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Day: August 7, 2019
August 72019
Canadian Dollar Weakens as US Crude Prices Crash 5%
The Canadian dollar is weakening against a basket of currencies midweek as the price of US crude oil cratered as much as 5%. With oil officially sliding into a bear market, the loonie is paring a portion of its year-to-date gains. As economic data continues to be mixed, it might be a difficult second half for the currency. On Wednesday, the US Energy Information Administration (EIA) reported that weekly US crude supplies surged by 2.4 […]
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August 72019
Euro Rallies as Stock Markets Crash on Sino-US Trade Tensions
The euro today rallied against the US dollar amid heightened trade tensions between the US and China, which triggered a global stock market sell-off. The EUR/USD currency pair rallied higher as investors sold the greenback and bought the single currency given the significant risks facing the United States. The EUR/USD currency pair today rallied from an intra-day low of 1.1179 to a high of 1.1242 in the American session before retracing some of its gains. The currency […]
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August 72019
Japanese Yen Gains Despite BoJ Signaling About Additional Easing
The Japanese yen rallied against other most-traded currencies today amid risk aversion caused by the escalating trade tensions between the United States and China. The currency gained even as Japan’s central bank signaled about the possibility of additional monetary easing. The Bank of Japan released the Summary of Opinions at its July monetary policy meeting. The bank said in the document: The Bank should communicate more clearly, both at home and abroad, that it will […]
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August 72019
Baht Falls as Thailand’s Central Bank Joins Other Banks in Cutting Interest Rates
The Thai baht declined today after Thailand’s central bank made a surprise interest rate cut. The Bank of Thailand reduced its main interest rate from 1.75% to 1.5%. Five members of the Monetary Policy Committee voted for the action, while two voted to keep the rate unchanged. The statement explained the reasons for the decision: In deliberating their policy decision, the Committee assessed that the Thai economy would expand at a lower rate than previously […]
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August 72019
Indian Rupee Weakens After Central Bank Cuts Interest Rates
The Indian rupee fell against the US dollar today after India’s central bank cut interest rates. The Reserve Bank of India cut its main interest rate by 35 basis points to 5.4%. That was a bigger cut than market participants were anticipating. Furthermore, the reverse repo rate under the liquidity adjustment facility was lowered to 5.15% and the marginal standing facility rate to 5.65%. USD/INR rose 0.09% to 70.8887 […]
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August 72019
Aussie Resumes Decline After Firming on RBA Policy Announcement
The Australian dollar resumed its decline today after halting the drop yesterday. The currency firmed during the previous trading session after the monetary policy announcement of the Australian central bank. But the Aussie continued to move lower during the current session amid risk aversion prevailing on the market. Yesterday, the Reserve Bank of Australia left its key interest rate unchanged at 1%, in line with expectations. The RBA signaled, though, that interest […]
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August 72019
RBNZ Makes Surprise Interest Rate Cut, Kiwi Sinks
The Reserve Bank of New Zealand surprised markets today, cutting interest rates more than was expected. As a result, the New Zealand dollar sank against almost all of its most-traded rivals. While the currency has trimmed losses by now, it is still trading far below the opening level. Surprisingly, the kiwi managed to gain on the Great Britain pound, which remains under pressure from fears of a hard Brexit. The RBNZ […]
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August 72019
AUD/CAD May Be Up for a Correction Targeting 0.9100
The Australian dollar versus the Canadian dollar currency pair extended its decline and reached the 0.8900 psychological level. This looks great form the sellers perspective, but there are some signs that a correction may be in place. Long-term perspective From 0.9483 the price entered a descending trend that extended — at the time of writing — until the 0.8900 level. On its course, it pierced the 0.9104 level which is a very important […]
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August 72019
EUR/USD Continues to Get Support from US-China Conflict
EUR/USD rose today as traders were not keen on buying the dollar amid escalating US-China trade tensions. The currency pair has almost lost its gains by now, though. US crude oil inventories increased by 2.4 million barrels last week and were above the five-year average for this time of year. That is instead of falling by 2.9 million barrels as experts had predicted. The stockpiles dropped by 8.5 million barrels […]
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