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Forex News
May 282018
Japanese Yen Firms as Optimistic Market Sentiment Sours
The Japanese yen started the trading week soft amid the seemingly improving market sentiment, but now the currency is trading above the opening level against its major peers. Traders woke up with a positive mood today due to the news that the summit between US and North Korean leaders may yet happen. On top of that, markets welcomed what seemed to be sort of a defeat of anti-euro forces in Italy. Yet […]
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May 282018
European Politics Boosts Euro Intraday, Make It Reverse Rally Later
The euro backed off to new lows after attempting to rally earlier today. European politics was the main driver for the currency. Italian President Sergio Mattarella vetoed the appointment of euroeskeptic Paolo Savona as a new economy minister, resulting in a surge of optimism among investors. Yet the positive sentiment was short-lived as Mattarella will likely face calls for impeachment and resignation from populist anti-establishment parties. Meanwhile, Spanish opposition parties called for a vote […]
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May 262018
Japanese Yen Ends Week Strongest amid Risk Aversion
The Japanese yen ended the week as the strongest among the major currencies, supported by risk aversion. Market participants were seeking a safe haven amid geopolitical tensions and economic worries, and that led them to the safety of Japan’s currency. The market sentiment was very optimistic at the start of the week as it looked like prospects for a trade war between the United States and China were waning. Yet the optimism quickly evaporated after US President Donald […]
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May 252018
Turkish Lira Continues to Slide Despite Central Bank’s Efforts
The Turkish lira continued to slide today despite efforts from the nation’s central bank to stem the currency’s depreciation. The Central Bank of the Republic of Turkey made an emergency interest rate hike on Wednesday, raising the lending rate by 3 percentage points to 16.5%. Other rates, including the benchmark Marginal Funding Rate, remained without change. Apparently, that was not enough to prevent the collapse of the lira as the currency continued to fall afterwards. USD/TRY rose […]
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May 252018
British Pound Trades Lower Despite In Line UK GDP Data
The British pound today declined against the US dollar despite the release of the second estimate UK GDP data for Q1 2018, which met expectations. The Sterling pound was on a downtrend against the greenback from the Asian session, but rallied slightly following the GDP report before heading lower. The GBP/USD currency pair today declined from a high of 1.3384 to a low of 1.3310 losing over 70 points as at the time of writing. The currency pair […]
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May 242018
Euro Rallies Higher Against US Dollar on Positive German Data
The euro today rallied higher against the US dollar from the Asian session following yesterday’s dovish FOMC minutes. The positive German GDP data fueled the euro’s rally into the early European session before a slight retracement ensued following the release of the latest ECB minutes. The EUR/USD currency pair today rallied from a low of 1.1690 to a high of 1.1750 for a peak gain of over 55 points. The currency pair’s rally was initially […]
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May 232018
British Pound Hits New Lows on Lackluster UK Inflation Data
The British pound was on a downtrend against the US dollar from the start of today’s session largely boosted by a risk-off sentiment in the markets. The downtrend was further accelerated by the release of the UK Consumer Price Index data for April, which missed expectations, dragging the pound much lower. The GBP/USD currency pair today lost over 135 points to decline from a high of 1.3442 to a low of 1.3305. The currency pair’s decline was initially caused by the risk […]
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May 232018
Euro Drops to New YTD Lows on Disappointing Eurozone PMIs
The euro today hit new 2018 lows against the US dollar following the release of disappointing advance PMI data from across the Eurozone. Some of the PMIs released by IHS Markit included the Markit/BME Germany Manufacturing PMI, which missed expectations by a significant margin. The EUR/USD currency pair today lost over 88 points to decline from a high of 1.1788 to a 6-month low of 1.1699. The currency pair was on a downtrend from the Asian session, […]
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May 232018
Turkish Lira Crashes to Record Low
The Turkish lira crashed today, sinking 5% to the record low before recovering a bit. The currency still trades far below the opening level. Analysts attributed the crash to concerns about the direction of monetary policy under President Tayyip Erdogan. While some specialists speculated that Turkey’s central bank may raise interest rates to prevent depreciation of the currency, others said that the bank is not independent enough to do so […]
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May 232018
Yen Jumps Sharply on Worsening Sentiment, Ignores Economic Data
Macroeconomic data released in Japan today was rather disappointing. Yet that did not prevent a sharp jump of the Japanese yen on the back of the worsening market sentiment. Previously, markets felt encouragement from signs that the United States and China want to avoid trade wars. But such optimism evaporated after US President Donald Trump contradicted his own economic officials, saying that there is no deal […]
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