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Forex News
May 312018
Euro Rallies on Positive Eurozone Inflation Data, Later Declines
The euro today rallied higher against the US dollar following the release of upbeat Eurozone inflation data, which came in close to the European Central Bank‘s inflation target. The single currency was further boosted by the decision by Italian political parties to form a government instead of opting for fresh elections. The EUR/USD currency pair today rallied to a high of 1.1724 from a low of 1.1648 gaining over 70 points, but was on a downtrend at the time of writing. […]
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May 312018
NZ Dollar Mirrors Aussie’s Mixed Performance
The New Zealand dollar behaved in the similar manner as its Australian counterpart today, rising against some most-traded peers and falling versus others. Unlike the Aussie though, the kiwi had no positive domestic macroeconomic reports. The ANZ business confidence worsened to -27.2 in May from -23.4 in the previous month. The activity outlook fell from 17.8 to 13.6. The report said: The survey made for fairly uninspiring reading this month, with all […]
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May 312018
Australian Dollar Mixed After Macroeconomic Data
The Australian dollar was mixed today, rising against some rivals and falling versus others. Macroeconomic data was mixed as well, giving the currency no clear direction. Private capital expenditure rose 0.4% in the March quarter from the previous three months, two times slower than analysts had predicted — 0.8%. Private sector credit rose 0.4% in April from March, matching expectations. The China Federation of Logistics and Purchasing […]
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May 302018
Canadian Dollar Rallies Higher on BoC Interest Rate Decision
The Canadian dollar today rallied against its US counterpart driving the USD/CAD currency pair to new lows after the Bank of Canada announced its interest rate decision. The loonie’s rally was further boosted by disappointing releases from the US docket such as the weak quarterly GDP data. The USD/CAD currency pair today crashed from a high of 1.3039 to a low of 1.2839 losing about 200 points after the BoC statement. The currency […]
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May 302018
Euro Rallies Higher on Upbeat German Retail Sales Data
The euro today rallied higher against the US dollar following the release of upbeat German retail sales data in the early European session. However, the euro was still weighed down by the political uncertainty in Italy and the high Italian 2-year bond yields, which rose above 2.5%. The EUR/USD currency pair rallied from a low of 1.1518 to a high of 1.1620 following the upbeat German data. The currency pair began rallying higher in the late Asian […]
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May 302018
Swiss Franc Tries to Hold Ground, Weighed by Poor Macroeconomic Data
The Swiss franc was trying to hold its ground today and managed to do so against some of its rivals. It was made complicated by lackluster domestic macroeconomic data and the improving market sentiment. The KOF Economic Barometer fell from 103.3 in April (negatively revised from 105.3) to exactly 100.0 in May instead of rising to 104.6 as analysts had promised. That was the lowest reading since December 2015. The report commented […]
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May 302018
Yen Weakens Despite Solid Macroeconomic Data
The Japanese yen was relatively soft today despite solid macroeconomic reports released in Japan over the trading session. The reason for the currency’s unimpressive performance was the improving market sentiment. Japan’s retail sales rose 1.6% in April from a year ago, beating the median forecast of a 0.9% increase and the 1.0% growth registered in March. The Cabinet Office consumer confidence was at 43.8 in May, up from 43.6 in April and in line with market […]
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May 292018
EUR/USD Trades at 10-Month Lows on Italian Political Crisis
The EUR/USD currency pair today dropped to new 10-month lows following political turmoil in Italy where a new election is likely to happen as early as July. Investors dumped the euro as Italian bond yields rose to new highs, which increased the yield spread between the German and Italian 2-year bonds. The EUR/USD currency pair today dropped from a high of 1.1639 to a fresh 2018 low of 1.1510 and was on a downtrend at the time of writing. The political […]
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May 292018
Swiss Franc Firm on Risk Aversion & Economic Data
The Swiss franc was rather firm today. Risk aversion and decent domestic macroeconomic data helped the currency to carve out gains versus its major rivals. According to the report from the Federal Statistics Office, Switzerland’s trade balance widened to CHF 2.80 billion in April from the revised CHF 2.25 billion in March. The actual reading was far better than the forecast value of CHF 2.23 billion. As for the future reports, the KOF […]
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May 292018
Japanese Yen Remains Strong As European Political Turmoil Persists
The Japanese yen was among the strongest currencies today as the ongoing political crisis in Europe continued to bolster the currency. Domestic macroeconomic data was decent enough to provide further support to the yen. Japan’s Statistics Bureau reported that the unemployment rate stayed at 2.5% in April, unchanged from March. Experts were expecting such reading. Now, traders wait for tomorrow’s release of retail sales and consumer confidence. USD/JPY fell from 109.40 […]
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