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Day: May 29, 2019
May 292019
CAD Drops After BoC Monetary Policy Meeting, Crude Oil Likely to Blame
The Canadian dollar was largely soft today, though it has managed to trim its losses by now, even gaining on the euro. The decline of crude oil prices is likely to blame for the poor performance of the currency as domestic news did not bring anything particularly bad. The Bank of Canada left its main interest rate at 1.75%, as was largely expected. The central bank maintained neutral tone in the statement. On a positive side, the bank […]
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May 292019
Japanese Yen Finds Support As Safe-Haven Trade in US-China Trade War
The Japanese yen is finding support midweek as investors are pouring into safe-haven assets amid the continuation of the US-China trade war. Despite traditional safe-haven assets, such as the yen and gold, surging throughout geopolitical tensions and market uncertainties, this investment play has not exactly panned out. With the trade spat escalating this month, are investors concerned that this is a battle that will linger into […]
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May 292019
Euro Drops on Weak German Jobs Data, and Cautious ECB Report
The euro today fell against the US dollar driven by negative investor sentiment, weak German jobs data as well as the ECB’s cautious review. The EUR/USD currency pair today fell to new weekly lows in the American session as Sino-US trade tensions dominated the markets affecting investor risk sentiment. The EUR/USD currency pair today fell from an opening high of 1.1172 to a low of 1.1134 in the American session and was near these lows at the time […]
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May 292019
Franc Gains on US-China Trade War, Ignores Domestic Data
The Swiss franc gained on its most-traded peers today as the trade war between the United States and China continued to make investors nervous, driving them towards safer currencies. Wednesday’s negative domestic macroeconomic data did not hurt the Swissie much. Chinese site People’s Daily Online said that the USA risk losing rare earth supply due to the trade war: Waging a trade war against China, the United States […]
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May 292019
NZ Dollar Falls on Market Sentiment, Domestic Data
The New Zealand dollar fell today as negative domestic macroeconomic data and the risk-off market sentiment drove the currency down. The ANZ Business Confidence improved to -32.0 in May from -37.5 in April. All sectors remained deeply in the negative territory, though, indicating that New Zealand’s economy does not fare well. Indeed, the report said: The economy has cooled considerably over the past couple of years. It also mentioned probability […]
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May 292019
USD/JPY in a Bearish Profile from 110.62
The US dollar versus the Japanese yen currency pair tried to establish an ascending move, but to no avail as the 110.27 resistance is heavily defended by the bears. Long-term perspective After the bearish confirmation of the important resistance area of 112.20 on April 25, 2019, the price dropped and printed a new low as it almost touched 108.90. From there, an appreciation emerged, but it was a short lived one as 110.27 forced the print of a lower […]
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