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Day: September 12, 2019
September 122019
Turkish Lira Rallies Despite Interest Rate Cut
The Turkish lira rallied today despite the fact that Turkey’s central bank decided to lower its one-week repo auction rate. The Central Bank of the Republic of Turkey decided to cut its benchmark interest rate from 19.75% to 16.50% today. The decision followed the cut by 425 basis points in July. The central bank commented on the decision: Considering all the factors affecting inflation outlook, the Committee decided to reduce the policy rate by 325 basis […]
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September 122019
Chinese Yuan Rises Despite Weak Data, Interim Trade Deal Denial
The Chinese yuan is strengthening against major currency rivals on Thursday, which may surprise investors because of what has been transpiring toward the end of the trading week. In addition to disappointing economic data, there were reports that the White House was considering an interim US-China trade agreement, something that was quickly disputed within hours. Bloomberg News rocked markets on Thursday after it reported that administration […]
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September 122019
Canadian Dollar Falls Against US Peer on Weak Crude Oil Prices
The Canadian dollar today broke down against the US dollar as global crude oil prices fell following the absence of more output cuts by the OPEC and its allies at today’s meeting. The USD/CAD rallied higher during the American session as oil prices fell causing the commodity-linked loonie to weaken against the greenback. The USD/CAD currency pair today rallied from a low of 1.3177 to a high of 1.3217 in the American session and was trading near these highs […]
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September 122019
Euro Spikes Then Crashes as ECB Cuts Deposit Rate by 0.10%
The euro today spiked higher after the European Central Bank cut its deposit rate by 0.10% as expected before quickly reversing direction and crashing to new weekly lows. The EUR/USD currency pair had attempted to rally higher after the release of Germany’s consumer price index data earlier today given that the print met expectations. The EUR/USD currency pair today spiked to a high of 1.1068 after the ECB decision before crashing […]
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September 122019
Pound Soft Despite Improving RICS House Price Balance
The Great Britain pound traded either flat or lower against its most-traded rivals today. Housing data released overnight showed a slight improvement in the market, but it provided little support to the currency. The Royal Institution of Chartered Surveyors reported that the headline house price balance improved to -4% in August from -9% in July. Experts were expecting a small decline to -10%. Simon Rubinsohn, RICS Chief Economist, said that […]
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September 122019
Swiss Franc Strong Despite Unfavorable Market Sentiment, Falling PPI
The Swiss franc was strong today, which was a surprising turn of events considering that the market sentiment was unfavorable to safe currencies. Domestic macroeconomic data could not explain the strength of the currency as it was not good, though within expectations. Switzerland’s Federal Statistical Office reported that the Producer Price Index fell by 0.2% in August, matching the median forecast. The decline followed a drop of 0.1% in July. The report explained […]
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September 122019
Japanese Yen Falls Despite Better-than-Expected Domestic Data
Macroeconomic data released in Japan on Thursday was better than expected. But as usual, the Japanese yen paid more attention to the general market sentiment than to domestic reports. And the sentiment was not supportive of the Japanese currency. Currently, though, the yen managed to bounce against some of its rivals. Japan’s Cabinet Office reported that core machinery orders rose by 6.6% in July from the previous month. That is compared with […]
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September 122019
Australian Dollar Rallies on Signs of Improving US-China Relations
The Australian dollar rallied today, rising for the eighth session versus the Japanese yen, after signs that the US-China relations are improving. That spurred hopes that the trade conflict between the two world’s biggest economies can end in the foreseeable future. And optimism increased demand for riskier high-beta assets. Yesterday, China announced that it will exempt 16 types of US goods from tariffs. In response, US President Donald […]
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September 122019
EUR/USD Volatile After ECB, Decides to Go Higher
EUR/USD was extremely volatile after the monetary policy announcement of the European Central Bank. The currency pair sank initially following the event but quickly bounced, ultimately trading above the opening level. As was widely expected, the ECB cut interest rates and reintroduced quantitative easing. But the size of both the interest rate cut and the asset purchase program was smaller than dovish forecasts were predicting. (Event A on the chart.) CPI rose […]
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