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The USD/JPY pair turned lower as traders reacted to the broader dollar sell-off and the mild manufacturing PMI data from Japan. It is trading at 105.67, which is lower than last week’s high of 106.09. Japan manufacturing sector problems remain Japan is known for its manufacturing sector. Its products, such as Toyota and Honda, have a substantial market share around the world. According to the statistics office, the sector represents about 20.75%...
The NZD/USD pair started the month in a positive note. The pair spiked to an intraday high of 0.6763, which is the highest it has been since July 2019. It was reacting to a broader dollar sell-off and better building consent data from New Zealand. Broader dollar sell-off The NZD/USD pair rose sharply because of the weaker US dollar. The dollar index, an important metric that measures the performance of the dollar against a basket of currencies, d...
The EUR/USD is up by 0.27% even after the weak inflation data from Germany, Italy, and Spain. The pair is trading at 1.1935, which is a few pips below August’s high of 1.1963. It has gained more than 1.9% in August. Also, it has gained for the past four months, the longest winning streak since 2017. European inflation disappoints The biggest economic data today was Germany, Spain, and Italy inflation data. According to the Federal Statistical Off...
The USD/CNY pair declined as investors reacted to the mixed manufacturing and non-manufacturing PMI data from China. The pair is trading at 6.8481, which is a few pips above the January low of 6.8412. It is down by more than 4% in the past three months. China manufacturing activity cooled in August The Chinese manufacturing sector expanded in August as the country and the world economy continued to reopen. According to China Logistics, the manufa...
GBP/USD price surged above the $1.33 handle for the first time in 2020 as the dovish message from the U.S. Federal Reserve sent the greenback lower. Fundamental analysis: New inflation policy from the Fed The U.S. dollar plunged sharply on Friday against a basket of currencies, largely due to lower U.S. interest rates outlook, while the Japanese Yen climbed on news that Prime Minister Shinzo Abe will resign. The JPY managed to recover some...
The EUR/USD pair rose today as investors reacted to positive economic data from Europe. By rising, the pair has erased the losses made yesterday after a speech by Jerome Powell at the Jackson Hole summit. The pair is trading at 1.1910, which is the highest it has been since August 19. European consumer and business confidence rises The EUR/USD is probably reacting to strong consumer and business confidence data from Europe. According to the Europ...
The USD/JPY pair pared back gains made yesterday as traders reacted to news of Shinzo Abe’s resignation. The pair had gained yesterday after Jerome Powell delivered his speech at the virtual Jackson Hole summit. It is trading at 106.22, which is lower than yesterday’s high of 106.95. Shinzo Abe resigns as Japan’s prime minister A statement by national broadcaster, NHK, said that Japan’s prime minister Shinzo Abe would step down due to a worsening...
The EUR/USD pair is little changed ahead of an important speech by Jerome Powell, the Fed chair. The pair is also reacting to bettereconomic data from the United States. It is trading at 1.1800, which is in the same range it has been in the past few days. US jobless claims fall The number of Americans filing for initial jobless claims declined to 1.006 million in the previous week. That was a worse number than the 1 million that what analysts pol...
The USD/SEK pair declined slightly as investors reacted to relatively strong confidence and retail sales data from Sweden. The pair is trading at 8.7098, which is lower than the intraday high of 8.7360. Sweden consumer confidence rises Business and consumer confidence in Sweden continued rising in August, according to the latest data by the National Institute of Economic Research (NIER). The consumer confidence rose to 84.4 in August from the pre...
The USD/CHF pair is little changed as investors reacted to the better-than-expected economic data from Switzerland. The pair is trading at 0.9083, which is slightly higher than the intraday low of 0.9070. Switzerland economy records historic contraction Like all countries, Switzerland has been affected by the coronavirus pandemic. The disease has infected more than 40,600 cases and more than 2,000 deaths. Most of the confirmed cases have recovere...
USD/JPY price gained on Tuesday as global equities raced higher on positive news related to the coronavirus vaccine developments and indications about progress in the trade deal between the U.S. and China. Fundamental analysis: Equities gain on improving risk sentiment Global equities moved on reports that high ranking officials representing the U.S. and China held a phone call and reaffirmed their commitment to the Phase 1 trade deal...
The US dollar index (DXY) spiked today as investors refocused on the ongoing Jackson Hole summit in Wyoming. The index is also reacting to a series of strong economic data from the United States. As of this writing, it is trading at $93.25, which is higher than the intraday low of $93.00. US durable goods orders rise The US dollar index is rising today partly because of the strong durable goods orders from the United States. According to the Cens...
The USD/ZAR pair is up by more than 0.40% as investors react to the strong South Africa inflation data. The pair is trading at 16.7757 and is in its eighth straight day in the red. South Africa’s inflation improves South Africa’s consumer prices bounced back in July as the country continued its battle against the coronavirus pandemic. According to the bureau of statistics, the country’s headline consumer inflation rose by 3.2% on a year-on-year b...
