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Day: June 27, 2019

June 27
2019

US Dollar Flat as USA & China Act Tough

The US dollar was mostly flat today, erasing gains and losses it posted against its rivals earlier during the trading session, as markets were somewhat directionless today. While optimism about the upcoming US-China trade talks was affecting markets, it was slowly eroding after comments made by both Chinese and US officials. US President Donald Trump put a damper on hopes for constructive trade talks, threatening […]

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June 27
2019

Euro Stays Range Bound for Second Day Despite Multiple Releases

The euro today traded sideways against the US dollar reacting to releases from both the European and American dockets but failing to break out in a specific direction. The EUR/USD currency pair rallied higher in the early European session and later headed lower ignoring the upbeat German inflation data as the greenback recovered. The EUR/USD currency pair today traded in a tight range between a high of 1.1381 and a low of 1.1346 and was within this range at the time […]

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June 27
2019

Swiss Franc Gains on Budget Surplus Forecast, Capped by Weak Sentiment

The Swiss franc is gaining against a basket of currencies on Thursday, supported by the government’s federal budget surplus forecast. As the economic powerhouse introduces tax and pension reforms, the government thinks it will take in more revenues. But the healthy state of the nation’s finances is not making investors optimistic on the economy. On Wednesday, the Swiss government introduced a draft 2020 budget, outlining a $613 million surplus. Although the government will implement reforms to taxes […]

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June 27
2019

Malaysian Ringgit Gains vs. US Dollar on Improving Economic Outlook

The Malaysian ringgit gained on the US dollar today thanks to the upgraded outlook for the nation’s economic growth. Finance Minister Lim Guan Eng said that he expects Malaysia’s economic growth to be about 5% this year. That is compared to the 4.9% increase estimated in this year’s budget, which was further revised down by the central bank in March to 4.3%-4.8%. Investments increased 3.1% in the first quarter of 2019 from the same […]

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June 27
2019

Yen Recovers After Being Hurt by Market Sentiment, Retail Sales Match Expectations

The Japanese yen was soft today due to the positive market sentiment, which made traders less interested in safety provided by the currency. Currently, though, the yen has recovered against its major rivals, trading about flat versus most of them. Domestic macroeconomic data came out within expectations but as usual had limited impact on the currency. Markets were generally in a risk-on mode today thanks to optimism about the upcoming […]

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June 27
2019

NZ Dollar Rebounds Despite Worsening Business Confidence

The New Zealand dollar dropped initially today as the domestic business confidence worsened. But the currency rebounded later as the general market sentiment was relatively positive and supportive to riskier currencies. The ANZ Business Confidence dropped to -38.1 in June from -32.0 in May. The report talked about reasons for the decline: The outlook for the economy is murky. As things stand, there is no reason for the economy to fall into a deep hole. Commodity prices are […]

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June 27
2019

EUR/USD Flat as Traders Wait for G20 Summit Outcome

EUR/USD dropped initially today but has rebounded since then to trade near the opening level. Traders were reluctant to open new positions before the outcome of the US-China negotiations at the G20 summit becomes clear. US macroeconomic data released today was mixed, with decent reports on economic growth and the housing market but a surprisingly big increase of unemployment claims. US GDP rose 3.1% in Q1 2019 according to the third […]

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