Forex Daily Recap – European PMI Affecting Major Currencies

Sterling Pound sets off uptrend following Brextension. Lonnie pair uplifts over weak Iran Export numbers. AUD/USD plunges amidst Euro’s Fall.
Nikhil Khandelwal
financial technology(fintech) and world economy

EUR/USD Slumped Badly

The EUR/USD pair rang the opening bell today morning recovering last day’s massive losses. Things were appearing to be normal, and the pair was gradually gathering catching upward movement in the early hours. The pair faced an unexpected downshift during 08:00-08:30 GMT. Manufacturing Purchasing Managers Index (PMI) for Eurozone, Germany, and France were reported today. All the released PMIs were way far below the consensus estimation. The announced numbers severely affected the currency pair pushing it down from 1.1388 to 1.1297. The pair couldn’t recover the losses later the day and continued plunging.

EURUSD 5 Min 22 March 2019USD Index which computes the greenback against the six major rival currencies was seen to gain strength after a rally of continuous previous falls over dovish Fed announcements. The index went straight up from 96.21 to 96.76 following the weakening of the Euro currency.

GBP/USD Uplifts On Brextension

After reaching 1.3017 level on Thursday, Pound Sterling had not seen the same bottom level until now. The GBP/USD pair had skyrocketed reaching the day’s high of 1.3221 later the day. The favorable vicinity was created when European Leaders granted UK Prime Minister Theresa May a two-week extension to the Brexit. May now has time till April 12, to come up with a proper deal Brexit. The EU leaders took this decision to wrap up the Brexit before May 23 so that they could give their complete focus on the Upcoming European elections.

GBPUSD 5 Min 22 March 2019

The unexpected slip in the euro currency following the lower than market expectation reporting of the PMIs of the European Countries added indirect support to the cable. The GBP/USD climbed the chart as USD Index which is the base of the pair benefitted from the fall of one of the major currencies weighed against the greenback.

USD/CAD Reached Two-week High Level

During the early trading hours, USD/CAD was drifting between the range of 1.3362 and 1.3372 for quite some time. The pair uplifted by around 08:30 GMT over global economic concerns and crude price surge.

Iran’s March Oil Exports were out in the same time frame which reported lower numbers compared to the first two-month export numbers of 2019. Following the release of such poor crude export numbers, Crude price dropped by around 0.84 percent from $60 per barrel.  This, in turn, declined the commodity-linked currency CAD. The Canadian Dollar experienced further weakening due to disappointing Canadian Monthly Retail Sales data which came out to be below the consensus estimate. Robust Canadian Consumer Inflation numbers prevented the currency from completely drowning and losing hold.

AUD/USD Amidst Plunging Euro

The AUD/USD pair had been plunging since Thursday. Today’s session seen the extension of the rally. The fall which started at 0.7166 on Thursday had touched the lowest level of 0.7076 during the day at 17:45 GMT. The chaos surrounding the US-China trade talks had added more pressure on the AUD front. The upliftment of USD Index in connection with the fall of Euro also attributed to the decline in the pair. EUR/AUD went down from 1.5986 to 1.5921. Even though the AUD tumbled down, the drop was lower as compared to EUR.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US