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Day: September 6, 2019
September 62019
PBoC Cuts RRR, Aussie Rallies
The Australian dollar rallied against major currencies today. While domestic economic data was more or less decent, the driving factor for the Aussie were efforts of Chinese policymakers to stimulate the nation’s slowing economy. The People’s Bank of China announced that it is cutting the reserve requirement ratio by 50 basis points for all banks, with an additional 100 basis point cut for some banks. The move should free up 900 […]
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September 62019
Russian Ruble Gains Despite Interest Rate Cut
Russia’s central bank continued with its monetary easing, lowering interest rates today. But that did not prevent the Russian ruble from gaining on the US dollar, which was rather soft today due to unexpectedly weak nonfarm payrolls. The Bank of Russia announced that it cut its main interest rate by 25 basis points to 7% today. The central bank explained its decision by slowing inflation. […]
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September 62019
US Dollar Sinks As August Jobs Disappoint Investors
The US dollar is falling against a few major currency rivals to close out the trading week, driven by a lower-than-expected jobs report in August. The disappointing labor numbers are likely enough to give the Federal Reserve the evidence it needs to pull the trigger on a second cut to interest rates later this month. But it could spell bad news for the greenbackâs strength, something that the administration is hoping for. According to the Bureau […]
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September 62019
Euro Recovers as US NFP Report Misses by a Wide Margin
The euro today rallied from its daily lows after the release of the disappointing US non-farm payrolls report in the early American session. The EUR/USD currency pair had been under intense selling pressure following the release of weak German industrial production data earlier today. The EUR/USD currency pair today fell to a low of 1.1020 in the mid-European session before rallying to a high of 1.1054 after the NFP report and was near these highs […]
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September 62019
NZD/CAD Reconquered 0.8400. Whatâs the Next Target?
The New Zealand dollar versus the Canadian dollar currency pair bounced off 0.8344 after a very convincing decline, letting the bears know that their dominance, at least for the time being, is over. Long-term perspective The decline that started at 0.8915 seems to have ended at the weekly support level of 0.8344, after the market printed a very healthy hammer candlestick pattern on August 30. The pattern propelled the price above the important psychological […]
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September 62019
EUR/USD Rallies on NFP Miss, Rally Capped by Wage Inflation
EUR/USD rose today after nonfarm payrolls missed expectations and were nowhere near the robust employment growth showed by yesterday’s report from Automatic Data Processing. But gains were limited as wage inflation beat expectations. US nonfarm payrolls rose by 130k in August, whereas analysts were expecting about the same increase as in the previous month — 159k. Unemployment rate remained steady at 3.7%. Average hourly earnings rose by 0.4%, […]
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