Latest Forex news
The EUR/USD pair rose slightly today after the Bureau of Labour Statistics (BLS) released disappointing April nonfarm payroll numbers. US nonfarm payrolls numbers According to the Labour department, more than 20.5 million Americans lost their jobs in April as most states asked their residents to remain at home. Analysts polled by Bloomberg were expecting the NFP to decline by 21 million while those polled by Reuters were looking at 22 million. Mo...
The EUR/USD pair dropped as the market reacted to the latest US jobless claims data. The numbers showed how the US economy is deteriorating as the lockdown, and social distancing measures remain. They also point to the worst nonfarm payrolls data that will be released tomorrow. US jobless claims data disappoint More than 3.169 million Americans filed for jobless claims last week, according to data from the Department of Labour. The data means tha...
GBP/USD is trading modestly higher on the day after two members of the Bank of England (BoE) voted in support of increasing the stimulus. Sterling initially surged above $1.24 but it has now settled around the $1.2350 mark. Fundamental analysis: BoE leaves rates on hold, increases QE As Invezz reported earlier, the BoE decided unanimously to leave its key interest rate at 0.1% at this morning’s board meeting. The Bank has also pledged to buy anot...
The USD/NOK pair rose slightly after the Norwegian central bank delivered a surprise interest rate decision. The price is also reacting to the upbeat crude oil prices. Norges Bank interest rate decision The Norwegian central bank concluded its two-day monetary policy today and slashed interest rates to zero. This was a surprise move because most analysts polled by Bloomberg and Reuters were expecting the members to leave rates unchanged. The bank...
The GBP/USD pair roseafter the Bank of England (BOE) delivered its interest rate decision. The market is also reacting to a slew of weak economic data from the UK. BOE interest rate decision The BOE became the fifth major central bank to release its interest rate decision after the BOJ, Fed, ECB, and RBA. As with the previous banks, the BOE decided to leave rates at the record low of 0.1% as most analysts polled by Reuters were expecting. The ban...
The EUR/USD pair declined today after a series of weak economic data and a German court ruling dampened sentiment on the euro. ECB hits back at a German court The EUR/USD pair declined after the European Central Bank (ECB) sent a sharply-worded response to a German court. This was in response to a ruling the court made yesterday about the legality of quantitative easing (QE). Ruling on a suit brought by a team of German economists, the court sitt...
The NZD/USD pair wobbled after New Zealand released upbeat first-quarter employment data. The numbers from Statistics New Zealand showed how the coronavirus pandemic had affected the country’s economy. NZD/USD little changed after weak employment data The New Zealand dollar was little changed against the dollar after disappointing jobs numbers. The data showed that the employment change in the first quarter rose by 0.7%, which was better than the...
The US dollar index rose as the market reacted to the latest trade and ISM non-manufacturing PMI data. It also rose due the euro weakness following the decision by a German court to question the legality of Quantitative easing. The EUR/USD pair declined by more than 60 basis points today. US trade declines in April The US trade numbers disappointed in March as the coronavirus pandemic reduced imports and exports. According to the Bureau of Econom...
The GBP/USD pair declinedafter Markit released disappointing construction, services, and composite PMI data from the UK. UK services PMI decline According to Markit, business activity in the services sector declined to a record low of 13.4 in April. This was slightly higher than the previously-released flash PMI number of 12.2. This unprecedented decline happened because small number of essential service companies opened in April. As such, some i...
The AUD/USD pair rose slightlyafter the RBA released its interest rate decision. The pair also rose because of the overall US dollar weakness. AUD/USD rises slightly after RBA interest rate decision The RBA left interest rates unchanged when it concluded its two-day meeting today. It left the base lending rate at a record low of 0.25%, as was widely expected. Additionally, the bank said that it has started reducing the size of its quantitative ea...
The EUR/USD pair declined by 50 basis points after data from Markit showed that manufacturing PMI dropped to a record low in April. Eurozone manufacturing PMI disappoints The manufacturing PMI in the eurozone dropped to a record low of 33.4 in April. This was lower than the contraction of 44.5 that was recorded in March. According to Markit, this contraction was mostly because of the ongoing lockdowns and social distancing policies. The manufactu...
The GBP/USD pair is at a critical level as bearish bets on the British pound rise. The pair ended the week at 1.2500, which is an important psychological and support level. Investors are increasingly bearish on British pound Most investors and hedge fund managers have turned bearish against the sterling, according to the latest data by the CFTC. The data showed that the net positioning of “non-commercial” participants in the futures market droppe...
EUR/USD has gained nearly 2.5% in the past seven days on a broader USD weakness. The buyers are now attempting to break the psychologically-important $1.10 resistance, with further gains possible on the bullish inverse head and shoulder chart pattern. Fundamental analysis: ECB issues a warning The chief economist at European Central Bank (ECB), Philip Lane, said that the bank can further adjust its instruments if needed in another attempt to reas...
