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Day: September 18, 2019

September 18
2019

US Dollar Surges As Federal Reserve Cuts Interest Rates

The US dollar is surging midweek after the Federal Reserve cut interest rates at its September Federal Open Market Committee (FOMC). Additional easing is expected this year, leaving many to wonder if another round of quantitative easing (QE) is coming. Housing data further contributed to the dollar’s trading earlier in the session. On Wednesday, the Fed announced a quarter-point cut to the fed funds rate to a target range of 1.75% to 2.00%. […]

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September 18
2019

Canadian Dollar Falls Against US Peer on Mixed Inflation Data

The Canadian dollar today fell against the US dollar following the release of disappointing CPI data for August in the early American session. The USD/CAD currency pair had dropped to new intra-day lows as the loonie rallied against the US dollar before the CPI release allowed the greenback to recover. The USD/CAD currency pair today rallied to a high of 1.3271 before falling to a new daily low of 1.3237 then retracing most of its losses to trade higher […]

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September 18
2019

Pound Falls on Weak UK Inflation Data Amid Brexit Impasse

The British pound today fell against the US dollar following the release of the disappointing UK inflation data for August early in the UK session. The GBP/USD currency fell from 8-week highs reached yesterday as investors sold the pound ahead of the much-anticipated FOMC announcement. The GBP/USD currency pair today fell from an opening high of 1.2506 to a low of 1.2440 and had recovered slightly at the time of writing. The currency pair fell at the start of today’s session before […]

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September 18
2019

Aussie Falls Following Leading Index

The Australian dollar performed similarly to its New Zealand counterpart today, falling due to the mix of negative market sentiment and unfavorable domestic macroeconomic data. The Westpac–Melbourne Institute Leading Index fell from +0.01% in July to -0.35% in August. Westpac Chief Economist Bill Evans commented on the result: Last month’s improved signal has been very short lived with the Index growth rate back firmly in negative territory where it […]

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September 18
2019

NZ Dollar Falls Ahead of FOMC Meeting, Domestic Data Doesn’t Help

The New Zealand dollar fell today as markets were in a risk-off mode ahead of Federal Reserve monetary policy meeting later today. Domestic macroeconomic data was not helpful to the currency. Statistics New Zealand reported that the current account balance turned into a deficit of NZ$1.11 billion in the June quarter (not adjusted for seasonal variations) from a surplus of NZ$0.72 billion in the previous month, matching forecasts. Released yesterday, the GlobalDairyTrade price […]

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September 18
2019

AUDUSD Might Have Found Support at 0.6858

As the Australian dollar versus the US dollar currency pair printed a pin-bar at the important 0.6858 major support level, it can be said that the bulls are turning their engines on for 0.7000. Long-term perspective The trending swing that began after the confirmation of the double resistance area that consists of the upper line of the descending channel and the area defined by 0.7055 and 0.7013, respectively, stopped at the 0.6700 psychological level, from where an appreciation began. […]

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September 18
2019

EUR/USD Drops After FOMC Slashes Rates, Doesn’t Promise More Cuts

EUR/USD dropped today after the Federal Open Market Committee performed an interest rate cut. While markets were anticipating such move was for some time now, ahead of the announcement doubts started to creep in. And while the Committee did make a cut after all, markets considered the statement to be more hawkish than was expected. Moreover, FOMC projections did not show more cuts both in this year […]

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