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Day: August 20, 2019
August 202019
Canadian Dollar Soft After Manufacturing Sales Fall
The Canadian dollar managed to rebound versus the US dollar but was soft against other majors today. Domestic macroeconomic data was not especially bad and crude oil attempted to rally but that apparently was not enough to support the loonie. Statistics Canada reported that manufacturing sales dropped 1.2% in June following a 1.6% increase in May. Still, it was a smaller decline than 1.8% predicted by experts. […]
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August 202019
Chinese Yuan Weakens As PBOC Introduces New Benchmark
The Chinese yuan is weakening on Tuesday after the central bank introduced a new lending benchmark as part of the nationâs market-oriented reforms and attempts to weather the economic trade winds. Beijing joins a long list of other major markets that have recently imposed lower interest rates to boost lending and spur growth. On Monday, the Peopleâs Bank of China (PBOC) reduced its lending reference rate â the loan prime rate (LPR) â […]
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August 202019
Euro Mixed After German PPI Rises Unexpectedly
The euro was mixed against other currencies despite macroeconomic data in Germany was better than expected. Destatis reported that the German Producer Price Index rose 0.1% in July from the previous month. While the increase was marginal, it was still a better reading than no change predicted by analysts and a drop by 0.4% registered in June. Year-on-year, the index rose 1.1%. Electricity prices were the biggest contributor to the increase. […]
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August 202019
Aussie Higher After RBA Minutes Suggest No Immediate Rate Cut
The Australian dollar rose today after the release of monetary policy meeting minutes that suggested the Reserve Bank of Australia is not planning to cut interest rates once again next month. The currency has trimmed its gains by now, losing them against the Japanese yen completely. The RBA released minutes of its monetary policy meeting, which happened on August 6. The central bank signaled that interest rates will […]
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