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Day: July 9, 2019
July 92019
Great Britain Pound Falls with Retail Sales
The Great Britain pound was weak on Tuesday amid risk aversion on the Forex market. Domestic macroeconomic data was not doing the sterling any favors either. Like-for-like retail sales reported by British Retail Consortium fell 1.6% in June, year-on-year. That is compared to the drop by 1.5% predicted by economists and the decline by 3.0% registered in May. Helen Dickinson, Chief Executive at BRC, blamed the Brexit for the underwhelming data: Overall, the picture […]
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July 92019
Swiss Franc Strong amid Risk Aversion, Falling Unemployment
The Swiss franc, as well as other safe currencies like the US dollar and the Japanese yen, were extremely strong on Tuesday amid speculations whether the Federal Reserve will cut interest rates this year and how much. Domestic macroeconomic data was also supportive of the Swissie. Friday’s better-than-expected nonfarm payrolls made traders question whether the Fed will cut rates anytime soon. Market participants wait for Fed Chair Jerome […]
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July 92019
USD/MXN Surges After Mexican Finance Minister Resigns
The Mexican peso sank versus the US dollar today amid political turmoil caused by the surprise resignation of Mexico’s finance minister. Nation’s consumer inflation slowed a bit last month but was not bad overall. In a surprise move, Carlos Urzúa resigned from his office, writing a highly critical resignation letter. He cited disagreements with the government over economic issues as one of the reasons for his decision, saying: Some […]
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July 92019
Australian Dollar Drops with Business Confidence
The Australian dollar declined today amid the worsening business confidence in Australia and the general negative market sentiment. National Australia Bank reported that the business conditions improved from +1 to +3 in June. The report said that the increase was a result of “a lift in the employment and trading sub-indexes”. At the same time, the business confidence dropped from +7 to +2 following the sharp increase in May. The report noted that “the decline in confidence was broad-based across […]
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July 92019
US Dollar Rallies to 3-Week Highs as Fed Rate Cut Appears Unlikely
The US dollar today rallied to almost 3-week highs as market hopes for future rate cuts from the US Federal Reserve dissipated in the face of positive US jobs data. The greenback also benefitted from the uncertainty surrounding the US-China trade war that caused a significant sell-off in US equity markets and high demand for the dollar. The Dollar Index today rallied from a low of 97.37 to a high of 97.59 before retracing some of its gains […]
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July 92019
Canadian Dollar Mixed on Housing Data, Upcoming BOC Decision
The Canadian dollar is mixed against a basket of currencies on Tuesday, driven primarily by housing data that pleased and displeased investors. The loonie is also waiting for the Bank of Canada (BOC)âs decision on interest rates this week that will either mirror its American counterpart or adopt a wait-and-see approach. According to the Canada Mortgage and Housing Corporation (CMHC), housing starts surged 26% to 245,657 in June, beating median estimates of 210,000. This […]
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