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Day: December 20, 2019
December 202019
Mexican Peso Demonstrates Good Performance Despite Interest Rate Cut by Banxico
Friday’s performance of the Mexican peso was rather good considering that Mexico’s central bank decided to cut interest rates. The currency was about flat versus the US dollar and even managed to gain on the extremely weak euro. The good performance could be explained by the fact that the bank refrained from a deeper cut and its policy statement sounded less dovish than expected. The Bank of Mexico announced a cut of its key […]
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December 202019
Canadian Dollar Drops After Shockingly Poor Retail Sales
The Canadian dollar fell during Friday’s trading session due to surprisingly poor retail sales data and falling crude oil prices. The currency trimmed losses later, though, and even managed to gain on some of its rivals. Statistics Canada reported that retail sales dropped by 1.2% in October. That was a total surprise to market participants, who were counting on an increase of 0.5%. The main contributor to the decline were lower sales at motor […]
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December 202019
Swedish Krona Mixed After Rallying on Interest Rate Hike
The Swedish krona fell a little against the strong currencies like the US dollar and the Great Britain pound but jumped versus the vulnerable euro today. Yesterday, the currency rallied thanks to the much-anticipated interest rate hike from Sweden’s central bank. Riksbank decided at yesterday’s monetary policy meeting to raise its benchmark interest rate from -0.25% to zero. That makes it the first central bank to exit negative interest rates […]
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December 202019
Euro Crashes on Mixed Eurozone Reports and Upbeat US Prints
The euro today crashed against the US dollar following the release of mixed data from the euro area as market sentiment remained decisively bearish. The EUR/USD currency pair fell to new 1-week lows in the American session following the release of upbeat US Q3 GDP data. The EUR/USD currency pair today fell from a high of 1.1123 in the early European session to a low of 1.1081 in the American session and was heading lower at the time of writing. The currency […]
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December 202019
US Dollar Spikes on Higher Q3 GDP Reading
The US dollar enjoyed a spike against several currency rivals at the end of the trading week, driven primarily by a higher final reading of the gross domestic product in the third quarter. The buck was further lifted on a decline in the cost of manufacturing goods consumed at home and exported to foreign markets. According to the Bureau of Economic Analysis (BEA), the US economy expanded by an annualized 2.1% in the July-to-September period. The final reading is a 0.1% improvement from the Q3 GDP reading […]
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December 202019
Pound Rallies on Upbeat UK GDP Report, Falls Ahead of Brexit Vote
The Sterling pound today inched higher against the US dollar boosted by the release of the upbeat UK Q3 GDP data in the early London session. The GBP/USD currency pair barely reacted to the appointment of a new Bank of England Governor, which was expected by most analysts and investors. The GBP/USD currency pair today rose from an opening low of 1.3007 to a high of 1.3048 in the mid-London session and was near these highs at the time of writing. The currency pair […]
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December 202019
Australian Dollar Extends Rally Caused by Stellar Employment Data
The Australian dollar continued to rise today following yesterday’s rally. The rally was a result of a very positive employment report that showed a bigger-than-expected employment growth and an unexpected drop of the unemployment rate. Released yesterday by the Australian Bureau of Statistics, the report showed that employment rose by 39,900 in November, exceeding the consensus forecast of an increase of 14,500 by a wide margin. Both full-time and part-time employment registered an increase, though the bulk of the increase consisted of part-time jobs. […]
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December 202019
NZ Dollar Retreats After Rallying on Better-than-Expected GDP
The New Zealand dollar retreated today following yesterday’s gains. The rally was a result of a faster-than-expected growth demonstrated by New Zealand’s economy in the previous quarter. Statistics New Zealand reported yesterday that gross domestic product grew by 0.7% in the September quarter from the previous three months, beating the median forecast of a 0.5% increase. Year-on-year, the economy expanded by 2.7%. The main contributor to the growth of services industries, which make up two-thirds of the economy, […]
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December 202019
AUD/USD in a Very Interesting Spot Above 0.6850
The Australian dollar versus the US dollar currency pair is at the resistance area of the daily descending channel. But why does it seems that something is not in place? Long-term perspective After bottoming at the 0.6700 psychological level, the price entered in an ascending movement that extended until 0.6938. By doing so, it pierced the resistance trendline of the descending channel. However, the break was rendered as a false one after the price went […]
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December 202019
Japanese Yen Gains After Inflation Data, BoJ Monetary Policy Decision
The Japanese yen gained against other most-traded currencies after today’s release of inflation data and yesterday’s monetary policy decision of Japan’s central bank. The gains were limited, though, as markets are feeling the holiday mood and trading is slowing. The Statistics Bureau of Japan reported that the national core (excluding food) Consumer Price Index rose by 0.5% in November, year-on-year, accelerating from the previous month’s 0.4% rate of growth and matching […]
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