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Day: September 19, 2019
September 192019
Norwegian Krone Falls Despite Interest Rate Hike
The Norwegian krone plunged today even though Norway’s central bank raised its benchmark interest rate, performing a rate hike for the fourth time over the year. The Norges Bank raised its main interest rate by 0.25 percentage point to 1.5%. The hawkish stance of Norway’s central bank is in the stark contrast to central banks of other developed nations, which almost universally decided to embark on monetary easing. But the economic situation […]
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September 192019
Indonesian Rupiah Flat After Third Consecutive Interest Rate Cut
The Indonesian rupiah traded about flat today despite yet another interest rate cut from the nation’s central bank. The Bank Indonesia cut interest rates today, including the benchmark 7-day reverse repo rate, which was reduced by 25 basis points to 5.25%. The bank cut rates for the third month in a row. And analysts expect at least one more cut by the year’s end. USD/IDR was about unchanged at 14,060 as of 18:16 […]
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September 192019
Swiss Franc Rallies After SNB Leaves Interest Rates Unchanged
The Swiss franc rallied today after the Swiss National Bank kept monetary policy unchanged. However, the main reason for the Swissie’s rally was the market sentiment that favored safer currencies. The SNB left interest rates unchanged at today’s meeting, with the sight deposit rate staying at -0.75%. The central bank commented on the decision: The expansionary monetary policy continues to be necessary given the latest international developments and the inflation outlook in Switzerland. The situation […]
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September 192019
Chinese Yuan Weakens as US-China Trade Talks Begin, Housing Disappoints
The Chinese yuan is weakening against a handful of currency rivals on Thursday as the worldâs two largest economies begin low-level trade negotiations in Washington. With analysts anticipating economic growth to slip under 6%, and new housing data falling short of market expectations, Beijing is feeling bearish. A trade deal might be the only thing that saves the country. Analysts are sounding the alarm about Chinaâs economic growth prospects, […]
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September 192019
Real Drops After Central Bank Cuts Interest Rate to Record Low
The Brazilian real dropped against the US dollar today after Brazil’s central bank cut its benchmark Selic rate to a record low yesterday. The Central Bank of Brazil lowered its main interest rate by 50 basis points to 5.5% at yesterday’s meeting. The bank signaled in the statement that it expects to perform more cuts in the future: The Committee deems that the consolidation of the benign scenario for prospective inflation should permit additional […]
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September 192019
Japanese Yen Rallies Despite Signs of Upcoming Monetary Easing from BoJ
The Japanese yen rose today despite a signal from the nation’s central bank that it may ease its already extremely accommodative monetary policy as soon as at October’s meeting. The currency likely got support from the market sentiment that was favorable to safe currencies. As was widely expected, the Bank of Japan kept its monetary policy unchanged at today’s meeting, leaving the main interest rate at -0.1% and the size of annual asset […]
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September 192019
Euro Rallies Higher as France Pushes for Fiscal Stimulus Measures
The euro today rallied higher against the US dollar as investors bid up the single currency lifting it away from yesterday’s lows triggered by the FOMC decision. The EUR/USD currency pair today rose steadily as the markets reacted to comments from the French calling for immediate fiscal stimulus measures. The EUR/USD currency pair today rallied from an opening low of 1.1023 in the Asian session to a high of 1.1073 in the mid-European session before retracing some […]
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September 192019
Pound Recovers as BoE Maintains Its Monetary Policy Stance
The Sterling pound today rallied from its daily lows after the Bank of England maintained its current monetary policy stance by leaving interest rates unchanged. The GBP/USD currency pair had fallen to its daily lows following the release of the latest UK retail sales data early in the London session. The GBP/USD currency pair today rallied to a high of 1.2500 but failed to break above this key level before reversing […]
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September 192019
NZ Dollar Drops Despite Better-than-Expected GDP
The New Zealand dollar fell today even after a report showed that the nation’s economy rose last quarter faster than was expected. Statistics New Zealand reported that gross domestic product rose 0.5% in the June quarter. While it was a mild slowdown from the previous quarter’s 0.6% rate of growth, the actual pace of increase was above 0.4% predicted by economists. Despite the good data, many market […]
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September 192019
Aussie Tumbles as Markets Digest Fed’s Rate Cut, Australia’s Employment Report Doesn’t Help
The Australian dollar tumbled today, being one of the worst-performing currencies during Thursday’s trading session. The Aussie dropped along with other commodity currencies as markets were digesting yesterday’s hawkish interest rate cut by the Federal Reserve, though the seemingly good domestic employment report had parts that also could have a negative impact on the currency. The Australian Bureau of Statistics reported that employment climbed by 34,700 in August on a seasonally adjusted […]
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