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Forex News
July 252018
US Dollar Posts Losses After Underwhelming Data
The US dollar was somewhat soft today, logging losses against most other major currencies. Market analysts blamed underwhelming domestic data and the threat of trade wars for the decline. The current trading session was light on economic releases from the United States, and the one that happened was disappointing. New home sales fell to 631,000 in June from the May’s negatively revised 666,000. Following the release, the Spot Dollar Index slipped […]
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July 252018
Chinese Yuan Weakens to 13-Month Low After Beijing Pledges Stimulus
The Chinese yuan fell to its lowest level since June 2017 after the federal government vowed to adopt a more proactive fiscal initiative, reversing a previous policy of winding down stimulus efforts and unloading debt. This comes as the US government promised it would keep a close eye on potential currency manipulation by the world’s second-largest economy. Earlier this week, Chinaâs cabinet, the State Council, indicated that it will introduce […]
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July 252018
Rising Crude Oil Prices Benefit Canadian Dollar
The Canadian dollar rallied today. The rally was likely a result of the rising prices for crude oil — Canada’s major export commodity, which often has a big impact on the performance of the loonie. With almost no domestic macroeconomic data to drive the Canadian currency this week, it had to look elsewhere. As it often happens, crude oil provided a direction for the loonie, this time dragging it along to the upside. Crude gained after […]
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July 252018
Euro Rallies Slightly on German IFO Survey Ahead of EU-US Trade Talks
The euro today rallied higher following the release of the German IFO survey in the early European session, which beat expectations slightly. The pair’s upside was largely limited by the impending trade talks between the USA and the European Union delegation in Washington scheduled for later today. The EUR/USD currency pair today traded in a tight range marked with a high of 1.1705 and a low of 1.1674. The currency pair’s slight rally was triggered by the release of the German IFO […]
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July 252018
May Takes Control of Brexit Talks, Pound Retreats After Initial Rally
The Great Britain pound rallied today on the news that Prime Minister Theresa May will take matters of the Brexit talks with the European Union in her own hands. But the currency was unable to hold onto gains, giving up most of them by now. May said yesterday that her office will control the Brexit negotiations instead of a dedicated Brexit ministry. Markets welcomed the news as it likely means more […]
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July 252018
NZ Dollar Holds Ground Despite Surprising Trade Deficit
The New Zealand dollar was firm today despite domestic macroeconomic data that showed a surprise trade deficit. The trade balance showed a deficit of NZ$113 million in June. That is instead of a surplus of NZ$200 million predicted by experts. Furthermore, the previous month’s trade surplus got a negative revision from NZ$294 million to NZ$208 million. NZD/USD rose from 0.6797 to 0.6815 as of 10:40 GMT today. EUR/NZD was little changed […]
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July 252018
Australian Dollar Declines Sharply on Weak Inflation Data
The Australian dollar today dropped sharply against the US dollar following the release of disappointing Australian consumer price index data in the Asian session. The AUD/USD currency pair gave up all its gains from an initial spike higher as investors anticipated positive inflation figures before the actual release. The AUD/USD currency pair today spiked to a high of 0.7449 in the Asian session before dropping to a low of 0.7390 after the release. The Australian inflation […]
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July 242018
Turkish Lira Tumbles After Central Bank Refrains from Interest Rate Hike
The Turkish lira slumped today after the nation’s central bank surprised and disappointed market participants, refraining from increasing interest rates. The Central Bank of the Republic of Turkey maintained its policy rate unchanged at 17.75% and said in the statement: Recently released data indicate a more significant rebalancing trend in the economic activity. External demand maintains its strength, while signs of decelaration in domestic demand become more visible. The announcement shocked […]
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July 242018
Canadian Dollar Finds Support in Higher Energy Prices, Buyer Interest
The Canadian dollar is advancing against its American counterpart on Tuesday, finding support in rallying energy prices, strong recent economic data, and renewed interest in the loonie. Can the Canadian dollar continue its momentum throughout the trading week or will it lean on the US dollar for direction in the final days of July? With reports that the Chinese government wants to introduce a dynamic fiscal policy to invigorate economic growth and limit trade tensions […]
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July 242018
US Dollar Mixed After Mixed Domestic Macroeconomic Data
The US dollar was mixed today, rising against some currencies, falling against others, and trading flat versus yet another ones. Domestic macroeconomic data was unable to provide direction to the currency, being mixed itself. Markit released Purchasing Managers’ Indices for both manufacturing and services sectors of the United States. The manufacturing index was little changed, whereas experts had predicted a decline. Meanwhile, forecasters had promised the non-manufacturing […]
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