The Japanese yen was among the strongest currencies today as the ongoing political crisis in Europe continued to bolster the currency. Domestic macroeconomic data was decent enough to provide further support to the yen. Japan’s Statistics Bureau reported that the unemployment rate stayed at 2.5% in April, unchanged …
The Japanese yen started the trading week soft amid the seemingly improving market sentiment, but now the currency is trading above the opening level against its major peers. Traders woke up with a positive mood today due to the news that the summit between …
The euro backed off to new lows after attempting to rally earlier today. European politics was the main driver for the currency. Italian President Sergio Mattarella vetoed the appointment of euroeskeptic Paolo Savona as a new economy minister, resulting in a surge of optimism among investors. Yet the positive …
The Japanese yen ended the week as the strongest among the major currencies, supported by risk aversion. Market participants were seeking a safe haven amid geopolitical tensions and economic worries, and that led them to the safety of Japan’s currency. The market sentiment was very optimistic at the start of the week …
The Turkish lira continued to slide today despite efforts from the nation’s central bank to stem the currency’s depreciation. The Central Bank of the Republic of Turkey made an emergency interest rate hike on Wednesday, raising the lending rate by 3 percentage points to 16.5%. Other rates, including the benchmark …
The British pound today declined against the US dollar despite the release of the second estimate UK GDP data for Q1 2018, which met expectations. The Sterling pound was on a downtrend against the greenback from the Asian session, but rallied slightly following the GDP report before …
The euro today rallied higher against the US dollar from the Asian session following yesterday’s dovish FOMC minutes. The positive German GDP data fueled the euro’s rally into the early European session before a slight retracement ensued following the release of the latest ECB minutes. …
The British pound was on a downtrend against the US dollar from the start of today’s session largely boosted by a risk-off sentiment in the markets. The downtrend was further accelerated by the release of the UK Consumer Price Index data for April, which missed expectations, dragging the pound much lower. The GBP/USD …
The euro today hit new 2018 lows against the US dollar following the release of disappointing advance PMI data from across the Eurozone. Some of the PMIs released by IHS Markit included the Markit/BME Germany Manufacturing PMI, which missed expectations by a significant margin. The EUR/USD currency …
The Turkish lira crashed today, sinking 5% to the record low before recovering a bit. The currency still trades far below the opening level. Analysts attributed the crash to concerns about the direction of monetary policy under President Tayyip Erdogan. While some specialists speculated that …