The NZD/USD pair is little changed as investors react to the mixed trade numbers and the disappointing income data from New Zealand. The pair is trading at 0.6550, which is slightly above the yesterday’s high of 0.6512. New Zealand exports fall New Zealand exported less goods in July, according to the statistics office. The total value of exports declined to $4.9 billion from the previous month’s $5.08 billion. The decline was mostly because of t...
The USD/MXN pair is little changed today as investors wait for the upcoming Jackson Hole summit in Wyoming. The pair is trading at 21.9612, which is in the same range it has been in the past five days. Still, the Mexican peso has been relatively stronger than the US dollar in the past few months. For example, it has gained by more than 2% in the past three months and by 1.50% in the past 30 days. Increased inflows boost the Mexican peso The USD/M...
The EUR/USD pair is rising today as investors react to the better-than-expected German GDP data and the overall weaker US dollar. The pair is trading at 1.1821, which is slightly higher than Friday’s low of 1.1751. German economy contracted in the second quarter Germany, like all countries, has been affected greatly by the coronavirus pandemic. The country has reported more than 236,000 new cases and more than 9,336 deaths. As a result, the count...
The US dollar index (DXY) is down by more than 0.30% today as investors react to positive economic data from the US. The market is also waiting for direction from Jerome Powell, who will address central bankers. The index is trading at $92.95, which is below the Friday’s high of $93.46. US dollar index waits for the Fed The US dollar index is down against most currencies that constitute the index. It is down by 0.55% against the Swedish krona, 0....
The NZD/USD is little changed today as investors react to the decision by the government to extend lockdown in Auckland. The pair is also reacting mildly to the disappointing retail sales numbers released earlier today. The pair is trading at 0.6540, which is slightly higher than last week’s low of 0.6490. New Zealand extends lockdown New Zealand was the first country to declare victory against the coronavirus illness in May. This victory led the...
The US dollar index (DXY) is having a good day. Up by 0.60%, the index is having its best day since July 31st. It is trading at $93.30, which is higher than this week’s low of $92.15. US dollar rises after disappointing data from Europe The US dollar index is a benchmark that measures the performance of the greenback against a basket of currencies. Today, the dollar has gained by 0.84% against the British pound, 0.10% against the Japanese yen, 1....
EUR/USD price tumbled further lower today following a plunge in the PMI data for August. The sellers are now in control of the price action in the short-term, as they aim for at least $1.1720. Fundamental analysis: PMI data for August disappoints Eurozone flash manufacturing purchasing managers index (PMI) reports for this month were worse than expected as IHS Markit’s Flash Composite PMI plunged to 51.6 from the previous result of 54.9 in...
The USD/CAD pair rose slightly today as traders reacted to the overall US dollar strength, lower crude oil price, and strong Canadian retail sales. The pair is trading at 1.3221, which is slightly higher than the intraday low of 1.3161. Canada retail sales rally The USD/CAD is rising even after strong retail sales from Canada. According to Statistics Canada, the headline retail sales rose by 23.7% in June to $53 billion. Like in the United Kingdo...
The GBP/USD pair is in the second straight day as investors reacted to the strong retail sales data from the UK. The weaker US dollar has also contributed to the rally. UK retail sales jump The UK economy has been under pressure because of the coronavirus pandemic. According to the Office of National Statistics (ONS), the economy contracted by a record 20.4% in the second quarter. That was the worst decline in decades. However, the contraction wa...
The NZD/USD pair is under pressure as the number of coronavirus cases start to rise again. It is also reacting to the weak credit card spending data. The pair is trading at 0.6536, which is still below this year’s high of 0.6715. New Zealand credit card spending Credit card spending in New Zealand rose by 1.8% to $3.8 billion in June from July as the country continued to reopen. On a year-on-year basis, the spending declined by 5.8% after falling...
The USD/TRY rose slightly today, as investors reacted to the interest rate decision by the Turkish central bank. The pair is trading at 7.3370, which is slightly higher than the yesterday’s low of 7.2163. Turkey leaves rates unchanged The Turkish lira declined after the Turkish central bank (CBRT) delivered its rate decision. The bank left its one-week repo auction rate unchanged at 8.25% for the second consecutive month. It also left the overnig...
The USD/NOK pair spiked after the Norges Bank delivered its interest rate decision. The pair has climbed from the intraday low of 8.9025 to a high of 8.9593, which is the highest it has been since August 12. Norges Bank leaves rates unchanged The Norwegian central bank left interest rate unchanged at zero per cent as most analysts were expecting. It also left the overnight lending rate at 1% and the reserve rate at minus 1%. In its most recent mo...