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Day: June 10, 2019
June 102019
Sterling Falls on Weak UK Data As Tory Leadership Contest Heats Up
The Sterling pound today fell almost to one-week lows after the release of a raft of disappointing macro data from the UK docket such as the April GDP print. The GBP/USD currency pair remains under pressure as the Conservative Party‘s search for a successor to the outgoing Prime Minister Theresa May officially kicks off. The GBP/USD currency pair today fell from an opening high of 1.2728 in the Asian session to a low of 1.2653 in the mid-London session before retracing […]
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June 102019
Chinese Yuan Weakens As Forex Reserves, Exports Unexpectedly Rise
The Chinese yuan is weakening to kick off the trading week as the nationâs foreign exchange reserves and exports unexpectedly rose in May. With the balance of trade numbers being higher than what the market had anticipated, it might play a role in the US-China trade war, which is dragging out and could linger into the holiday season. According to the Peopleâs Bank of China (PBOC), Beijingâs foreign exchange reserves increased by $6 billion […]
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June 102019
Australian Dollar Soft After China’s Trade Surplus Grows
The Australian dollar was extremely weak against its most-traded peers today after China’s trade surplus rose much more than was expected. China’s trade balance logged a surplus of $41.66 billion in May, up from $23.42 billion in April, demonstrating the largest surplus since December of the last year. Exports rose 1.1%, year-on-year, but experts explained that by rush of companies to ship goods before the US tariffs […]
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June 102019
Mexican Peso Trades Sharply Higher After Trade Starts
The Mexican peso traded sharply higher today after Monday’s trade started. The currency gained on the news that the United States and Mexico managed to reach a deal that will allow to avoid a tariff war. Previously, the peso was extremely weak after US President Donald Trump dropped a bomb on markets, announcing that he is planning to implement tariffs on Mexican goods unless Mexico takes measures to curb illegal migration. […]
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June 102019
AUD/JPY Might Revisit 74.96
As the bulls tried to conquer the 76.02 level, the bears managed to turn the appreciation in their favor, causing a descent that can be considered a confirmation of the level as a resistance. Long-term perspective The Australian dollar versus the Japanese yen currency pair was engaged in a descent that was very well driven by the sellers. After confirming the level of 80.54 as resistance, the price fell under the just pierced resistance of 79.41, and thus the failiure to confirm the latter level […]
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