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Forex News
August 22018
US Dollar Emerges as Second Strongest Currency on Thursday
The US dollar gained today, emerging as the second strongest currency on the Forex market (losing only to the extremely strong yen), amid escalating trade tensions between the United States and China. Fears of trade wars intensified after US President Donald Trump proposed to more than double the proposed tariffs from 10% to 25% on $200 billion worth of Chinese goods. The US dollar, which often serves as a safe haven in times of fears […]
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August 22018
Canadian Dollar Flat on Strong Economic Data, Strengthening Greenback
The Canadian dollar is trading sideways on Thursday as the currency attempts to find direction from a mixed bag of news. While positive economic data and higher oil prices, the US dollar strengthening and Washington nearing a trade deal with Mexico appear to have offset those gains. According to Statistics Canada, the Canadian economy expanded 0.5% in May, the biggest increase in a year. The national economy benefited from recovering industries, many of which endured […]
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August 22018
Sterling Pound Crashes on Dovish Carney Speech After BoE Rate Hike
The Sterling pound today crashed to new lows during a speech by Bank of England Governor Mark Carney regarding the bank’s interest rate decision. The GBP/USD currency pair had traded in a consolidative phase following the release of UK construction industry data before the BoE rate decision. The GBP/USD currency pair today crashed from an intra-day high of 1.3126 to a low of 1.3034 in the early American session. The currency pair was on a downward trend from […]
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August 22018
Widening Trade Surplus Does Not Prevent Aussie’s Drop
Australia’s trade balance increased more than was expected, but that did not prevent the Australian dollar from falling. The likely reason for the currency’s drop was the risk-negative sentiment on the Forex market. The Australian Bureau of Statistics reported that the trade surplus widened to A$1.87 billion in June (seasonally adjusted) from the negatively revised A$0.73 billion in May. Experts were anticipating a much smaller increase to just A$0.91 billion. Yet […]
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August 22018
Japanese Yen Rallies As US-China Trade Conflict Heats Up
The Japanese yen rallied today as US-China trade tensions suddenly flared up, driving market participants to seek safety. Risk aversion on the Forex market heightened after the news that the United States were considering additional tariffs on Chinese goods. The yen traditionally thrives in risk-negative environment. Tomorrow, the Bank of Japan will release a policy meeting minutes, but they will be for the June meeting, not the latest one, therefore will […]
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August 12018
Japanese Yen Plunges As BOJ Maintains Ultraloose Monetary Policy
The Japanese yen continued to plummet against the US dollar and a basket of other currencies. After the Bank of Japan (BOJ) maintained its ultraloose monetary policy, surprising international markets, the currency continued its sluggish performance over the last five trading sessions. On Tuesday, the BOJ decided to only modify its yield curve control policy, refraining from diminishing its accommodative policies that have been in place since the financial crisis […]
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August 12018
Euro Rallies Against US Dollar Despite Positive ADP Jobs Report
The euro today rallied slightly against the US dollar recovering most of its initial losses against the greenback in the early to mid-European sessions. The EUR/USD currency pair rallied higher in the early American session despite the release of the positive US ADP employment report. The EUR/USD currency pair rallied from a low of 1.1671 in the late Asian session to a high of 1.1700 in the early American session. The release of several PMI prints from across the euro area […]
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August 12018
British Pound Reverses Losses and Rallies on Positive Housing Data
The British pound today reversed its losses against the US dollar and rallied higher from the early European session following the release of positive UK housing data. The GBP/USD currency pair extended its rally into the mid-European session despite the release of disappointing UK Manufacturing PMI data by IHS Markit shortly thereafter. The GDP/USD currency pair today rallied from a low of 1.3095 to a high of 1.3138 in the mid-European session. The currency pair’s […]
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July 312018
Canadian Dollar Reverses Losses After GDP Beats Expectations
The Canadian dollar rallied today, reversing its earlier losses. The currency got a boost from Canada’s solid economic growth. Statistics Canada reported that gross domestic product rose 0.5% in May after increasing 0.1% in April. Analysts had predicted a smaller increase by 0.3%. In June, both the Industrial Product Price Index and the Raw Materials Price Index also rose 0.5%, though in this case the rate of growth significantly […]
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July 312018
Turkish Lira Declines After Central Bank Upgrades Inflation Forecast
The Turkish lira fell today after Turkey’s central bank revised its inflation forecast up. The currency declined even as the bank signaled about possibility of an interest rate hike. The Central Bank of the Republic of Turkey released the Summary of the Monetary Policy Committee Meeting for the last week’s policy meeting. After the gathering, the bank surprised markets, refraining from increasing borrowing costs to tame accelerating inflation. In the today’s notes, the central bank revealed […]
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