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Day: August 2, 2019
August 22019
Swiss Franc Ignores Falling Consumer Prices
The Swiss franc rallied against other most-traded currencies today despite falling consumer prices in Switzerland. Risk aversion was the reason for the currency’s strength. Switzerland’s Federal Statistical Office reported that the Consumer Price Index fell 0.5% in July from the previous month after showing no change in June. Analysts had predicted a bit smaller decrease of 0.4%. Escalating trade tensions between the United States and China bolstered safer […]
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August 22019
Pound Falls On By-Election Results, Rallies Despite Upbeat NFP Report
The Sterling pound today fell to its daily lows as investors reacted to the results of a by-election where the ruling Conservative Party lost a crucial seat. The GBP/USD currency pair later rallied higher after the release of the upbeat US non-farm payrolls data in the early American session. The GBP/USD currency pair today fell to a low of 1.2090 in the Asian session before rallying higher back to its opening high of 1.2145 and was near these levels […]
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August 22019
US Dollar Mixed As Economy Adds 164k Jobs, Faces Renewed Trade Tensions
The US dollar is mixed at the end of the trading week as a new lower-than-expected July jobs report highlighted how robust the national economy is as a diverse array of industries enjoyed gains and more people entered the workforce. But the greenback contended with renewed trade tensions between the US and China, which sent leading stock indexes into negative territory in the early part of the trading session. According to the Bureau of Labor Statistics (BLS), the US […]
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August 22019
Risk Aversion Prevents Aussie from Gaining on Positive Data
The Australian dollar dropped against other most-traded currencies today despite better-than-expected domestic data. Risk aversion, which prevailed on the Forex market after the announcement of new US tariffs on Chinese goods, did not allow the Aussie to profit from positive macroeconomic reports. The Australian Bureau of Statistics released a couple of economic indicators today. Retail sales rose 0.4% in June from the previous month, seasonally adjusted, after increasing 0.1% […]
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August 22019
AUD/USD at the Possible Fragile 0.6800 Support
After such a strong decline, would the 0.6858 still be able to offer a surprise? Long-term perspective The steep decline that came after the confirmation of the double resistance etched by the upper line of the descending channel and the 0.7055 with 0.7013 resistance area managed to bring the price under the 0.6858 major support level, pausing at the 0.6800 psychological level. This movement, besides taking out the previous low that falsely pierced the 0.6858 level, […]
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August 22019
EUR/USD Rallies After NFP Match Expectations
EUR/USD rallied today after US nonfarm payrolls matched expectations. Market analysts speculated that it is because the slowing employment growth and escalating US-China trade conflict led to speculations that the Federal Reserve will have to cut interest rates again in September. Nonfarm payrolls rose by 164k in July, matching forecasts exactly. June’s increase got a negative revision from 224k to 193k. Unemployment rate remained unchanged […]
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