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Day: September 3, 2019
September 32019
US Dollar Flat As Weak Manufacturing Data Raises Recession Fears
The US dollar is trading flat against a basket of currency rivals to kick off the holiday-shortened trading week. Financial markets took a dive on recent data that suggests the nationâs manufacturing sector is contracting amid the lingering US-China trade war. But there are other factors that are contributing to the indexâs weakness as of late, which still might not convince the bulk of investors. On Tuesday, the Institute for Supply Management (ISM)âs […]
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September 32019
Canadian Dollar Soft on Weak Manufacturing, Falling Crude Oil Prices
The Canadian dollar was soft today, dragged down by weak manufacturing data and plunging crude oil prices. The loonie did not perform that bad, though, considering all the negative factors influencing the currency. The seasonally adjusted IHS Markit Canada Manufacturing Purchasing Managers’ Index dropped to 49.1 in August from 50.2 in July. Falling below the 50.0 level, the indicator showed that the sector turned from expansion to contraction. The Canadian […]
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September 32019
Pound Rallies as the British Parliament Debates the Benn Bill
The British pound today rallied from new multi-year lows during the London session amid hopes that British leaders would thwart the government’s attempt to force through a hard Brexit. The GBP/USD currency pair today recovered from multi-year lows below the crucial 1.2000 level as MPs worked hard to pass the Benn bill by Friday in order to stop a no-deal Brexit. The GBP/USD currency pair today rallied from a multi-year low […]
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September 32019
Won Drops After South Korean Inflation Reaches Record Low
The South Korean won declined against the US dollar today after South Korea’s inflation fell to the lowest level on record. South Korea’s consumer prices were unchanged in August, year-on-year, after rising 0.6% in the previous month. Market participants were not prepared for such a bad reading, counting on an increase of about 0.3%. The decline of inflation was mainly the result of a plunge in fresh food prices. USD/KRW rose 0.41% to 1,215.76 as of 17:10 […]
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September 32019
South African Rand Gains on Surprisingly Strong Economic Growth
The South African rand rallied today after South Africa’s economy demonstrated surprisingly strong growth. South Africa’s gross domestic product rose 3.1% in the June quarter from the previous three months. The economy was growing at exactly the same rate as it was falling in the preceding quarter. Analysts had predicted a slower growth of 2.4%. USD/ZAR dropped from 15.2401 to 15.1220 as of 16:59 GMT today. EUR/ZAR fell from 16.7194 […]
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September 32019
Brazilian Real Gains on US Dollar Despite Deteriorating Industrial Production
The Brazilian real managed to gain on the US dollar today. That is despite the fact that Brazil’s industrial production continued to decline last month. Brazil’s industrial output fell 0.3% in July from June. It was the third consecutive monthly decline. The result was a total surprise to economists as they were expecting an increase of 0.5%. USD/BRL dropped 0.48% to 4.1674 as of 16:24 GMT today. If you have any questions, comments, […]
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September 32019
Lira Strong Despite Turkey’s Slowing Inflation
The Turkish lira managed to gain today even after Turkey’s inflation slowed more than was expected. Turkey’s annual inflation slowed to 15.01% in August from 16.65% in July. Market participants were expecting a smaller slowdown to 15.51%. Experts speculated that the slowing inflation will likely result in an interest rate cut later this year. USD/TRY dropped from 5.8051 to 5.7540 as of 12:28 GMT today. EUR/TRY declined from […]
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September 32019
Euro Weak as Eurozone Economy Continues to Look Soft
The euro remained soft today as the eurozone economy continued to look not that hot, with economic data pointing at weakness. Eurostat reported that the Producer Price Index rose 0.2% in July from the previous month after falling 0.6% in June. Analysts had predicted a slightly bigger increase of 0.3%. The weaker-than-expected data added to the negative impact of the US-China trade conflict and fears of disorderly Brexit. EUR/USD dropped from 1.0966 to 1.0935 […]
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September 32019
Pound Down on Economic Data & UK Politics, Attempts to Rebound
The Great Britain pound crashed today as the combination of negative macroeconomic indicators and continuing political turmoil in the United Kingdom was dragging the currency down. Currently, though, the sterling has managed to bounce, trimming its losses versus most rivals and even gaining on the very weak euro (though currently it is trading about flat versus the shared eurozone currency). British Retail Consortium reported that like-for-like retail sales fell […]
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September 32019
Switzerland’s Inflation Stable, Swiss Franc Rebounds
The Swiss franc fell at the start of Tuesday’s session but has trimmed its losses by now. Furthermore, the Swissie managed to gain on the euro and the Great Britain pound, currencies that were very weak today. The domestic inflation report was better than expected, but it does not seem that the currency’s rebound was tied to economic data specifically. Switzerland’s Federal Statistical Office reported that the Consumer Price Index […]
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