EUR/USD Drops on Geopolitical Tensions, Consumer Confidence

EUR/USD declined today as the US dollar got boost from geopolitical tensions, including the Sino-US trade war, and the surprisingly big jump of the US consumer confidence. S&P/Case-Shiller home price index rose 2.7% in March, whereas market participants had expected about the same 3.0% rate of growth as in February. (Event A on the chart.) Consumer confidence climbed to 134.1 in May from 129.2 in April, exceeding the consensus forecast of 130.1. (Event B on the chart.) […]

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