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Day: September 4, 2019
September 42019
Brazilian Real Gains on US Dollar After Services PMI Report
The Brazilian real gained on the US dollar today. And while the greenback was soft by itself, domestic macroeconomic data also helped Brazil’s currency. The headline seasonally adjusted IHS Markit Brazil Services PMI was at 51.4 in August, showing that the sector continued to expand with a robust pace. With that said, the index fell from July’s 52.2, meaning that expansion was slowing. Pollyanna De Lima, Principal Economist […]
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September 42019
Japanese Yen Weakens As Investors Easing BOJ to Prevent Recession
The Japanese yen is weakening midweek as new economic data is exacerbating recession fears. With some central bankers suggesting pre-emptive stimulus to prevent a contraction, investors are paying attention and think the worldâs third-largest economy is heading for a steep contraction, even with a new trade agreement with the US later this month It looks like the US is not the only major economy to experience a downward trend […]
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September 42019
Euro Rallies on Christine Lagardeâs Testimony and Weak Dollar
The euro today rallied higher following comments made by Christine Lagarde who has been nominated to head the European Central Bank. The EUR/USD currency pair today extended yesterday’s recovery as the US dollar remained on the back foot due to weak American releases. The EUR/USD currency pair today rallied from a low of 1.0972 in the Asian session to a high of 1.1032 in the American session and was near these highs at the time of writing. The currency pair […]
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September 42019
Canadian Dollar Jumps After BoC Holds Interest Rates
The Canadian dollar rallied today after Canada’s central bank preferred to avoid cutting interest rates. Wednesday’s domestic macroeconomic data was negative for the loonie, but the currency ignored it for the most part. The Bank of Canada left its main interest rate at 1.75% at today’s meeting, in line with the market consensus. The accompanying statement said that Canada’s economic “growth in the second quarter was strong and exceeded the Bankâs July expectation” […]
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September 42019
Great Britain Pound Climbs After Vote in House of Commons
The Great Britain pound jumped today after the latest developments in British politics reduced chances for a no-deal Brexit. That was a huge relief for investors as cutting trading ties with the European Union will likely have a tremendous negative impact on Britain’s economy. Rebel lawmakers including members of the opposition Labour party as well as several members of the ruling Conservative party won the vote in the House of Commons to seize the control of Parliament’s agenda. Now, […]
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September 42019
Chinese Yuan Gets Boost from Accelerating Services Sector
The Chinese yuan gained on the US dollar today after China’s services sector showed an accelerating rate of growth last month. The Caixin China Services PMI climbed to 52.1 in August from 51.6 in July. That was a pleasant surprise to markets as forecasts did not promise any significant change to the index. It is to be seen, though, whether China’s services sector can maintain its good performance in the long run […]
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September 42019
Australian Dollar Rises After GDP & Services PMI Reports
The Australia dollar gained today after Australia’s economic growth matched expectations and the services sector returned to expansion. The Australian Bureau of Statistics reported that gross domestic product rose 0.5% in the June quarter from the previous three months. That was the same rate of growth as in the previous quarter. It matched expectations. The Australian Industry Group Australian Performance of Services Index climbed from 43.9 in July to 51.4 in August. The index rose […]
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September 42019
Correction or Trend Change on AUD/CAD?
The Australian dollar versus the Canadian dollar currency pair retraced sharply from the area of the 0.8900 psychological level. Even if the price is nearing important resistance areas, the fact that such a strong bullish candle was printed on September 3, makes the bears question whether or not they should short the market. Long-term perspective The price is well contained into the descending channel and the current phase — starting from August […]
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