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Forex News
June 152018
Japanese Yen Soft After BoJ Policy Meeting
The Japanese yen traded lower against its major peers today after the Bank of Japan left monetary policy unchanged, preserving its unprecedented stimulus. The BoJ left its benchmark interest rate at -0.1% and the annual pace of Japanese government bond purchases at Â¥80 trillion. Such decision was universally expected by market participants and analysts. There was one dissenter, Mr. G. Kataoka, who argued in favor of additional stimulus: […]
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June 152018
NZ Dollar Falls After Manufacturing Expansion Slows
The New Zealand dollar fell today after a report showed that nation’s manufacturing expansion slowed, though remained at a high level. By now, the currency has trimmed its losses. The BusinessNZ Performance of Manufacturing Index eased to 54.5 in May from 59.1 in April. Despite the drop, the reading was the third highest over the last six months. Furthermore, the report stated: BusinessNZ’s executive director for manufacturing Catherine Beard said that while […]
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June 152018
Euro Rallies Slightly Higher on ECB Hint at Policy Normalization
The euro today rallied slightly higher after Ewald Nowotny, an ECB governing council member, stated that the bank should capitalize on the opportunity to normalize its policies soonest possible. The EUR/USD currency pair had a muted reaction to the release of the final Eurozone CPI data early in the European session despite the print being in line with expectations. The EUR/USD currency pair today rallied slightly from a low of 1.1544 to a high of 1.1615, but […]
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June 142018
Pound Mixed amid Clashing Fundamentals
The Great Britain pound was ending the Thursday’s trading session mixed. The sterling rose against some rivals, propelled higher by very good retail sales data, but fell versus others, dragged down by the market’s risk-negative sentiment that followed the dovish policy statement from the European Central Bank. The Office for National Statistics reported that Britain’s retail sales rose 1.3% in May from April. That is compared […]
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June 142018
Australian Dollar Lower on Risk Aversion, Economic Data
The Australian dollar was extremely soft against other most-traded currencies, with the notable exception of the euro, as the unexpectedly dovish policy statement of the European Central Bank as well as the threat of the US-China trade war put the market into the risk-off mode. Macroeconomic data in Australia and Australia’s biggest trading partner, China, hurt the Aussie as well. The Australian Bureau of Statistics reported that employment rose by 12,000 in May from April, trailing the average forecast […]
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June 142018
US Dollar Surges After FOMC & ECB Meetings
The US dollar gained sharply on other currencies today after the European Central Bank made a surprisingly dovish policy statement. Yesterday, the currency had a mixed reaction to the hawkish statement from the Federal Reserve, rallying initially but falling afterwards. Yet Fed hawkishness is a bullish factor in the long and may be responsible to some degree for the currency’s rally today. Yesterday, the Federal Open Market Committee left interest rates unchanged, […]
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June 142018
Euro Sinks As ECB Says No Interest Rate Hikes in 2018
The euro dipped today following the European Central Bank policy meeting as the ECB signaled that it is not going to raise interest rates in 2018 — a message that markets did not like. The central bank made a policy decision today, keeping its monetary policy unchanged, as was widely expected. The ECB stated that it expects that the quantitative easing program will stay in place till the end of the year: […]
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June 132018
Sterling Pound Trades Lower on UK Inflation Data, Later Recovers
The Sterling pound today traded lower against the US dollar following the release of the UK Consumer Price Index report for May in the early European session. The GBP/USD currency pair later rallied higher from the mid-European session into the North American session as the US dollar weakened against the pound. The GBP/USD currency pair initially declined from an opening high of 1.3375 to a low of 1.3307 before rallying to a new high of 1.3383 in the American session. […]
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June 132018
Swiss Franc Firm Despite Disappointing PPI
The Swiss franc rose versus some of its most-traded counterparts, though not against the rather strong euro, even as the growth of the Producer Price Index trailed market expectations. The Federal Statistical Office reported that the PPI rose 0.2% in May from the previous month. That is compared to the predicted increase of 0.3% and the 0.4% gain registered in April. The report cited the following reason for the increase of the index: The rise is due in particular to higher […]
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June 132018
Australian Dollar Gains As Consumer Sentiment Improves
The Australian dollar rose against most of its major rivals, though not against the euro, after Australia’s consumer sentiment improved. The gains were limited, though, as the central bank’s head confirmed that an interest rate hike is unlikely in the near future. The Westpac Melbourne Institute Index of Consumer Sentiment rose 0.3% in June from May. The increase followed the 0.6% drop in the previous month. The report commented on the result: The consumer mood […]
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