The EUR/USD pair whipsawed as the market continued reflected on the ECB interest rate decision and the weak CPI data from the eurozone. The ECB decision came less than 24 hours after the Fed released its monetary policy statement. ECB interest rate review The ECB left the deposit facility rate unchanged at -0.50% as was widely expected. The bank also left the marginal lending rate, which offers overnight credit to banks in the eurosystem, unchang...
The EUR/USD pair rose after the Bureau of Economic Analysis (BEA) released weak US Q1 GDP data. The market is now waiting for the Fed interest rate decision, which will be released later today. US Q1 GDP data disappoint Preliminary data from the BEA showed that the US economy slumped by 4.8% in the first quarter. This growth was worse than what most analysts polled by Refinitiv were expecting. Analysts at Wells Fargo were expecting the economy to...
The AUD/USD relentless rally continued after the bureau of statistics released the March consumer data that beat analysts’ forecasts. The pair also rose due to the overall weakness of the US dollar and the fact that government has started to reopen the economy. Australia inflation rises in Q1 The AUD/USD pair rose to a high of 0.6532 after the Australian Bureau of Statistics (ABS) released the CPI data. The pair’s price is the highest...
The USD/SEK pair was little changed ahead of the Riksbank interest rate decision. This will be the second major rate decision after the BOJ left rates unchanged yesterday. USD/SEK drifts sideways ahead of Riksbank decision Riksbank interest rate decision eyed The Swedish central bank will conclude its two-day meeting today and publish its statement at 09:30 (GMT+2). According to Bloomberg, most analysts expect the central bank to leave the intere...
The EUR/USD will remain being weak ahead of the ECB interest rate decision, according to Danske Bank. EUR/USD YTD performance ECB interest rate decision preview The ECB will be third major central bank to make an interest rate decision this week after the BOJ and the Fed. The bank will start its monetary policy meeting on Wednesday and release its rates decision on Thursday. Most analysts polled by Bloomberg expect the ECB to leave interest rates...
The USD/JPY pair wavered around last week as investors continued to focus on the deteriorating economy in the United States and Japan. This week, the focus will shift to the upcoming Fed and BOJ interest rate decision. Japanese yen has been relatively calm ahead of BOJ interest rate decision BOJ interest rate decision waited The Bank of Japan (BOJ) will hold its monetary policy meeting tomorrow and release its interest rate decision on the same d...
The EUR/USD pair rose today as traders reacted to weak US durable goods orders. These are the latest numbers to show the strain the US economy is in during the coronavirus pandemic. Investors also reacted to the deliberations in the European Union about forming a recovery fund. EUR/USD rises after disappointing durable goods orders US durable goods orders disappoint Investors reacted swiftly to the weak durable goods orders numbers released by th...
The GBP/USD pair dropped slightly after the Office of National Statistics (ONS) released disappointing March retail sales numbers. British pound falls after disappointing UK retail sales data UK March retail sales disappoint The headline retail sales in the UK declined by a record 5.1% in March according to a new worrisome report by the ONS. This was worse than the 4.7% that analysts polled by Bloomberg were expecting. At the peak of the last fin...
The USD/CAD pair declined by almost a percentage point as investors reacted to surging crude oil price and weak data from the US. Canadian dollar gains against the USD as crude oil prices rise USD/CAD falls as oil price rise Canada is the world’s fourth biggest producer of crude oil after the US, Saudi Arabia, and Russia. According to the EIA, the country produces more than 5.5 million barrels per day and accounts for 5% of the world total....
The EUR/USD rose as the market reacted to the new jobless claims data from the Labour Department. The numbers showed that millions of Americans have filed for unemployment benefits in the past five weeks. The market also reacted to the weak manufacturing PMI and housing data. EUR/USD rises after weak manufacturing PMI, jobless claims, and housing data US jobless claims tally rises The number of Americans filing for unemployment benefits rose by m...
The GBP/USD pair declinedslightly as the market reacted to the record low manufacturing and services PMI data from Markit. GBP/USD falls after weak manufacturing and services PMI data GBP/USD falls as PMI drops again The manufacturing sector has been significantly affected by the ongoing shutdowns in the UK. Many businesses have closed shop as they comply to the government social-distancing policies. As a result, the GBP/USD pair has dropped by a...
The EUR/USD pair declined as the market reacted to the disappointing manufacturing PMI data released by Markit. Investors also reacted to the rising yields on Italian government bonds. EUR/USD slips on weak manufacturing and services PMI data European Union manufacturing PMI slips The manufacturing sector in the European Union has been affected significantly by the current coronavirus pandemic. Many companies like Daimler, Volkswagen, and Airbus...