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Day: July 1, 2019
July 12019
Euro Soft on Poor Manufacturing PMIs, Prospects for Stimulus
The euro was extremely weak today, falling against most of its major peers. One of the possible reasons for the slump was largely poor macroeconomic data released in the eurozone on Monday. Another one were comments from European Central Bank officials, which signaled that the ECB is ready to introduce more stimulus. The IHS Markit Eurozone Manufacturing PMI for June was finalized at 47.6 in June, slightly below the preliminary figure […]
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July 12019
Pound Falls on Weak UK Manufacturing Data and Strong US Dollar
The British pound today fell against the US dollar following the release of weak UK manufacturing data by Markit Economics failing to capitalize on Friday’s bullish attempt. The GBP/USD currency pair was under pressure from the revitalized greenback following the pause in trade hostilities announced by the US and China over the weekend. The GBO/USD currency pair today fell from an opening high of 1.2706 in the Asian session to a low of 1.2631 and was trading near these […]
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July 12019
Canadian Dollar Mixed As Crude Surges, GDP Dips in April
The Canadian dollar is trading mixed against several major currency rivals on the Canada Day holiday. The loonie is benefiting from the rally in crude oil prices, but its advancements might be capped as the market forecasts a slip in manufacturing numbers ahead of crucial jobs and trade data later this week. Crude oil futures are nearing the $60 mark again, which is significant for the Canadian economy because energy […]
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July 12019
EUR/USD Tumbles After USA & China Reach Trade Truce
The US dollar was firm today after the reports that the United States and China managed to achieve a truce, agreeing not to escalate the trade war further. That led to hopes that the US economy will face less pressure, and as a result the Federal Reserve will have fewer reasons to cut interest rates. Reacting to the news, EUR/USD dropped on Monday’s trading session. While the currency pair has trimmed some of its losses […]
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July 12019
Japanese Yen Drops on Risk Appetite, Tries to Rebound. Domestic Data Mixed
The Japanese yen weakened today due to risk appetite caused by news about a trade truce between the United States and China. The currency has trimmed its losses later, though, erasing them against some rivals outright. Macroeconomic data released in Japan over the trading session was mixed. Markets reacted strongly to the news that the United States and China managed to reach a truce in a trade war. The Japanese yen, being a safer […]
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July 12019
Aussie Weak Despite Market Sentiment, Economic Data to Blame
The Australian dollar declined against most major currencies today despite the positive market sentiment, which should have been supportive to the currency. The possible reason for the decline was domestic macroeconomic data, which was somewhat mixed, with some bad releases. The Australian Industry Group Australian Performance of Manufacturing Index dropped to 49.4 in June from 52.7 in May. Being below the 50.0 level of no change, the index signaled about […]
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July 12019
Chinese Yuan Gains vs. US Dollar on US-China Truce
The Chinese yuan rallied against the US dollar today. While the greenback firmed on the reports about a truce in the US-China trade war, the Chinese currency benefited from the news even more. The good news allowed the yuan to ignore negative domestic data. As was expected, the news about the truce in the trade war between the United States and China had a big impact on markets. The USA promised to not raise tariffs on Chinese goods further and to ease […]
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July 12019
Failed Confirmation of 0.9104 on AUD/CAD
The Australian dollar versus the Canadian dollar currency pair delays its appreciation after confirming a very important weekly level. Long-term perspective The current descending trend that started from 0.9614 is still under way, but the fact that the price touched and retraced from 0.9100, an important weekly and also psychological level, should have given the first signs of trend change. The bullish engulfing pattern, on June 21, 2019, […]
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