Forex news & headlines
Latest breaking stories, features and analysis
- The EUR/USD rallied after the strong EU retail sales numbers.
- The services PMI declined in November but was better than expected.
- The overall weaker US dollar has contributed to the euro rally.
Features & analysis
Latest Forex news
The USD/CHF pair resumed the downward trend even after the disappointing inflation data. The pair is trading at 0.8990, which is the lowest it has been since January 2015. Swiss inflation remains weak Most of the developed world is going through a long period of low inflation. In a report yesterday, Eurostat said that EU’s consumer price index (CPI) dropped by 0.3% in November. Similarly, in the United States, the CPI rose by just 0.2%, the lowes...
The AUD/USD price is up by more than 0.15% as a weaker US dollar converge with strong economic data from Australia. It is trading at 0.7382, which is a few pips higher than yesterday’s low of 0.7342. US dollar slumps The US dollar slumped in overnight trading as hopes of a new stimulus in the US and signs of a Covid vaccine pushed investors away from the greenback. Media reports suggested that Steve Mnuchin and Nancy Pelosi were in close agree a...
The USD/CAD price is wavering as forex investors focus on the ongoing conflict among the OPEC+ coalition and the strong Canadian GDP numbers. The pair is trading at 1.2940, which is the lowest it has been since November 1. OPEC+ coalition eyed Canada is the fifth leading crude oil producer in the world, exporting more than 3.8 million barrels per day. This makes the Canadian dollar highly sensitive to the happenings in the energy sector. Indeed,...
The EUR/USD is rising today as traders react to the relatively strong economic data from Europe. The pair is trading at 1.1970, which is a few pips below the April 2018 high of 1.2000. Eurozone manufacturing activity did well in November European manufacturers did well in November even as the bloc continued to experience its most serious wave of the Covid-19 virus. According to Markit, the bloc’s overall manufacturing PMI increased from 53.6 in O...
The Australian dollar (AUD/USD) rose in early trading after the Reserve Bank of Australia (RBA) delivered its final interest rate decision. The par also reacted to the impressive manufacturing PMI data from China, Australia’s biggest market. RBA leaves interest rates intact The Australian economy has been relatively stable recently. The number of Covid-19 cases has fallen and more companies are back to business. Further, because of Chinese demand...
The GBP/USD is on track for the second straight month of gains as investors brace for a potential Brexit deal. The pair has risen by more than 3% this month, the best-performance since July this year. Brexit deal progress The UK and the European Union are close to a landmark Brexit deal according to reporting by Bloomberg and CNBC. The reports cited a statement by Dominic Raab, the Foreign Secretary, who said that the two sides have made signific...
The euro is heading towards its third straight week of gains against the US dollar. The EUR/USD pair has risen by more than 2.60% in November. Dollar weakness The euro has mostly rallied because of the relatively weak US dollar. Indeed, the greenback weakened against all major currencies in November. The dollar index, which is an important gauge of its performance fell by more than 1.80% and reached its lowest level since September this year. The...
The Chinese economy continued to fire on all cylinders in November as demand from local and internal sources increased. The USD/CNY is trading at 6.5826, which is more than 8% below this year’s high of 7.1785. China manufacturing PMI rises for 9 straight months China is well-known for its manufacturing sector. Its products, ranging from smartphones to clothes and masks, have a significant market share internationally. Therefore, the well-doing of...
The British pound is heading for the fourth consecutive week of solid gains against the dollar. The GBP/USD has gained almost 1% this week even as the outlook of the UK economy remains grim. Brexit optimism A likely reason for the strength of the pound is the rising optimism that the UK and the EU will reach an agreement in the next few weeks. The talks, which were postponed recently, will restart this weekend in London. While differences between...
The EUR/USD is in a tight range as traders reflect on the high likelihood of a double-dip recession in the European Union. The pair is trading at 1.1918, which is its highest level since September 1. Double-dip recession The European Central Bank (ECB) released minutes of the monetary policy meeting held two weeks ago. The minutes showed that the bank was considering adding more stimulus to support the bloc as it goes through its worst phase in d...
The USD/SEK downward trend continued today after the November Riksbank interest rate decision. It is trading at 8.500, which is 18% lower than the year-to-date high of 10.4885. EUR/SEK and GBP/SEK have also been on a sharp downward trend. Riksbank interest rate decision Sweden has handled the Covid-19 pandemic differently from other countries. The country resisted implementing large-scale lockdowns in both the first and second waves of the virus....
The US dollar index (DXY) fall from grace continued overnight as traders reacted to yesterday’s data dump and the FOMC minutes. It is trading at $91.92, the lowest it has been since September this year. FOMC minutes The Federal Reserve released minutes of its recent monetary policy meeting where they left interest rates and quantitative easing unchanged. In general, the minutes did not show anything new from the Fed. The only major policy they di...
The EUR/USD price continued rallying today after mixed economic data from the United States. The pair is trading at 1.1910, which is almost 1% above this week’s low of 1.1800. US Q3 GDP data The US economy expanded by 33.1% in the third quarter, according to the second reading by the Bureau of Economic Analysis. That was unchanged from what the bureau released last month but lower than the median estimate of analysts polled by Bloomberg. Accordin...
The British pound is holding steady ahead of the UK spending review by Rishi Sunak. The GBP/USD is trading at 1.3357, which is close to the highest point in September. UK spending review Rishi Sunak, the Chancellor of the Exchequer will deliver a major speech in parliament today afternoon. In this speech, he will provide government’s budget for the 2021-2022 financial year. He will also provide economic forecasts for the measures he has already a...
The EUR/USD price bounced back today as investors in forex reacted to the overall positive economic data from Germany. The weaker dollar also contributed to euro’s weakness. It is trading at 1.1875, which is 0.65% higher than yesterday’s low of 1.1800. Germany economy bounced back in Q3 Germany is the biggest economy in Europe with a combined GDP of more than $3.9 trillion. In a report earlier today, the country’s statistics office said that the...
The US dollar index (DXY) rose by as much as 0.70% during the American session after the strong flash manufacturing and services PMI numbers. These gains helped to partially offset the 0.90% losses the index made last week. US economy does well amid a pandemic Recent Covid-19 cases statistics from the United States have not been pleasing. Yesterday, health officials confirmed more than 141k new cases, bringing the total number to more than 12.4 m...
The EUR/USD is up by more than 0.40% as European countries start planning for mass Covid-19 vaccinations. The pair is rising even after mixed flash manufacturing and services PMIs from the European Union. Covid vaccination about to start in Europe In the past few weeks, several Covid vaccine manufacturers have delivered positive results about their products. Pfizer and BioNTech were the first ones to reveal that their vaccine was 90% effective. T...