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Day: September 24, 2019
September 242019
US Dollar Falls As Political Turmoil, Geopolitics Drive Trade
The US dollar is sliding against many major currency rivals on Tuesday as domestic political turmoil and geopolitics are dominating the latter part of the trading session. In addition to President Donald Trump stating that he will not accept a bad trade agreement with China, news broke that House Speaker Nancy Pelosi plans to launch an impeachment inquiry to oust Trump from the White House before next year’s election. […]
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September 242019
Euro Struggles to Stay Above 1.10, Spikes Higher on Weak US Data
The euro today struggled to break and stay above 1.10 when trading against the US dollar given yesterday’s decline and subsequent sideways trading range. The EUR/USD currency pair reacted positively to Germany’s IFO data but struggled to break decisively above the level until the weak US consumer data triggered a spike above the level. The EUR/USD currency pair today rallied from a low of 1.0984 in the Asian session to a high of 1.1020 in the American […]
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September 242019
Pound Rallies on UK Supreme Court Decision and Brexit Optimism
The British pound today rallied higher in the early London session after the UK Supreme Court ruled that the proroguing of the UK Parliament was unlawful. The decision provided a massive boost to the GBP/USD currency pair as investors became hopeful that a hard Brexit could be avoided if Parliamentary sessions resume. The GBP/USD currency pair today rallied from a low of 1.2415 to a high of 1.2503 in the American session and was trading near these […]
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September 242019
EUR/USD Rises After All US Indicators Miss Expectations
EUR/USD rose today and extended its rally after US data came out universally disappointing. S&P/Case-Shiller home price index rose 2.0% in July, year-on-year. Analysts were expecting the same 2.2% rate of growth as in June. Mont-on-month, the index was up 0.1%. (Event A on the chart.) Consumer confidence dropped to 125.1 in September from 134.2 in August (revised down from 135.1). Experts had predicted the indicator to stay unchanged. (Event […]
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September 242019
Japanese Yen Falls, Losses Limited
The Japanese yen fell today amid the improving market sentiment, poor domestic macroeconomic data, and the negative outlook for monetary policy. But the losses were extremely small, perhaps due to some good news about the US-Japan trade negotiations. The Jibun Bank Flash Manufacturing PMI dropped to 48.9 in September from 49.3 in August. That is instead of rising to 49.5 as analysts had predicted. The Flash Services Business Activity Index fell […]
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September 242019
Aussie Mildly Higher on News About US-China Trade Negotiations
The Australian dollar traded mildly higher today as the market sentiment improved slightly on positive news about US-China trade talks. US Treasury Secretary Steven Mnuchin announced yesterday that he and US Trade Representative Robert Lighthizer will meet with Chinese Vice Premier Liu He in two weeks. He said in an interview: Itâs actually, I think, itâs not next week, but the following week weâll be […]
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