Forex news
- The USD/CAD was little changed as traders reacted to Canada GDP data and US personal income and spending data.
- Canada economy declined by 2.1% in the first quarter while RMPI declined by 13.4% in April.
- In the United States, personal income rose by 10.5% while spending fell by 13.6% in April.
Features & analysis
Latest Forex news
The USD/CHF pair was little moved today as the market continued to reflect on SNB governor comment. The pair is up by 20 basis points and is trading at 0.9700. USD/CHF reacts to SNB comments The Swiss franc is one of the most popular so-called safe-haven currencies. Investors rush to it because of the stability of the Swiss government and the strength of the banking sector. As a result, the currency rose sharply against the US dollar in March, at...
The U.S. dollar index (DXY) was little changed as investors reacted on the mixed economic data from the U.S US initial jobless claims elevated More than 2.12 million Americans filed for jobless claims in the previous week, according to the Labour Department. That was the lowest number of applicants in the past eight weeks. Analysts polled by Bloomberg and Reuters were expecting the claims to come in at 2.1 million and 2.4 million, respectively. T...
The EUR/USD pair rose by about 0.40% as investors reacted to the new funding request by the European Commission. The euro index, which measures the euro against a basket of currencies, rose by more than 0.50%. EUR/USD rises European Commission unveils a recovery fund The European Commission unveiled a $826 billion recovery fund – Next Generation EU – to help the economies navigate the ongoing coronavirus pandemic. In a statement, Ursula von...
The USD/JPY pair was little changed after the Shinzo Abe administration unveiled another round of stimulus. Japan launches another stimulus Japan was in an economic crisis even before the coronavirus outbreak this year. The economy contracted by 7.1 per cent in the fourth quarter, partly due to an increase in consumption tax. Capital expenditure and private consumption declined by 4.6 per cent and 2.8 per cent respectively. The decline came even...
The USD/CNY rose slightly after the China Bureau of Statistics released slightly better industrial profit data. The pair is trading at 7.150, which is close to its yesterday’s high of 7.1425. China industrial profits fall China has been affected significantly by the current coronavirus pandemic. Its economy contracted for the first time in decades in the first quarter and the unemployment rate has moved upwards. Similarly, the financial sector ha...
The US dollar index (DXY) declined by almost a percentage point as investors remained optimistic about the economy. The index also reacted to the positive housing and consumer confidence data from the US. US dollar index falls as demand for foreign currencies rose Many countries have started to reopen their economies following the lockdowns that started in March. Yesterday, Shinzo Abe declared victory as the number of new infections in Japan decl...
The USD/SGD pair declined today as the market reacted to the improving GDP data from Singapore. The market also reacted to the weak inflation and industrial production data from the country. Singapore sinks into a recession Data from Statistics Singapore showed that the country sunk into a recession in the first quarter because of the coronavirus pandemic. The economy contracted by 4.7 per cent in the quarter after expanding by about 0.6 per cent...
The NZD/USD pair rose by more than 50 basis points as the market reacted to the April trade data from New Zealand. New Zealand imports fell in March New Zealand has been praised for its response to the coronavirus pandemic. The disease has only infected about 1,500 people and killed just 21. That is a remarkable feat for a country of more than 5 million. The country achieved this by implementing one of the strictest lockdowns globally. The...
The USD/SEK pair was little changed as the market reacted to the new jobs numbers from Sweden. The pair is trading at 9.6865 while the EUR/SEK is unchanged at 10.5378. Sweden jobs data disappoint The Swedish labour market deteriorated in April, according to the statistics office. The number of people in the workforce declined by 99,000 to 5 million as the coronavirus pandemic affected the country. The unemployment rate increased by 1.4% to 8.2% a...
The EUR/USD pair declined by more than 20 basis points after Germany released disappointing first-quarter economic data. The pair also fell as the market reacted to the “frugal four” opposition of the Macron and Merkel deal. Germany economy contracts in the first quarter The coronavirus pandemic pushed Germany into its worst recession in more than a decade in the first quarter. That led to a slight decline of the EUR/USD pair. According to the st...
The US dollar index (DXY) was slightly unchanged as the number of coronavirus cases on the country approached 100,000. US dollar index reacts to coronavirus cases The number of coronavirus infections and deaths in the United States continued to swell during the weekend. According to the government, the number of confirmed infections rose to more than 1.6 million people while the deaths are approaching 100,000. That makes the US the worst-affected...
The USD/ZAR continued declining this week as investors remained optimistic about the reopening of the South African economy. However, a report by S&P Global may change this trend when the market opens on Monday. USD/ZAR momentum S&P Global warns on South Africa Early this month, Bloomberg said this about the South African rand: “But there are signs the bad news is priced in, and the rand may be poised for a rebound as emerging marke...
The USD/JPY pair declined from its weekly high of 108.04 to a low of 107.35 last week reflecting the stability of the Japanese yen as global risks emerge. Data from the CFTC also show that hedge funds remain solidly bullish on the Japanese yen. USD/JPY stable as risks emerge The Japanese yen has been relatively stable this year. In total, the currency has gained by about one per cent against the US dollar. In contrast, the euro, sterling, and Aus...
The EUR/USD pair dropped by more than 50 basis points as investors reflected on the minutes of the past ECB meeting. Also, the decline was partly because of the overall weakness of the US dollar, which rose by 35 basis points. EUR/USD reacts to ECB minutes The euro weakened against its major peers after the ECB released the minutes of its meeting held earlier this month. The euro index, which measures the strength of the euro against a basket of...
The USD/MXN pair rose by more than 40 basis points as investors reacted to the falling crude oil prices and the weak retail sales. USD/MXN rises as crude oil price slides Mexico is one of the biggest crude oil producers in the world. The country produces more than 2.4 million barrels of oil every day, making it the 17th biggest oil producers in the world. Most of this oil – about 1.23 million barrels – is exported, bringing the valuable foreign e...
The USD/NOK rose by more than 1.35 per cent as the price of crude oil dropped sharply during the Asian and European sessions. USD/NOK jumps after crude oi price l tumbles Norway is one of the biggest crude oil exporters in Europe. According to Worldometer, the country produces more than 2 million barrels making it the 13th biggest producers. Most of this oil, about 1.7 million barrels, is exported. Therefore, the price of crude oil and the Norweg...
The USD/HKD shot up as the market remained concerned about protests in Hong Kong. Hong Kong stocks too nosedived, with the Hang Seng index, which dropped by more than 4%. USD/HKD rises as Hong Kong crisis escalates The USD/HKD pair rose sharply after the Xi Jinping government said it planned to impose national security in Hong Kong. The reports emerged ahead of the National People’s Congress meeting that is set to start today. Analysts beli...