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Day: August 30, 2019
August 302019
Great Britain Pound Performs Decently Under Pressure from Negative Fundamentals
The Great Britain pound was soft against its most-traded rivals today. Yet it performed not nearly as bad as one could expect considering unimpressive macroeconomic indicators and ever-increasing chances of a hard Brexit. In fact, the sterling even managed to gain on the extremely weak euro. The GfK Consumer Confidence Index fell to â14 in August from -11 in July, with all five components showing a decline. Market participants were counting […]
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August 302019
India’s GDP Growth Slows to Lowest in Six Years, Rupee Unfazed
The Indian rupee managed to gain on the US dollar today despite India’s relatively weak economic growth demonstrated last quarter. India’s Ministry of Statistics reported that gross domestic product rose by just 5.0% in the April-June quarter. That was the first time of two consecutive quarters of below 6% growth since March 2013. Furthermore, it was the slowest pace of growth in 25 quarters. USD/INR dropped 0.52% to 71.4063 today. […]
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August 302019
Swiss Franc Soft Despite Stable KOF Barometer
The Swiss franc was rather weak today, though it managed to gain on the euro, which itself was soft. Domestic macroeconomic data was decent but did not provide the Swissie much boost. The KOF Economic Barometer was at 97.0 in August, unchanged from July and exceeding the consensus forecast of 95.6. The report noted, though, that the unchanged reading “conceals slight shifts amongst the components underlying the Barometer”. It clarified […]
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August 302019
Australian Dollar Strong Despite Big Drop of Building Approvals
The Australian dollar was strong today despite underwhelming domestic macroeconomic data. The Australian Bureau of Statistics reported that the seasonally adjusted number of building approvals dropped by 9.7% in July from the previous month after falling 0.8% in June. Markets were counting on a zero change. The Reserve Bank of Australia reported that private sector credit rose by 0.2% in July after increasing by 0.1% in June. The actual value matched market expectations. […]
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August 302019
Mixed Domestic Economic Indicators Don’t Prevent Rally of Yen
The Japanese yen was strong today. Some market analysts speculated that the reason for that was the worsening market sentiment. But the Swiss franc, another safe currency, was soft today, making such speculations questionable. While there were plenty of macroeconomic indicators in Japan today, they were mixed and gave little help to the currency in finding direction. Tokyo core Consumer Price Index rose 0.7% in August on an annual […]
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August 302019
Euro Falls on Weak German Retail Sales, Later Crashes to 2-Year Lows
The euro today fell against the US dollar as the weak releases from across the euro area from previous days weighed on the single currency from the start of today’s session. The EUR/USD currency pair extended its losses following the release of weak German retail sales data amid positive US releases. The EUR/USD currency pair today fell from an opening high of 1.1060 to a low of 1.1029 in the American session but was trading […]
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August 302019
NZ Dollar Mixed amid Uncertain Fundamentals
The New Zealand dollar was mixed today amid the uncertain market sentiment and negative domestic macroeconomic data. Statistics New Zealand reported that the number of building consents fell 1.3% in July after dropping 4.0% in June. The two declines followed the strong 15% gain in May. Compared with the same period a year ago, building consents rose 8.0%. NZD/USD traded about unchanged at 0.6308 as of 14:59 GMT today after […]
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August 302019
EUR/USD Continues to Fall for Whole Week
EUR/USD continued to fall today. If the currency pair closes below the opening level, that will mean that it was falling for every single day of the week. US macroeconomic indicators released during the trading session were mixed but that did not prevent the dollar from gaining on the euro. Personal income and spending rose in July. Personal income increased by 0.1%, trailing analysts’ projections of a 0.3% increase. The gain […]
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August 302019
Canadian Dollar Soars on Strong Q2 GDP
The Canadian dollar is rallying to finish the trading week, driven by a better-than-expected gain in second-quarter gross domestic product. The loonieâs rebound may give credence to analystsâ predictions that the currency is poised for a breakout performance to close out the year. Because the Canadian economy has been so anemic for much of 2019, the dollar has been struggling against most major currency rivals as of late. In June, the Canadian economy expanded 0.2%, unchanged […]
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August 302019
AUD/USD Testing the Lows of 0.6700
The Australian dollar versus the US dollar currency pair looks like it is trying to bottom, but still fails to do so. Long-term perspective The decline that started after the confirmation as a resistance of the upper line of the descending channel and the zone defined by 0.7055 and 0.7013 stalled just beneath the 0.6800 psychological level. Notable is that two prominent lows were also printed, 0.6676 and 0.6687, respectively (the second one being […]
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