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Day: August 21, 2019
August 212019
USD Firms After FOMC Doesn’t Confirm Plans for Aggressive Easing
The US dollar strengthened after the release of the monetary policy minutes by the Federal Reserve. The Federal Open Market Committee released minutes of its July 30–31 monetary policy meeting at which the FOMC lowered the range for the federal funds rate by 25 basis points to 2%-2.25%. Ahead of the release, market participants were hoping that the minutes would show a plan for cutting interest rates aggressively in the future. But the notes instead showed that the Fed […]
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August 212019
Japanese Yen Weakens as Leaders Finalize Partial US Trade Deal
The Japanese yen is weakening midweek after reports that Tokyo is set to finalize a partial trade agreement with the US. While this is bullish for the worldâs third-largest economy, the yen is still reeling from the latest trade data that is boosting recession fears and might prompt the government to postpone its long-proposed national sales tax. On the eve of the G7 Summit meeting in France, American and Japanese officials, including […]
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August 212019
South African Rand Gains Despite Slowing Inflation
The South African rand gained against the US dollar and the euro today despite South Africa’s slowing inflation. Market analysts are skeptical, though, about the rand’s ability to maintain the rally for a long time. South Africa’s annual inflation slowed to 4.0% in July from 4.5% in June. It was noticeably below the consensus forecast of 4.4% but within the central bank’s target range of 3%-6%. The figure was the lowest since January. […]
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August 212019
Positive Market Sentiment Hurts Appeal of Swiss Franc
The Swiss franc was soft today as the market sentiment remained positive, hurting demand for the currency often used as a safe haven. Markets largely ignored the strong language of US President Donald Trump regarding China. Trump stated yesterday that he is going to confront China regardless of short-term implications for the US economy. He said: Somebody had to take China on. This is something that had to be done. […]
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August 212019
Aussie Rallies on Risk Sentiment, Rising Leading Indicators
The Australian dollar gained today as both domestic macroeconomic data and the general market sentiment were positive for the currency. Released yesterday by the Conference Board, both the Leading Economic Index and the Coincident Economic Index rose 0.1% in June. Released today, the WestpacâMelbourne Institute Leading Index rose from â0.09% in June to +0.05% in July. Westpac Chief Economist Bill Evans commented on the result: This is first above trend read since November […]
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August 212019
Canadian Dollar Rallies on Higher Oil Prices and Upbeat CPI Data
The Canadian dollar today rallied against the US dollar driven by higher global crude oil prices as American oil stockpiles fell and tensions with Iran skyrocketed. The USD/CAD currency pair extended its losses as the loonie rallied higher following the release of upbeat Canadian inflation data in the early American session. The USD/CAD currency pair today fell from an opening high of 1.3318 to a low of 1.3251 after the upbeat inflation report before […]
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August 212019
Pound Falls Ahead of Johnsonâs Meeting With Angela Merkel
The British pound today fell to new daily lows reversing all of yesterday’s gains as traders remained cautious ahead of Boris Johnson‘s visit to Germany. Most analysts are expecting the British Prime Minister to return empty-handed from his talks with the German chancellor Angela Merkel. The GBP/USD currency pair today fell from a high of 1.2174 in the Asian session to a low of 1.2117 in the mid-London session and was near these lows at the time […]
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August 212019
AUD/USD in the Middle of Two Perspectives
The Australian dollar versus the US dollar currency pair seems to be caught between two dimensions — or at least levels — and thus triggers the question: where will the next move bring the price to? Long-term perspective After confirming the important resistance area crafted by the upper line of the descending channel and the zone defined by the 0.7055 and 0.7013 levels, the price started a movement towards the south, one which is nothing more than an impulsive wave that […]
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August 212019
EUR/USD Volatile After FOMC Minutes, Decides to Go Lower
As to be expected, EUR/USD was volatile immediately after the Federal Open Market Committee released minutes of its latest monetary policy meeting. The currency pair rallied after the release but quickly backed off and is now trading firmly below the opening level. Ultimately, the notes did not provide much new information, and now traders wait for the speech of Fed Chairman Jerome Powell at the Jackson Hole Symposium later this […]
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