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Day: October 1, 2019
October 12019
Euro See-Saws on Mixed Eurozone Data, Rallies on Weak US ISM Report
The euro today see-sawed between gains and losses in reaction to mixed data from across the eurozone but spiked higher in the early American session. The EUR/USD currency pair broke out of the bearish range it had been trapped in and rallied after the release of weak US ISM manufacturing PMI report. The EUR/USD currency pair today fell to a low of 1.0880 in the early European session, rallied briefly, then fell again before rallying […]
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October 12019
AUD/USD Is Testing the 0.6700 Support
The Australian dollar versus the US dollar currency pair dropped after confirming the resistance of 0.6858, but it seems that it has a hard time breaching the support of 0.6700. However, will 0.6700 stand yet again? Long-term perspective After the drop that managed to confirm 0.6800 as resistance, the price made a new low today, which is a good thing from the bearish perspective. On the other hand, stalling here can […]
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October 12019
US Dollar Mixed As Manufacturing Index Has Worst Reading in a Decade
The US dollar is mixed on Tuesday after a new manufacturing survey had its worst reading in more than a decade, sending jitters throughout financial markets. Will this fan the flames of a recession and ultimately hurt the greenback? The Institute for Supply Management (ISM)âs manufacturing purchasing managersâ index (PMI) came in at 47.8% in September, the lowest reading since June 2009 â anything below 50% indicates a contraction. This represents the second […]
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October 12019
EUR/USD Climbs After ISM Manufacturing Declines Unexpectedly
EUR/USD was moving back and forth today, starting the session with a gradual decline, moving upward afterward, retreating yet again but shooting to the upside after the manufacturing report from the Institute for Supply Management showed an unexpected decline of the sector. Markit manufacturing PMI rose to 51.1 in September from 50.3 in August according to the final estimate. Market participants were expecting the index to be a bit lower at the 51.0 level showed by the preliminary […]
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October 12019
Yen Soft After Macroeconomic Releases in Japan
The Japanese yen was soft today following domestic macroeconomic releases. The data showed that the nation’s manufacturing sector was in bad shape. At the same time, unemployment remained extremely low, defying forecasts of an increase. The Statistics Bureau of Japan reported that the unemployment rate remained unchanged at 2.2% in August. That contradicted analysts’ forecasts of an increase to 2.3%. The Tankan large manufacturing index fell from 7 in the June quarter to 5 in the September […]
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October 12019
Australian Dollar Sinks After RBA Cuts Interest Rates
The Australian dollar sank after a dovish interest rate cut by the Reserve Bank of Australia. The news overshadowed a positive report about Australia’s manufacturing sector. The RBA cut its main interest rate by 25 basis points to 0.75%. While such a decision was widely expected by market participants, the Aussie dropped sharply nevertheless. The likely explanation for that was the fact that the accompanying statement signaled that it may be not […]
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