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Day: August 23, 2019
August 232019
Chinese Yuan Dips as US Trade War Revs Up on Tariffs, âEnemyâ Tweet
The Chinese yuan is weakening against multiple currency rivals at the end of the trading week. The yuanâs slide is being driven by another escalation in the ongoing US-China trade spat. Expectations of bearish industrial profits and manufacturing data have also contributed to the currencyâs latest dip. Beijing announced on Friday that the government would be slapping 5%, 10%, and 25% tariffs on $75 billion in US goods, including agriculture, crude oil, automobiles, […]
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August 232019
USD/MXN Rises amid Mexico’s Poor Data, US-China Trade Conflict
The Mexican peso fell versus the US dollar today despite the greenback was soft itself. The likely reason for the peso’s weakness was Mexico’s poor macroeconomic data. Escalation of the US-China trade war also had a very negative impact on the currency. According to the final estimate, Mexico’s gross domestic product shrank 0.8% in the June quarter, year-on-year, after rising 1.2% in the previous three months. The reading matched the consensus forecast. The preliminary estimate […]
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August 232019
US Dollar Soft Under Pressure from Various Negative Fundamentals
The US dollar gained against its Australian and Canadian counterparts but otherwise was rather soft today. There were plenty of reasons for the dollar’s weakness: the outlook for interest rate cuts, escalation of the US-China trade war, and poor US housing data. Market participants were waiting impatiently for the speech of Federal Reserve Chairman Jerome Powell at the Jackson Hole Symposium today, but it turned out to be a disappointment, not giving […]
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August 232019
Loonie Rallies on Upbeat Retail Sales Data, Limited by Strong Dollar
The Canadian dollar today rallied against its American counterpart following the release of upbeat Canadian retail sales data for June, but the rally was short-lived. The USD/CAD currency pair today extended its gains from yesterday as the US dollar proved to be much stronger against the loonie driven by several factors including the less-dovish Fed minutes. The USD/CAD currency pair today rallied from an opening low of 1.3294 to a high of 1.3338 […]
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August 232019
NZ Dollar Gains on Retail Sales, RBNZ Chief’s Comments
The New Zealand dollar rallied against other most-traded currencies today after the release of retail sales data and comments for the central bank’s chief. The currency has trimmed its gains by now but is still trading above the opening level. Adrian Orr, Governor at the Reserve Bank of New Zealand, said in an interview today that he is pleased with where interest rates are at the present. Earlier this month, the RBNZ […]
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August 232019
Yen Soft After CPI Misses Expectations
The Japanese yen was rather soft today, falling against riskier commodity currencies as well as the US dollar. The yen managed, though, to hold ground versus the euro and to gain on some other European currencies, like the Great Britain pound and the Swiss franc. The miss of an inflation figure was one of the possible reasons for the yen’s weakness. The Statistics Bureau of Japan reported that the Consumer Price Index rose 0.5% in July on an annual basis, slowing […]
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