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Forex News
June 62018
Japanese Yen Down on Disappointing Data, ECB Speculations
The Japanese yen posted losses against its major rivals during the Wednesday’s trading session, dragged down by poor domestic macroeconomic data and the positive market sentiment. Japan’s Ministry of Health, Labour and Welfare reported that average cash earnings rose 0.8% in April from a year ago. That was a noticeably slower rate of growth than 1.4% predicted by analysts. Looking forward, traders wait for Friday’s GDP report. Economists […]
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June 62018
Euro Rallies Higher As ECB Considers Ending Its QE Program
The euro today rallied higher against the US dollar after it was confirmed that the European Central Bank was considering ending its massive quantitative easing program. The news confirmed a report that was circulating on Tuesday about the possibility of such action by the ECB. The EUR/USD currency pair today rallied by over 65 points from a low of 1.1712 to a high of 1.1780 after the ECB news broke. The currency pair’s rally […]
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June 62018
Accelerating Inflation Unable to Boost Swiss Franc
The Swiss franc was extremely weak today despite the better-than-expected inflation data released in Switzerland over the current trading session. The Swiss Federal Statistics Office reported that the Consumer Price Index rose 0.4% in May from the previous month, accelerating from April’s 0.2% and beating the median forecast of 0.3%. Year-on-year, the index was up 1.0%. Some analysts said that the market sentiment was positive overnight, and that may […]
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June 62018
Australian Dollar Rallies After Positive GDP Print
The Australian dollar gained on most of its major peers today after a report showed that Australia’s economy was growing faster than expected last quarter. The Australian Bureau of Statistics reported that gross domestic product grew 1.0% in the March quarter of 2018 from the previous three months, slightly above the analysts’ consensus estimate of 0.9%. Furthermore, the previous quarter’s increase got a small positive revision from 0.4% to 0.5%. […]
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June 52018
Canadian Dollar Drops on Trade War Fears, Falling Crude Oil
The Canadian dollar fell against its major rivals on Tuesday amid concerns about trade wars between the United States and their allies, Canada being one of them. The drop of crude oil added to the currency’s woes. The Canadian economy heavily depends on trade with the USA, therefore it is very important for Canada to preserve the North American Free Trade Agreement. Yet it looks like the NAFTA negotiations between the US, […]
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June 52018
US Dollar Soft as Trade War Fears Creep Up
The US dollar was rather soft due to concerns that potential trade wars between the United States and their allies can damage the US economy. Positive domestic macroeconomic data was unable to bolster the greenback. Mexico announced that it is going to put tariffs on US products in retaliation to the announcement of US import duties on metals. That should complicate NAFTA talks between the USA, Mexico, and Canada. Additionally, the Group […]
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June 52018
EUR/USD Rallies Higher on Mixed Eurozone Data, Later Declines
The EUR/USD currency pair today rallied higher in the early European session following the release of mixed PMI data from across the Eurozone by IHS Markit. The currency pair’s initial rally was further boosted by the weaker US dollar as tracked by the US Dollar Index whose recovery had stalled in the early European session. The EUR/USD pair today rallied briefly from a low of 1.1682 to a high of 1.1717, but later headed lower as the US […]
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June 52018
British Pound Rallies Higher on Upbeat UK Services PMI Data
The British pound today rallied higher after the release of the UK Services PMI for May by IHS Markit, which beat expectations by a significant margin. The positive PMI data served to raise expectations of a rate hike by the Bank of England in the near future as the country’s GDP growth rebounds in the current quarter. The GBP/USD currency pair today rallied from a low of 1.3301 to a high of 1.3393 gaining over 90 points after the PMI release. The currency pair […]
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June 52018
Australian Dollar Lower After RBA, Macroeconomic Data
The Australian dollar retreated against its most-traded peers today after the monetary policy meeting of the Reserve Bank of Australia. Mixed macroeconomic data did not provide support to the currency. The RBA left its main interest rate at 1.5%, surprising no one with such a decision. The statement remained largely unchanged, giving no hints at plans for monetary tightening in the foreseeable future. The Australian Bureau of Statistics reported that the current account […]
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June 42018
Pound Rallies on Construction Data, Loses Gains Later
The Great Britain pound started the week strong, rallying on the back of favorable construction data. Yet by now, the currency has lost gains versus most of its major peers. The IHS Markit/CIPS UK Construction Purchasing Managers’ Index was unchanged at 52.5 in May, while forecasters had predicted a decline to 52.0. The report said: The figure was indicative of a moderate increase in total activity, albeit one that was subdued in the context of historical […]
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