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Forex News
July 312018
Euro Rallies Higher on Mixed Eurozone Data and Weak US PCE Data
The euro today rallied higher against the US dollar from the late Asian session into the early European session following positive releases from across the Eurozone. Releases from the US docket in the early American session triggered a slight pullback in the EUR/USD currency pair. The EUR/USD currency pair today rallied from an initial low of 1.1700 to a high of 1.1745 before retracing some of its gains. The release of the German retail sales […]
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July 312018
Chinese Yuan Depreciates As Economy Weakens, Manipulation Concerns Linger
The Chinese yuan weakened against the US dollar and a basket of currencies on Tuesday. Despite some modest gains in July, the currency is still hovering around a 13-month low, leaving many traders and world leaders wondering if Beijing is manipulating the yuan. It has been several months since the US government applied hefty tariffs on tens of billions of dollars of Chinese goods. Although negotiators on both sides are optimistic they […]
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July 312018
NZD Falls After Macroeconomic Releases in New Zealand & China
The New Zealand dollar fell versus its most-traded peers, with the exception of the extremely weak Japanese yen, after underwhelming macroeconomic releases in New Zealand as well as in New Zealand’s major trading partner — China. Statistics New Zealand reported that building consents fell 7.6% in June following the 6.9% rise in May. ANZ Business Confidence dropped from -39.0 in June to -44.9 in July. The report said: Headline business confidence […]
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July 312018
Japanese Yen Drops After Uneventful BoJ Meeting
The Japanese yen fell against all of its major rivals today. While domestic macroeconomic data was certainly unhelpful, the biggest reason for the drop was the uneventful Bank of Japan policy meeting. The BoJ left its monetary policy largely unchanged, keeping the main interest rate at -0.1%. The central bank introduced forward guidance for policy rates, saying: The Bank intends to maintain the current extremely low levels of short- and long-term interest […]
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July 302018
Canadian Dollar Gains on âAbsolutely Amazingâ NAFTA Talks, Higher Oil Prices
The Canadian dollar is rallying to start the trading week, benefiting from reported progress in North American Free Trade Agreement (NAFTA) negotiations and higher energy prices. The loonie may tumble later in the week as the US central bank completes its Federal Open Market Committee (FOMC) policy meeting that could signal a September rate hike. Speaking in an interview with Fox News, White House Council of Economic Advisers Chairman […]
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July 302018
Euro Rallies Higher Despite Disappointing German Inflation Data
The euro today rallied higher against the US dollar despite the release of disappointing German inflation data in the mid-European session. The EUR/USD currency pair broke out of the consolidative pattern that dominated the Asian session due to positive investor sentiment towards the single currency. The EUR/USD currency pair today rallied from an initial low of 1.1646 to a high of 1.1710 in the early American session. The currency pair’s bid tone today was largely influenced […]
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July 302018
Japanese Yen Trades Lower After Retail Sales Beat Expectations
The Japanese yen opened slightly above the Friday’s close today but has declined by now. Japan’s retail sales beat expectations but, as it often happens, the currency had muted reaction to domestic data. Japan’s Ministry of Economy, Trade and Industry reported that retail sales climbed 1.8% in June, year-on-year. The rate of increase was slightly higher than 1.7% predicted by economists and three times faster than the 0.6% pace […]
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July 302018
Krona Rallies As Swedish GDP Beats Expectations
The Swedish krona rose sharply today after Sweden’s economic growth surprised the market, beating expectations. Swedish GDP rose 3.3% in the second quarter of 2018, year-on-year. While it was the same rate of growth as in the first quarter, it was noticeably faster compared to the consensus forecast of a 2.6% increase. The positive data reinforced the outlook for the nation’s central bank to raise interest rates gradually throughout the year. USD/SEK dropped from 8.8290 […]
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July 282018
US Dollar Ends Week as Third Strongest Currency
The US dollar ended the week the third strongest currency on the Forex market, losing only to the Canadian dollar and the Japanese yen. There were two major events over the week, and both of them were beneficial to the currency. The meeting between European Union Commission President Jean-Claude Juncker and US President Donald Trump was unexpectedly fruitful, bringing ceasefire in the trade war between the US and the EU. Meanwhile, the policy meeting of the European Central Bank […]
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July 272018
Canadian Dollar Soft on Friday, Heads to Weekly Gains
The Canadian dollar traded flat-to-lower against its major rivals today following the decline of crude oil prices. For the week, though, the currency was heading to strong gains. Crude oil declined on Friday as the number of US oil rigs increased. The Canadian currency often follows moves of crude as the commodity is the major component of Canada’s trade revenue. Talking about trade, concerns about trade wars between the United States and their allies […]
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