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Day: June 17, 2019
June 172019
US Dollar Weakens on Poor Data, Unexpected June Rate Cut
The US dollar is weakening against its currency peers to start the trading week. Driven by disappointing economic data and a central bank unlikely to cut interest rates at its policy meeting this week, the greenback is taking a hit as investors take a wait-and-see approach. Manufacturing numbers have been mixed in the last week. On Tuesday, the New York Federal Reserve Bankâs Empire State manufacturing index plunged 26.4 points to -8.6 […]
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June 172019
Euro Rallies on Weak US Manufacturing Data, Falls on ECB Event
The euro today rallied to its daily highs backed by US dollar weakness accompanied the release of weak US manufacturing data. The EUR/USD currency pair later fell as demand for the safe haven greenback rose during the American session and the ECB Forum on Central Banking in Sintra, Portugal. The EUR/USD currency pair today rallied from a low of 1.1203 in the early European session to a high of 1.1247 in the early American session before retracing most of its […]
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June 172019
The Descending Trend on USD/JPY Awaits Confirmation
The price is above an important support area, but it does not seem to be willing any appreciation. The descending channel might give the explanation. Long-term perspective After confirming the 112.20 resistance area on April 25, 2019, the US dollar versus the Japanese yen currency pair began a very determined downwards move. On its way, the price confirmed as resistances 110.27 and 109.70 (not drawn on the chart) and then stopped at the important […]
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June 172019
Rupee Falls After India Announces Tariffs on US Goods
The Indian rupee fell against the US dollar today after India decided to enter a trade war with the United States. India announced that it is implementing tariffs on 28 US products. The tariffs were a response for the withdrawal of preferential treatment of Indian imports by the United States, which was allowing Indian goods to enter the US markets levy-free. The news demonstrated that not all countries are going to be as willing […]
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June 172019
Great Britain Pound Attempts to Recover After Starting Session Weak
The Great Britain pound is currently attempting to recover after starting trading very weak. The sterling was soft due to the downgrade of economic forecasts and persisting concerns about probability of a “hard” Brexit. The British Chamber of Commerce revised its forecast for Britain’s economic growth. The BCC upgraded the forecast for 2019 a little from 1.2% to 1.3%. But the forecasts for 2020 and 2021 got significant downgrades, from 1.3% to 1.0% and from 1.4% to 1.2% […]
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June 172019
EUR/USD Rallies on Monday, Ends Session Trimming Gains
EUR/USD rallied on Monday, though trimmed gains by the end of the trading session. Analysts pointed at the slump of the Empire State Manufacturing Index as one of the possible reasons for the rally, but the currency pair actually halted its upward movement after the release. NY Empire State Index tumbled from 17.8 in May to -8.6 in June. That was a total surprise to analysts, who had expected a much smaller decrease to 12.1. (Event A on the chart.) Net […]
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