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Forex News
June 202018
Australian Dollar Attempts to Rally, Loses Gains Later
The Australian dollar attempted to rally today as markets were digesting the news about escalation of the trade war between the United States and China. By now, though, the currency has lost most of its gains and is trading near the opening level. Domestic macroeconomic data was unhelpful to the Aussie. The WestpacâMelbourne Institute Leading Index fell 0.2% in May after rising at the same rate in April. The report said: The Leading Index points to slowing growth […]
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June 202018
Euro Trades Lower Against US Dollar on Jawboning by ECB Members
The euro today traded slightly lower against the US dollar following comments by some members of the European Central Bank‘s governing council. The dovish comments by Ewald Nowotny and Villeroy triggered a knee-jerk reaction by the EUR/USD currency pair, which headed lower. The EUR/USD currency pair today declined from a high of 1.1592 to a low of 1.1538 in the mid-European session following the dovish comments. The release of the German producer price index for May by the Federal Statistical Office […]
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June 192018
Euro Declines on Escalating Trade Tensions and Draghi Speech
The euro today declined significantly against the US dollar even as trade tensions between the USA and China escalated increasing demand for the greenback. The EUR/USD currency pair declined further in the early European session following dovish comments by the European Central Bank President regarding the timing of the bank’s first interest rate hike. The EUR/USD currency pair today declined from a high of 1.1645 to a low of 1.1534 in the early American session as the US dollar gained […]
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June 192018
AUD Touches Lowest Since May 2017 vs. USD
The Australian dollar dropped against other most-traded currencies today, reaching the lowest level in more than a year against the US dollar. The Aussie fell following the surge of risk aversion, mixed domestic macroeconomic data, and the release of the central bank’s policy meeting. The Reserve Bank of Australia released minutes of its June policy meeting today. Analysts were concerned that the central bank dropped the mention that the next move in interest rates […]
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June 192018
Swiss Franc Gains Boost from Risk Aversion & Economic Outlook
The Swiss franc gained against most other major currencies today, with the exception of the US dollar. The risk-negative market sentiment and the optimistic outlook for Switzerland’s economy helped the currency. Signs that the trade conflict between China and the United States is escalating spooked markets, making traders prefer safer currencies over riskier ones. Meanwhile, the economic forecast by the Federal Government’s Expert Group released by the State Secretariat for Economic Affairs today […]
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June 182018
NZ Dollar Robust Despite Worsening Economic Outlook
The New Zealand dollar gained on its most-traded rivals today, though not on the extremely strong euro. Such good performance was surprising, considering the risk-off market sentiment and the worsening outlook for New Zealand’s economic growth. The NZ Institute of Economic Research released its Consensus Forecast today. The NZIER revised the forecast for New Zealand’s economic growth in 2018 from 2.9% to 2.8%. The next couple of years also received negative revisions, […]
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June 182018
Japanese Yen Strong on Risk Aversion
The Japanese yen was relatively strong today due to risk aversion caused by the US-China trade war. Surprisingly poor domestic macroeconomic data had limited impact on the currency. Japan’s trade balance turned from a surplus of Â¥0.45 trillion in April to a deficit of Â¥0.3 trillion in May. That was a total surprise to analysts, who were counting on an excess of Â¥0.14 trillion. Markets were nervous at the start of the week amid fears of trade wars […]
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June 182018
Pessimistic Economic Outlook Weighs on Pound
The Great Britain pound was soft today due to the pessimistic economic outlook for the United Kingdom. Decent macroeconomic data was unable to rescue the currency. The Rightmove House Price Index rose 0.4% in June, month-on-month, after increasing 0.8% in May. Prices for newly-marketed property reached a new record for the third consecutive month. Meanwhile, the British Chamber of Commerce revised its economic growth forecast for the UK economy to 1.3% in 2018 from 1.4% […]
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June 162018
Fed & ECB Meetings Boost US Dollar
The US dollar was strong for the most part of the week, boosted by policy meetings of the Federal Reserve and the European Central Bank, though the currency weakened somewhat on Friday. Fed and ECB policy meetings were the focus of the past trade week. The Fed hiked interest rates, in line with expectations. What really surprised markets was the projection of two more hikes this year instead of just one, promised in the previous forecasts. Meanwhile, the ECB […]
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June 152018
Canadian Dollar Weakens Against US Dollar on Risk-Off Sentiment
The Canadian dollar today dropped significantly against the US dollar as the risk-off sentiment in the markets drove the USD/CAD currency pair to new highs. The loonie’s slide against the greenback was further accelerated by the tariffs imposed by President Donald Trump‘s administration against Canadian imports. The USD/CAD currency pair today rallied from an opening low of 1.3111 to a high of 1.3199 in the early American session. The currency pair’s rally began yesterday in the early European session […]
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