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Day: July 2, 2019
July 22019
Pound Soft on Contracting Construction, Carney’s Comments
The Great Britain pound was one of the weakest currencies on the Forex market during Tuesday’s trading session. The likely reasons for that were poor domestic macroeconomic data and comments from the central bank’s chief. The seasonally adjusted IHS Markit/CIPS UK Construction PMI fell sharply from 48.6 in May to 43.1 in June, whereas experts had promised an increase to 49.4. Being already below the neutral 50.0 level of no change, the index […]
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July 22019
Swiss Franc Strong Despite Comments from Zurbruegg
The Swiss franc gained on most major currencies today even after the central bank’s officials continued to signal that extremely loose monetary policy will remain in place in the foreseeable future. SNB Deputy Chairman Fritz Zurbruegg said today that the central bank will stick to its accommodative policy, which is aimed at keeping the franc weak: We are boring and are sticking to our expansionary monetary stance. We […]
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July 22019
Euro Rallies on ECB Rumors, Later Falls Against Strong US Dollar
The euro today rallied against the US dollar earlier in the session despite the release of mostly week eurozone data following rumors about a rate cut delay by the European Central Bank. The EUR/USD currency pair rose to its daily highs in the early European session before falling as the US dollar recovered amid a subdued market environment. The EUR/USD currency pair today rallied from an Asian session low of 1.1273 to a high of 1.1321 in the early […]
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July 22019
US Dollar Slides on Disappointing Data
The US dollar is losing ground against a basket of currencies on Tuesday after a flurry of data was released and disappointed the market. The one positive this week has been the rise in housing prices, which have been running on a treadmill for more than a year. With the US-China trade war taking a breather, investors may be finding short-term direction on data instead of geopolitical events. The Institute of Supply Management (ISM)âs manufacturing purchasing […]
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July 22019
NZ Dollar Falls with Business Confidence
The New Zealand dollar was weak across the board today, though managed to trim losses against some of its rivals by now. One of the possible reasons for the currency’s poor performance was the deteriorating business confidence. The New Zealand Institute of Economic Research reported today: The latest NZIER Quarterly Survey of Business Opinion (QSBO) shows business confidence fell to its lowest level since March 2009, with a net 31 […]
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July 22019
Aussie Rallies After RBA Cuts Interest Rates
The Reserve Bank of Australia cut interest rates today. Yet the Australian dollar did not react to the news in the expected manner, rising after the event, not falling. The RBA cut its main interest rate by 25 basis points to 1%. Such decision was largely priced in by markets. Furthermore, the central bank signaled that more cuts are possible: The Board will continue to monitor developments in the labour market closely and adjust […]
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