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Day: July 3, 2019
July 32019
Sterling Weakest on Forex After String of Bad PMIs
The Great Britain pound was the weakest major currency on the Forex market today. The main reason for that was the string of bad PMI reports, which led to concerns that Britain’s economic growth slowed in the second quarter of 2019. The seasonally adjusted IHS Markit/CIPS UK Services PMI logged 50.2 in June, whereas market participants were counting on the same 51.0 reading as in May. The index hit the lowest level in three months. And while […]
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July 32019
Euro Rallies on Upbeat Eruozone PMIs, Falls Despite Weak US Data
The euro today rallied higher following the release of mostly upbeat PMI reports from across the eurozone by Markit Economics in the early European session. The EUR/USD currency pair later fell in the early American session despite the disappointing US releases driven by subdued investor risk sentiment ahead of tomorrow’s US holiday. The EUR/USD currency pair today rallied from a low of 1.1267 in the Asian session to a high of 1.1312 in the early American session before […]
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July 32019
US Dollar Stands Ground vs. Majors After ADP Employment Misses
The US dollar was soft versus riskier commodity currencies but stood ground against majors. The greenback was especially strong against European majors such as the euro, the Great Britain pound, and the Swiss franc. The main hurdle for the US currency today was the disappointing employment report from Automatic Data Processing. The ADP report showed a growth of employment by 102,000 in June, whereas markets were counting on an increase by 140,000. The disappointing reading […]
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July 32019
Russian Ruble Slumps on Weak Data, Geopolitical Risk
The Russian ruble is slumping midweek after a few pieces of economic data disappointed investors. This comes one day after the currency endured major swings on reports of a possible military fallout between the US, Russia, and the European Union following several events that appeared to be isolated from one another. Despite a strong finish to the first quarter, the nationâs manufacturing output has taken a hit. The IHS Markit Russia Manufacturing […]
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July 32019
Canadian Dollar Gets Boost from Trade Surplus, Crude Oil Prices
The Canadian dollar gained on its most-traded rivals today, gaining help from the positive domestic trade data, which showed an unexpected surplus, and rising prices for crude oil, Canada’s major export commodity. Statistics Canada reported that the trade balance posted a C$762 million surplus in May, which followed the C$1.1 billion deficit in April. That was a total surprise to market participants, who were expecting the deficit to increase to C$1.7 […]
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July 32019
Swedish Krona Strong After Riksbank Leaves Rates Unchanged
The Swedish krona gained today after the nation’s central bank decided to keep interest rates unchanged and signaled about possibility of a hike in the future. The Riksbank left its main interest rate at -0.25% at today’s meeting. Such decision was widely expected by market participants. The central bank cited following reasons for its decision: Economic activity in Sweden remains strong and inflation is close to the target of 2 per cent. Furthermore, the bank […]
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July 32019
Slowing Inflation & Prospects for Interest Rate Cuts Don’t Prevent Turkish Lira from Rising
The Turkish lira rose today despite slowing inflation and prospects for interest rate cuts from the nation’s central bank. Turkey’s annual inflation rate dropped to 15.7% in June from 18.7% in the previous month, touching the lowest level in a year. Furthermore, it was the steepest decline in eight months. And on top of that, the annual core inflation rate slowed to 14.9% in June from 15.9% in May. It was the lowest rate since July […]
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July 32019
Poor Economic Data Doesn’t Prevent Kiwi from Rallying
The New Zealand dollar was strong today even as, unlike its Australian peer, it had no support from macroeconomic data. Reports released over the trading session both in New Zealand and its biggest trading partner, China, were rather poor. The ANZ World Commodity Price Index fell 3.9% in June, month-on-month, demonstrating the first decrease this year. The index rose marginally by 0.1% in the previous month. […]
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July 32019
Aussie Gains, Propelled by Positive Domestic Data
The Australian dollar was broadly strong today, rising against all of its most-traded rivals. Australia’s macroeconomic data released over the trading session was good for the large part, and that could explain the good performance of the Australian currency. The Australian Bureau of Statistics reported that the seasonally adjusted number of building approvals rose 0.7% in May, whereas analysts had predicted no change. The April reading got a positive revision from […]
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July 32019
First Target on NZD/CAD: The 0.8900 Psychological Level
The New Zealand dollar versus the Canadian dollar currency pair did not manage to validate the piercing of the 0.8692 support level, sending the price above it and opening the path to 0.8915. Long-term perspective The descent from 0.9281, which brought the price under the weekly resistance of 0.9175 that was finally pierced just days before, gave the bears the necessary confidence to break all the subsequent important levels. Being so effective at piercing […]
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