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Day: August 9, 2019
August 92019
Pound Crashes to New 2-Year Lows as UK Q2 GDP Disappoints
The Sterling pound today crashed to fresh 2-year lows after the latest UK GDP report indicated that the country’s economy shrunk 0.2% in the second quarter. The GBP/USD currency pair was also weighed down by other weak UK macro releases including the disappointing industrial production data. The GBP/USD currency pair today fell from an opening high of 1.2147 to a new 2-year low of 1.2056 and was trading near these […]
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August 92019
Canadian Dollar Falls As Economy Sheds Jobs, Raises Unemployment Rate
The Canadian dollar is sliding against several major currency rivals to finish out the trading week. The loonieâs descent was driven by a mostly disappointing labor report that saw the economy experience its weakest three-month period of job creation in more than a year. Housing numbers were also down, though many of them were better than what the market had anticipated. According to Statistics Canada, the economy shed 24,200 […]
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August 92019
Aussie Dragged Down by Fundamentals, Attempts to Recover
The Australian dollar fell today, dragged down by a range of fundamentals, including risk aversion and prospects for additional monetary easing. Macroeconomic data in China, Australia’s biggest trading partner, was mixed, giving no support to the Aussie. But the Australian currency was attempting to recover, and it even managed to gain on some of its rivals, including the US dollar. Philip Lowe, Governor at the Reserve Bank of Australia, was testifying before the House of Representatives’ […]
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August 92019
Euro Rallies Higher Despite Italian Political Uncertainty
The euro today rallied higher into the early European session despite rumours that the Italian government would call for an early election on October 23rd. The EUR/USD currency pair fell after the release of weak German trade balance data for June, which shrunk more than expected. The EUR/USD currency pair today rallied from a low of 1.1183 to a high of 1.1207 in the mid-European session and was trading near these highs at the time of writing. […]
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August 92019
Japanese Yen Gains on US-China Trade Conflict, Domestic Data
The Japanese yen gained today as risk aversion returned to markets after new developments in the US-China trade conflict. Domestic macroeconomic data was also supportive of the currency. Japan’s Cabinet Office reported that gross domestic product rose 0.4% in the second quarter of this year from the previous three months. While it was a slower rate of growth than in the previous quarter, it exceeded the median forecast of an increase by just 0.1%. […]
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