Forex News

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Forex News – Euro hits higher as Eurozone PMI readings surprise to the upside and Draghi gives no clues on policy

Posted on August 23, 2017 at 11:50 am GMT

During early European hours, the euro pared almost half of yesterday’s losses against its US counterpart after preliminary Markit composite PMI readings out of the Eurozone indicated that business activity in the block continued strengthening in August, despite a pullback in the previous month. Before the data release, ECB president, Mario Draghi, did not comment on future monetary policy plans during his public appearance in Germany. Following a disappointing performance in July, flash IHS Markit PMI figures out of Eurozone [..]

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Forex News – German ZEW economic sentiment misses forecasts; euro extends losses

Posted on August 22, 2017 at 12:07 pm GMT

Germany’s ZEW economic sentiment indicator for the month of August highlighted on Tuesday that German investors feel less optimistic about the outlook for the economy in the next six months, adding to the euro’s losses. However, the negative impact on the currency was softened as views on the current economic conditions came in higher than expected. According to the figures, the German ZEW economic sentiment index, which is a closely watched survey that asks companies about their six-month expectations regarding economic conditions, [..]

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Forex News – Dollar gathers tailwinds as White House departures continue

Posted on August 21, 2017 at 3:14 pm GMT

Steve Bannon, known as the brain power behind Trump’s nationalistic ideology, has mutually agreed to exit the position of the Chief Strategist at the White House on Friday, extending the list of people departing from the Trump’s inner circle. With the board of directors being replaced frequently, as never happened before, uncertainty around Trump’s administration has been escalating, dragging the dollar into further losses. Following numerous resignations last weekend, with the CEO of two business councils leaving their positions in [..]

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Week Ahead – Yellen and Draghi at Jackson Hole to take centre stage in quiet data week

Posted on August 18, 2017 at 3:28 pm GMT

All eyes will be on the central bankers gathering in Jackson Hole, Wyoming in the United States where the heads of the Federal Reserve and the European Central Bank will be making keynote speeches. The event will likely dominate traders’ attention in an otherwise muted week for data releases. The main data to watch out for will be flash PMIs out of the Eurozone, Japanese inflation figures and durable goods orders in the US. Eurozone business surveys in focus It [..]

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Forex News – Loonie hits fresh two-week high as consumer prices bounce on an annual basis

Posted on August 18, 2017 at 2:53 pm GMT

On Friday, figures out of Canada showed that inflation in July strengthened year-on-year in line with expectations, increasing the odds for another rate hike this year. As a result, the loonie extended its uptrend against its US counterpart. Based on Statistics  Canada, consumer prices in the last twelve months grew as expected by 1.2% as six out of the eight major CPI components showed improvement during the month – this followed a rise by 1.0% in June. Particularly, increases in transportation and shelter costs contributed the [..]

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Forex News – Sterling posts losses on softer retail sales

Posted on August 17, 2017 at 1:32 pm GMT

Following the UK CPI and labor figures published earlier this week, the Office for National Statistics released another report today on retail sales for the month of July. This showed household spending growing at a slower pace compared to a year before. As a result, sterling dipped into losses against its US and eurozone counterparts. Looking at the numbers, UK retail sales pulled back in July after a strong rally in the previous month as British consumers cut their purchases [..]

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Forex News – Aussie extends gains as Australian employment climbs, but number of full-timers decreases

Posted on August 17, 2017 at 9:55 am GMT

In July, employment in Australia rose more than expected. However, full-time jobs decreased while the number of part-timers increased. The RBA projects labor conditions improving in the upcoming years and hence boosting the overall economy by driving consumption higher. After the data release, the Australian dollar experienced volatility relative to its US counterpart, rising to a near two-week high later during early European trading hours. On Thursday, the Australian Bureau of Statistics published labor data for the month of July. [..]

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Forex News – Yen fails to strengthen despite Japanese GDP growth beating forecasts

Posted on August 14, 2017 at 10:04 am GMT

 On Monday, the yen dipped into losses against the dollar after a strong rally on Friday, reacting reversely to government preliminary GDP growth data. The figures showed that the Japanese economy grew more than expected for the sixth consecutive quarter, posting its fastest expansion in more than two years.According to the preliminary data released by the cabinet office, the Japanese economy expanded by 4% year-on-year in the second quarter, surprising analysts who expected a growth rate of 2.5%. This was well [..]

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Week Ahead – Japan GDP, UK and US retail sales, Aussie jobs in focus

Posted on August 11, 2017 at 3:39 pm GMT

Major data releases next week should help divert some of the attention away from the geopolitical risks back to the outlook for monetary policy. Second quarter GDP growth figures out of Japan will be the main item to watch, followed by retail sales releases in the UK, the US, and China. Inflation data will be out in Canada, the Eurozone and the UK, while the latest employment numbers are due in Australia and the UK. Chinese industrial output and retail [..]

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Forex News – US consumer prices miss forecasts; dollar down to one-week low

Posted on August 11, 2017 at 3:33 pm GMT

US core consumer prices, grew steadily for the fourth month in July, disappointing analysts who anticipated inflation to improve moderately. Following the data, the dollar retreated immediately against a basket of currencies to a one-week low, as the recent evidence on inflation, mirrored by consumer prices as well as by producer prices, indicated the weakness of prices to move toward the 2% Fed’s target. On Thursday, the US Bureau of Labor Statistics published the figures on consumer prices for the [..]

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