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Forex News
June 122018
British Pound Rallies Higher on Mixed UK Jobs Data and Brexit Vote
The British pound today rallied higher following the release of the latest UK employment report, which had mixed results. The GBP/USD currency pair later gave up most of its gains, but rallied higher in the American session as the UK Parliament voted on a crucial Brexit bill. The GBP/USD currency pair today rallied from a low of 1.3340 to an intra-day high of 1.3419 after the jobs report, before declining for a few hours then rallying […]
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June 112018
NZ Dollar Rallies on Monday amid Positive Market Sentiment
The New Zealand dollar rose against its most-traded peers, though not versus the euro, today amid the positive market sentiment. Underwhelming domestic data did not deter the currency from rising. New Zealand manufacturing sales rose 0.6% in the March quarter of 2018 from the previous three months. It was a much slower rate of growth compared to 2.6% registered int the December quarter of 2017, which itself was […]
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June 92018
Euro Strong During Week, Softens by Weekend
The euro ended the trading week as the strongest major currency amid receding fears of turbulent European politics and speculations that the European Central Bank will discuss quantitative easing tapering next week. By the end of the week, though, the currency softened a bit. While the euro suffered the week before due to concerns about political turmoil in Europe, Italy and Spain in particular, such fears waned in the first half of this week. Meanwhile, comments from […]
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June 82018
Euro Soft After Bunch of Weak Economic Releases from Eurozone
The euro fell against its major rivals today after the release of worse-than-expected economic reports in Germany and France. Fears of trade wars were also hurting the currency. Currently, the euro has trimmed its losses but is still trading below the opening level. German industrial production fell 1.0% in April from the previous month instead of rising 0.4% as analysts had predicted. The trade balance surplus shrank to â¬19.4 billion […]
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June 82018
USD/CAD Rallies Higher on Canadian Jobs Report, Later Declines
The USD/CAD currency pair today rallied higher after the release of the Canadian employment report for May, which missed expectations by a huge margin. The currency pair later retraced most of its gains as the markets digested the positive aspects of the report, while trade concerns limited the currency pair’s upside. The USD/CAD currency pair rallied to a daily high of 1.3039 from a low of 1.2966 gaining over 70 points, but was on a downtrend at the time of writing. […]
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June 72018
Canadian Dollar Trades Lower on Thursday
The Canadian dollar fell today amid the threat of trade wars and concerns about lack of progress in NAFTA talks. The big rally of crude oil prices was unable to help the currency. The Bank of Canada released the Financial System Review today, mentioning the high household indebtedness level amid key risks and saying about the pace of interest rate increases: The pace of rate increases will depend on domestic monetary policy and global market forces. […]
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June 72018
Euro Rallies Higher Despite Weak German Factory Orders Data
The euro today rallied higher against the US dollar despite the release of weak German factory orders for April in the early European session. The euro’s rally was further boosted by the weak US dollar even as investors turned bullish on the single currency, and sold the greenback. The EUR/USD currency pair today rallied from a low of 1.1781 to a high of 1.1840 gaining over 55 points despite the mixed Eurozone data. The currency pair rallied higher […]
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June 72018
Australian Dollar Soft After Thursday’s Economic Releases
The Australian dollar was very soft today, probably due to the risk-off market sentiment, while domestic macroeconomic data did nothing to help the currency. The trade balance surplus shrank to A$0.98 billion in April from A$1.73 billion in March, matching the consensus forecast exactly. The seasonally adjusted Australian Industry Group Performance of Construction Index fell to 54.0 in May from 55.4 in April. There will be no economic releases from […]
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June 72018
Swiss Franc Trades Strong on Thursday
The Swiss franc was rather strong today, gaining on most of its major rivals. Economic data released in Switzerland over the trading session was neutral. The Swiss unemployment rate fell from 2.7% to 2.4% in May (not adjusted for seasonal variations), below the median forecast of 2.5%. The Swiss National Bank reported that foreign currency reserves shrank to CHF 741 billion in April from CHF 757 billion in March. USD/CHF […]
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June 72018
Turkish Lira Surges After Interest Rate Hike
The Turkish lira jumped sharply today after the Turkish central bank performed an emergency interest rate hike following data that showed accelerating inflation. The Central Bank of the Republic of Turkey raised its policy rate from 16.5% to 17.75% at today’s emergency meeting. The announcement came following the inflation report few day before that showed a surge of annual inflation to 12.15% in May from 10.85% the month before. Indeed, the central […]
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