Forex News

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Week Ahead – GDP out of US and UK in focus; Eurozone and Japan inflation due

Posted on June 23, 2017 at 3:13 pm GMT

Growth data are due from two of the world’s largest economies – the United States and the United Kingdom. Japan will also be releasing a flurry of data. United States A slew of data are expected from the US next week. The Personal Consumption Expenditure (PCE) price index is one of the most important indicator as well as personal income and spending. The May PCE figure is due on Friday and it is a closely monitored indicator as it is the [..]

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Forex News – Eurozone services activity eases in June; euro pulls back from highs

Posted on June 23, 2017 at 11:48 am GMT

Activity across the Eurozone lost some momentum in June, however the region still managed to enjoy its best quarter in six years according to the latest PMI report from IHS Markit. Weaker growth in the services sector led to a drop in the composite PMI, which fell from 56.8 to 55.7 in June’s flash reading. This was below expectations of 56.6 and the lowest in five months. The services PMI also fell to a 5-month low, declining from 56.3 to [..]

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Forex News – RBNZ maintains accommodative stance; kiwi jumps

Posted on June 22, 2017 at 7:39 am GMT

As widely expected the Reserve Bank of New Zealand decided to maintain its accommodative stance by keeping its benchmark interest rate at record low levels, adding that it would continue doing so for a “considerable period”. Specifically, the central bank’s official cash rate was held at 1.75%. It has been at this level since November 2016, the last time the Bank engaged in a quarter percentage point rate cut. The RBNZ Governor Graeme Wheeler said that “policy may need to [..]

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Forex News – Oil back in bear market after latest sell-off; Commodity currencies fall only modestly

Posted on June 21, 2017 at 10:53 am GMT

Crude oil prices fell by 2% on Tuesday as investors continued to fret about the lingering oversupply, which is showing no sign of easing despite 6 months of output restrictions by major producers. The recovery in prices from the 2014-15 downtrend stalled in January when they peaked at 1½-year highs. WTI crude has since fallen by 22% from $55.24 on January 3 to a 7-month low of $42.75 a barrel yesterday. Brent crude is also down sharply, declining from $58.37 [..]

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Forex News – Sterling slides after Carney says now not the time for rate hike

Posted on June 20, 2017 at 1:07 pm GMT

The pound came under pressure on Tuesday after the Bank of England Governor, Mark Carney, appeared to rule out a rate hike anytime soon. Speaking at a breakfast event in Mansion House, London, Carney struck a more cautious tone than the surprisingly hawkish language used at the Bank of England’s policy meeting last week. Markets were shocked last Thursday when three Monetary Policy Committee (MPC) voted to raise rates by 25 basis points. The unexpectedly close vote had helped sterling [..]

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Forex News – Macron secures comfortable majority in parliament; euro boosted

Posted on June 19, 2017 at 8:16 am GMT

The French President Emmanuel Macron has won the strong parliamentary majority he asked the people of France to give him and can now proceed with the reforms he campaigned for, aiming to revive the French economy. Given his pro-EU rhetoric, his success could translate into success for the rest of the EU and perhaps more specifically the Eurozone. Macron’s centrist party, La République en Marche, and its fellow centrist ally, Modem, secured a comfortable majority in the National Assembly, the [..]

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Week Ahead – Brexit talks begin; RBNZ in focus; PMI data on tap; Fed speakers to be closely scrutinized

Posted on June 16, 2017 at 2:20 pm GMT

Brexit negotiations finally begin in Brussels on Monday. New Zealand’s central bank will be in focus next week while flash June PMI surveys out of the Japan, the Eurozone and the United States will also be on investor’s watch list. Various FOMC members are due to give speeches. French President Emmanuel Macron’s Republic on the Move (REM) party is set to win Sunday’s legislative elections. Brexit Negotiations Brexit negotiations are due to start on Monday June 19 with Brexit Secretary David Davis [..]

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Forex News – Bank of Japan maintains massive stimulus; yen declines

Posted on June 16, 2017 at 8:06 am GMT

The Bank of Japan held steady on its accommodative stance as its two-day meeting came to an end. At a time when major central banks around the world have either started normalizing rates or signaled that they’re on a path of doing so, the BoJ’s current stance is expected to add downside pressure on the Japanese currency. As anticipated, the BoJ maintained the 0.1% interest it charges banks for holding reserves with the central bank. Moreover, it made no changes [..]

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Forex News – Sterling jumps after hawkish BoE; rate hikes could come sooner

Posted on June 15, 2017 at 2:41 pm GMT

The pound jumped after the Bank of England (BoE) policy announcement today, erasing earlier losses against the dollar. The BoE was more hawkish-than-expected and the Monetary Policy Committee (MPC) vote count indicated a surprisingly tight decision. The Bank left its benchmark interest rate unchanged at a record low 0.25%. While this was widely expected, the 5 – 3 vote for a rate hike was not anticipated, suggesting the central bank was coming closer to raising rates. The result sent sterling [..]

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Forex News – Upbeat Australian job report boosts aussie dollar; unemployment rate at 4-year low

Posted on June 15, 2017 at 10:51 am GMT

The Australian economy added significantly more jobs in May than forecasters predicted, spurring hopes that labor market strength will start feeding into the overall economy. Specifically, the number of jobs added to the economy reached 42,000 in May, far outstripping expectations of 10,000. This is the third month in a row that the level of hiring surprises to the upside, confirming the formation of a positive trend for the Australian labor market and consequently the economy overall. Last month’s figure [..]

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