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Forex News
May 222018
Loonie Unable to Maintain Rally Despite Supportive Fundamentals
The Canadian dollar fell today after rallying intraday. That was surprising, considering that fundamentals looked extremely supportive for the currency. Statistics Canada reported that wholesale sales climbed 1.1% in March from February, beating the average forecast of 0.8%. Price for crude oil, Canada’s major export, jumped above the $80 mark. Yet all those factors were unable to help the loonie to keep gains, and the currency fell below […]
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May 222018
US Dollar Flat, Waits for Fed Minutes
The US dollar traded almost flat against most of its major peers amid profit-taking and in anticipation of the upcoming policy minutes from the Federal Reserve. Analysts pointed out that the greenback has rallied as much as 7% since February, prompting traders to look for more reasons to buy the currency. Yet fundamentally, the environment remained positive for the currency. US Treasury yields pulled back from the 7-year highs during the Tuesday’s trading session. […]
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May 222018
GBP/USD Rallies Then Declines on Testimonies by BoE Members
The GBP/USD currency pair today retreated from its overnight rally after encountering resistance just before the crucial 1.3500 psychological level. The currency pair was on an uptrend from the early European session before reversing in the mid-European session following testimonies by Bank of England policymakers before the UK Parliament’s Treasury Select Committee. The GBP/USD currency pair today declined from a high of 1.3492 to a low of 1.3412 losing about 80 points. […]
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May 222018
Japanese Yen Bounces After Falling on CPI & Risk Appetite
The Japanese yen fell intraday, dragged down by underwhelming domestic macroeconomic data and the positive market sentiment. Yet the currency has bounced by now as the impact of risk appetite seemed to wane. The Bank of Japan reported that the Consumer Price Index rose 0.5% in April from a year ago. That was a slower pace of growth than 0.6% predicted by analysts and 0.7% registered in the previous month. Bank of Japan Governor Haruhiko Kuroda was […]
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May 222018
Australian Dollar Attempts to Keep Rising, Fails
The Australian dollar rose earlier today, extending yesterday’s rally, on the back of the positive market sentiment. Yet the currency has retraced its gains by now. Fears of trade wars receded after the United States and China agreed to make various concessions to avoid conflict. The USA put tariffs on China’s goods on hold, while China reduced import duty on passenger cars. Yet US President Donald Trump came under criticism for concessions […]
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May 212018
NZ Dollar Bounces After Decline Caused by Retail Sales Data
The New Zealand dollar went down intraday during the current trading session due to disappointing retail sales data. But the currency managed to bounce later thanks to risk appetite on the market. Statistics New Zealand reported that retail sales rose by just meager 0.1% in the March quarter of 2018 from the previous three months, far less than forecasters had predicted — 1.0%. Furthermore, the previous quarter’s increase was revised […]
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May 212018
Aussie Ignores Interest Rate Forecast As Threat of Trade Wars Wanes
National Australia Bank pushed its forecast of an interest rate hike from 2018 to mid-2019. Yet that did not prevent a rally of the Australian dollar, caused by signs of waning trade tensions between the United States and China. Previously, NAB was saying that a rate hike in 2018 is still possible. Yet now, the bank pushed back the expected data of a hike to mid-2019, saying: The change reflects the fact thereâs no […]
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May 192018
USD Ends Week Second Strongest, Analysts Unconvinced by Rally
The US dollar ended the week as the second strongest currency on the Forex market, losing only to the Swiss franc. Yet some market analysts said that the rally was unconvincing due to a range of political factors that were weighing on the greenback. One of the major reasons for the dollar’s rally was political uncertainty in the eurozone. Specialists were worried that Italy’s ruling Eurosceptic coalition will clash with the European Union. Additionally, the European Central […]
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May 182018
Canadian Dollar Declines Against US Dollar on Weak Canadian CPI
The Canadian dollar today dropped significantly against the US dollar following the release of disappointing Canadian CPI data in the early American session. The loonie’s losses were further compounded by the stronger US dollar, which was boosted by rising US Treasury yields. The USD/CAD currency pair today rallied from a low of 1.2787 to a high of 1.2909 gaining over 120 points in the early American session. The loonie was initially stronger than the greenback […]
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May 182018
EUR/USD Trades Sideways as US Dollar Rally Wanes, Later Declines
The EUR/USD currency pair was in a consolidative phase during the Asian session even as US Treasury yields hit new highs overnight and the greenback rally lost some momentum. The release of the German wholesale price index in the early European session was one of the triggers behind the currency pair’s decline as the euro weakened against the US dollar. The EUR/USD currency pair was trading between a high of 1.1821 and a low of 1.1775, but had recovered […]
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