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Day: July 24, 2019

July 24
2019

South African Rand Gains After Inflation Beats Expectations

The South African rand gained today after nation’s inflation beat expectations. South Africa’s annual inflation was at 4.5% in June, the same as in May and above the market consensus of 4.4%. Core inflation was at 4.3%, up from 4.1% in May, which was the lowest rate in more than a year. Monthly inflation was at 0.4%, up from 0.3% in the previous month and matching forecasts. USD/ZAR edged down from 13.9115 to 13.8908 […]

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July 24
2019

NZ Dollar Gains After Trade Surplus Widens Unexpectedly

The New Zealand dollar rose today after the nation’s trade surplus widened unexpectedly last month. Statistics New Zealand reported that the trade balance logged a surplus of NZ$365 million in June, up from NZ$175 million in May (revised, NZ$264 million before the revision). That was a total surprise to market participants who were expecting a drop to NZ$100 million. The quarterly trade balance posted a deficit of NZ$773 million. NZD/USD […]

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July 24
2019

Euro Trades Sideways at 2-Month Lows on Weak German PMI Data

The euro today traded sideways against the US dollar with a slight bearish bias following the release of disappointing German and eurozone PMI data by Markit Economics. The EUR/USD currency pair today remained under pressure as investors wait for tomorrow’s European Central Bank monetary policy decision, which many expect to be dovish. The EUR/USD currency pair today traded between a high of 1.1156 and a 2-month low of 1.1127 and was within this […]

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July 24
2019

Australian Dollar Falls After PMI Releases

The Australian dollar fell against other most-traded counterparts today after the Purchasing Managers’ Indices showed that both manufacturing and service sectors continued to expand but with a slower pace. The Commonwealth Bank Flash Manufacturing PMI fell to 51.4 in July from 52.0 in June. The Commonwealth Bank Flash Services Business Activity Index dropped to 51.9 in July from 52.6 in June. CBA Senior Economist Belinda Allen commented on the results: […]

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July 24
2019

Chinese Yuan Edges Higher As Beijing Slaps Anti-Dumping Duties on Steel Imports

The Chinese yuan is edging higher midweek after the federal government announced that it would be slapping anti-dumping duties on steel imports from major regional trading partners. This might be part of the nation’s strategy of â€œarduous efforts” to match this year’s industrial output growth target, particularly as protectionism and trade wars apply pressure on exports and affect the world’s second-largest economy. Recently, the Ministry of Commerce confirmed that […]

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July 24
2019

AUD/USD Not Ready Yet for 0.7200

The Australian dollar versus the US dollar currency pair has not seized the opportunity to go for 0.7200, probably because of a resistance that is to hard to breach. Long-term perspective Since the middle of June 2018 the pair is in a descending move and the latest developments etched on the chart what can be considered an inverted head and shoulders. This, added to the longevity of the trend, has all the reasons to point towards the possibility of a trend change. But it […]

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July 24
2019

EUR/USD Drops After Weak Eurozone PMIs

EUR/USD dropped after a range of weak PMI prints for the eurozone was released today. Currently, the pair attempts to recover but still trades below the opening level. US PMIs were mixed and housing data missed expectations, allowing the euro to regain some ground versus the dollar. The European Central Bank will make a monetary policy announcement tomorrow. While markets do not count on any changes to the current monetary policy, […]

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