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Day: July 10, 2019
July 102019
Norwegian Krone Climbs Despite Inflation Miss
The Norwegian krone climbed today even after nation’s consumer inflation missed expectations. Statistics Norway reported that the Consumer Price Index rose 1.9% in June from a year ago versus the consensus forecast of a 2.1% increase. The core CPI rose 2.3%, the same as in the previous month, whereas the Norwegian central bank had predicted a slightly bigger increase of 2.4%. Some analysts argued, though, that the small miss should not […]
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July 102019
Canadian Dollar Recovers After Drop Caused by BoC Policy Decision
The Canadian dollar dropped today following the monetary policy decision made by the Bank of Canada. The drop was short-lived, though, and the loonie has erased losses versus most of its major peers by now. The currency even gained on the US dollar, which weakened due to the outlook for interest rate cuts from the Federal Reserve. The BoC left its main interest rate unchanged at 1.75%, as was widely expected. Unlike the Fed and the European Central […]
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July 102019
Euro Rallies to 3-Day Highs As Powell Hints at Future Rate Cuts
The euro today rallied to new daily highs breaking out of a 3-day losing streak as markets reacted to Jerome Powell’s dovish comments during his testimony before Congress. The EUR/USD currency pair performance today was largely driven by investor sentiment and US dollar dynamics due to the empty European dockets. The EUR/USD currency pair today rallied from an opening low of 1.1202 to a high of 1.1263 in the American session and was trading near […]
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July 102019
Chinese Yuan Rallies Despite Bad Inflation, Auto Sales Data
The Chinese yuan is rallying midweek against some of its most traded currency rivals. Despite vehicle sales tumbling in June and inflation coming in lower than expected, the yuan is strengthening, which could be attributed to renewed trade negotiations between the worldâs two largest economies. According to the China Association of Automobile Manufacturers (CAAM), car sales fell 9.6% in June from the same time a year ago to 2.06 million […]
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July 102019
Pound Mixed After Slew of Economic Reports
The Great Britain pound was mixed today, falling against some rivals while rising versus others. Such behavior is not surprising, considering that Britain’s macroeconomic data released over the trading session was mixed as well. The sterling was trying to erase losses but currently is not successful. The Office for National Statistics reported that gross domestic product rose 0.3% in May from the previous month, […]
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July 102019
Aussie Firm Despite Domestic & China’s Data
The Australian dollar was firm today despite poor macroeconomic data, both domestic and in China, Australia’s biggest trading partner. The possible reason for the rally was profit-taking after yesterday’s huge slump. The currency fell against some rivals intraday but has erased losses against all of them by now. The Westpac-Melbourne Institute Index of Consumer Sentiment dropped 4.1% in July after declining 0.6% in June. The report said it was troubling […]
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July 102019
AUD/CAD After It Went Beneath 0.9100
The Australian dollar vs. the Canadian dollar considered the direction of the main trend, continuing the downwards move. What could happen next is very interesting. Long-term perspective From the high of 0.9614, the pair finds itself in a descending trend which respected the important levels, confirming each of them as resistance before the next leg down. Now, as the price went under the next important level, represented by the psychological level of 0.9100 (0.91048 on the chart), further […]
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July 102019
Japanese Yen Soft After PPI Falls Unexpectedly
The Japanese yen was soft against all of its major peers today. While investors were still nervous ahead of the testimony of Federal Reserve Chairman Jerome Powell, giving them incentive to stick to safer currencies, domestic macroeconomic data was unfavorable to the yen. The Bank of Japan reported that the Producer Price Index fell 0.1% in June from a year ago after rising 0.6% in May. That was a total surprise […]
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July 102019
EUR/USD Jumps on Powell’s Testimony, FOMC Minutes
EUR/USD rallied sharply today. There were two major reasons for that, though both of them were tied to the outlook for monetary policy of the Federal Reserve. Firstly, comments from Fed Chair Jerome Powell did nothing to contradict the outlook for two interest rate cuts this year. (Event A on the chart.) Secondly, minutes for the latest monetary policy meeting of the Federal Open Market Committee also supported the outlook for easing. As a result, the CME […]
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