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Day: September 9, 2019

September 9
2019

Pound Rallies on Upbeat UK GDP and Positive Brexit Events

The Sterling pound today rallied to new 6-week highs following the release of upbeat monthly UK GDP estimate in the early London session. The GBP/USD currency pair recovered from Friday’s pullback amid renewed investor optimism that a hard Brexit could be avoided. The GBP/USD currency pair today rallied from a low of 1.2234 in the early London session to a high of 1.2383 after the upbeat releases before retracing some of its gains. […]

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September 9
2019

Euro Rallies on Positive Data, Remains Vulnerable Ahead of ECB

The euro rallied against most major currencies today. Some analysts attributed the rally to reports that Germany plans to stimulate its economies. Others pointed at today’s positive data as the main catalysts of the euro’s advance. The rally may be short-lived, though, as most market participants are not bullish on the euro ahead of this week’s European Central Bank monetary policy meeting. Destatis reported that the German trade balance surplus […]

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September 9
2019

Chinese Yuan Weakens As Exports Fall, Capped by RRR Cut

The Chinese yuan is weakening to kick off the trading week, driven by a decline in August exports as the world’s second-largest economy continues its trade dispute with the US. But investors were optimistic about Beijing’s $126 billion cash injection into the struggling market, especially with analysts anticipating greater stimulus for the remainder of 2019. According to the General Administration of Customs, Chinese exports dropped 1% year-on-year in August, following a 3.3% gain […]

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September 9
2019

Rising Number of Home Loans Contributes to Rally of Aussie

The Australian dollar rallied against other most-traded currencies today. Positive domestic macroeconomic data likely contributed to the rally. The Australian Bureau of Statistics reported that the seasonally adjusted number of home loans rose by 5.0% in July from the previous month. That was a far bigger increase than 0.5% predicted by specialists. The big increase followed the decrease of 0.8% in June. AUD/USD climbed from 0.6839 to 0.6869 as of 9:26 GMT today. EUR/AUD […]

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September 9
2019

Japan’s Economic Growth Slows, Yen Retreats from Opening Levels

The Japanese yen opened above Friday’s close today, though by now the currency has retreated against most of its major rivals. Today’s macroeconomic data in Japan showed that economic growth slowed last quarter while other indicators missed expectations. Japan’s Cabinet Office reported that gross domestic product rose 0.3% in the second quarter from the previous three months according to the final estimate. While the actual rate […]

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September 9
2019

NZ Dollar Soft as Manufacturing Sales Fall

The New Zealand dollar opened below Friday’s close today. The currency attempted to rebound before pulling back. Markets were relatively quiet today, so the likely reason for the currency’s losses was negative domestic macroeconomic data. Statistics New Zealand reported that manufacturing sales fell 0.7% in the June quarter compared with the previous three months. The decline was registered in the majority of industries, except for chemical, polymer, and rubber products. […]

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September 9
2019

AUD/USD Correcting from the Lows of 0.6700

The Australian dollar versus the US dollar currency pair rallied from the 0.6700 area and is now testing the old major support at 0.6858. Long-term perspective After the fall from the 0.7055 — 0.7013 resistance area, the price went under the major support of 0.6858 and etched a local resistance at the 0.6800 psychological level. But every attempt to break the lows of 0.6700 was futile. As a consequence, the bulls took control and pierced the 0.6800 level, bringing […]

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