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Forex News
July 272018
IMF Says Chinese Yuan âFairly Valuedâ As Currency Slips Further
The Chinese yuan continued its slide on Friday as the currency fell beyond its 13-month low. Despite the US government hinting that the central bank is purposely debasing the yuan, the International Monetary Fund (IMF) said it is âfairly valued.â Speaking in an interview with CNBC, James Daniel, the IMF mission chief for China, explained that the deviation in US and Chinese monetary policies have been contributing the latest decline in the yuan. […]
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July 272018
US Dollar Soft Despite Strong US GDP Growth
The US dollar was broadly lower against its major peers today, though the losses were very limited. The currency fell after the release of a GDP report, even though it was very good, showing that the US economy was growing with the fastest pace in four years. The Bureau of Economic Analysis reported that US gross domestic product rose 4.1% in the second quarter of this year — a sharp acceleration […]
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July 272018
Euro Rallies Against US Dollar as US Q2 GDP Estimate Misses Expectations
The EUR/USD currency pair opened today’s session with a bearish outlook given the dovish outlook painted by ECB President Mario Draghi yesterday, which led to a bearish ‘outside day.’ The currency pair was on a downtrend up to the early American session when the flash US Q2 GDP report was released, which boosted the pair. The EUR/USD currency pair today dropped to a low of 1.1619 before rallying to a high of 1.1661 in the early American […]
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July 272018
Australian Dollar Mixed After Producer Inflation Unexpectedly Slows
The Australian dollar was mixed today, rising against such currencies as the euro and Swiss franc but falling against the US dollar and the Japanese yen, after a report showed that Australia’s producer inflation slowed unexpectedly. The Australian Bureau of Statistics reported that the Producer Price Index rose 0.3% in the June quarter from the previous three months. Analysts had expected the same 0.5% rate of growth as in the March quarter. Next week, […]
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July 272018
Japanese Yen Keeps Its Place Among Strongest Currencies
The Japanese yen was among the strongest currencies today following the domestic economic releases, which were better-than-expected. The Tokyo core Consumer Price Index rose 0.8% in July, year-on-year, after increasing 0.7% in June according to the report from the Statistics Bureau. Yesterday, the Bank of Japan reported that the Services Producer Price Index rose 1.2% in June after increasing 1.0% in May. Analysts had expected both indicators to show the same […]
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July 262018
US Dollar Assumes Role of Strongest Currency on Forex Market
The US dollar overtook the Japanese yen as the strongest currency on the Forex market today. Disappointing domestic macroeconomic data did not deter the greenback from rising. The Dollar Index climbed 0.44% today. Market analysts attributed the rally to the positive outcome of meeting of EU Commission President Jean-Claude Juncker with US President Donald Trump. The EU and US leaders reached an agreement to avoid trade wars and work towards a trade deal that […]
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July 262018
Euro Drops Against Peers on Draghi Speech and ECB Rate Decision
The euro today headed lower after the European Central Bank‘s interest rate decision and the press conference following the announcement. The euro gave up most of yesterday’s gains that were triggered by President Donald Trump‘s decision to remove the pre-announced tariffs on car imports from the EU. The EUR/USD currency pair today dropped from a high of 1.1743 to a low of 1.1670 after Mario Draghi’s speech. The currency pair was on a downtrend from the Asian […]
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July 262018
Canadian Dollar Jumps to Six-Week High as US Oil Inventories Decline
The Canadian dollar rallied to a six-week high on Thursday after the US government reported a bigger-than-expected decline in crude oil inventories. The loonie may also find direction in several key US economic reports, as well as President Donald Trumpâs recent meeting with European Union (EU) Commission President Jean-Claude Juncker. According to the US Energy Information Administration (EIA), US crude stockpiles fell by 6.1 million barrels for the week ending July […]
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July 262018
Interest Rate Hike Expectations Fail to Bolster Sterling
The Great Britain pound failed to log gains today despite bets on an interest rate hike from the Bank of England this month. The sterling was soft even as the market was pricing in more than 80% chance of a rate hike next Thursday. The currency actually did attempt to rally earlier but failed. Now, it is trading close to its opening level against most major rivals and below it versus […]
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July 262018
Australian Dollar Fails to Profit from Positive Data
Domestic macroeconomic data was supportive for the Australian dollar today, but that did not prevent the currency from falling. The Australian Bureau of Statistics reported that import prices rose 3.2% in the June quarter from the previous three months, beating the consensus forecast of a 1.9% increase. Export prices increased 1.9%, whereas experts had anticipated a decline. Yet the good report was unable to support the Aussie, which fell versus […]
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