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Day: August 8, 2019
August 82019
British Pound Falls on Election Rumors as Hard Brexit Weighs
The British pound today fell to new weekly lows after the Sun published a report saying that Boris Johson was planning an election immediately after a hard Brexit. Investors were shocked at the news, which seemed to confirm that the Johnson administration had abandoned all plans to negotiate a deal with the EU. The GBP/USD currency pair today fell from a high of 1.2182 in the early European session to a new weekly low of 1.2095 […]
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August 82019
Chinese Yuan Strengthens on Strong Trade Data
The Chinese yuan is strengthening against most major currency rivals on Thursday after the federal government reported better-than-expected trade numbers. Despite the positive numbers, they could contribute to the escalation in the US-China dispute, mainly because exports surged and Beijing’s trade surplus came in better than what the market had anticipated. According to the General Administration of Customs, the Chinese economy reported a $45.05 billion trade surplus in July, up from $27.5 […]
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August 82019
Norwegian Krone Gains Despite Falling Manufacturing Production
The Norwegian krone gained against some of its major rivals today despite falling manufacturing production. Some analysts argued, though, that the data was not as bad it might seem at first glance. Statistics Norway reported that manufacturing production fell 1% in June from May. Erik Johannes Bruce, an analyst at Nordea Markets, argued though that a decline was not surprising after two months of strong […]
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August 82019
Japanese Yen Continues to Recover Against Majors
The Japanese yen gained against majors today, continuing to recover after the big drop on Tuesday. The yen performed a bit worse versus commodity currencies as the market sentiment stabilized after China’s better-than-expected trade report. As for domestic data, Japan’s Ministry of Finance released a current account report for June. It showed an increase to Â¥1.94 trillion on a seasonally adjusted basis from Â¥1.31 trillion in the previous month. The actual value was higher than […]
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August 82019
NZ Dollar Recovers on China’s Data, Remains Vulnerable to Monetary Policy Outlook
The New Zealand dollar gained today against major currencies. One of the possible reasons for the gains was profit-taking after yesterday’s huge slump. Another one was positive data from China — the world’s second-largest economy and New Zealand’s biggest trading partner. The gains were limited, though, as central bank’s assistant governor suggested a possibility of another interest rate cut. China’s trade surplus shrank to $45.1 billion in July from […]
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August 82019
NZD/CAD Pausing in Preparation for 0.8400
The New Zealand dollar versus the Canadian dollar currency pair managed to confirm as resistance the the last bearish standing point. Long-term perspective After the decline it started from 0.9821 the price reached the weekly support of 0.8692. From there it rallied, but instead of regaining 0.8915 it turned it into a resistance and dropped, piercing the 0.8692 support, a well established level. The fall also punctured 0.8577 and extended until 0.8489 […]
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August 82019
EUR/USD Declines After Attempting to Rally
EUR/USD attempted to rally but failed and is now trading below the opening level. There were just a couple of reports released in the United States today, none of which were particularly important, therefore US data was not the reason for the volatile moves of the currency pair. Initial jobless claims fell to the seasonally adjusted level of 209k last week from the previous week’s revised level of 217k. Analysts had expected a much […]
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