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Day: June 5, 2019
June 52019
Chinese Yuan Mixed on Poor Economic Data
The Chinese yuan is mixed midweek on poor economic data. But the biggest development for the yuan is that it is nearing the 7 mark against the US dollar. The federal government has hinted that it will take action to prevent the yuan from reaching that threshold. The last time the yuan crossed 7 was in December 2016. On the data front, the Caixin Composite Purchasing Managersâ Index (PMI) came in at 51.5 […]
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June 52019
Euro Drops From Post-US ADP Highs on Upbeat US Services PMI
The euro today fell from almost 7-week highs against the greenback triggered by weak US employment data following the release of upbeat US services PMI data. The EUR/USD currency pair rallied to the new highs driven by upbeat market sentiment and disappointing US ADP employment change report before falling to new lows. The EUR/USD currency pair rallied to a high of 1.1306 but fell shortly afterward to hit a new daily low […]
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June 52019
AUD/NZD Facing a Dilemma at the Important 1.0546 Support
The Australian dollar versus the New Zealand dollar currency pair is caught in between the bullish and bearish plans, with both parties being of equal strength right now. Long-term perspective After confirming the 1.0292 support and ending the descending trend, the price got stuck between two important areas from which — actually — both serve as support: 1.0668 and 1.0546. The latter is an important weekly support, while the first plays the role […]
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June 52019
EUR/USD Retreats After Surging on Atrocious ADP Report
EUR/USD surged intraday as ADP employment report was surprisingly atrocious, showing barely any growth. Service industry data was confusing, as reports from Markit and Institute for Supply Management showed completely different results. The currency pair has retreated by now, though, trading below the opening level. ADP employment rose by meager 27k in May from April. That is nowhere near the forecast increase of 185k, let alone […]
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