Forex News, Page 5

It’s all eyes on the FED later in the day as the Asian markets respond to news of Trump and Xi’s planned G20 Summit meeting.

The RBA policymakers mentioned that the Bank would opt for reducing the interest rates again. German ZEW Survey June Economic Sentiment data shocked market reporting -21.1 points.

“Further cuts in policy interest rates and mitigating measures to contain any side effects remain part of our tools. And the APP (asset purchase program) still has considerable headroom,” he added.

The RBA talks of further rate cuts as the UK Tory Party Leadership race heats up. Stats out of the Eurozone will also be relevant later this morning.

In the minutes, the RBA pointed out once again that labor market developments are “particularly important” on deciding further easing. We saw this last week following the release of a disappointing Unemployment Rate. It came in at 5.2%, above the 5.1% forecast. Traders have been aggressively selling the currency since

The USD Index started losing shine after the release of the June NY Empire State Manufacturing Index. Cable remained fragile throughout the day as Britishers continued to fear over a Hard Brexit.

Tensions are running high across the pond as the highly anticipated Fed rate cuts loom over what has already been a testing time for the USD.

A light economic calendar will leave the UK Parliament, the U.S – China trade war and monetary policy in focus ahead of U.S stats later today.

Today’s positive US data seemed to mitigate the speculations over a probable Fed rate cut. Fiber dropped 0.66% reaching near 1.1214 levels amid Greenback upsurge and weak German & Italian data.

It’s a litmus test for the U.S economy today. Retail sales and consumer sentiment figures will give the FED an idea of how consumers really feel.

Oil prices rose around 3.8% in the early hours as two Saudi Oilers got attacked in the Gulf of Oman. Cable down as Brexit Hardliner Boris won the first ballot. Weak Jobless Claims strengthened rate cut hopes.

The Greenback is on the back foot early as the Asian markets respond to softer inflation out of the U.S. Australian employment figures failed to impress this morning.

The data indicates that last month’s election failed to revive the jobs market, while risk events such as global politics and the escalating trade dispute between the United States and China continued to weigh on the economy.

ECB President Mario Draghi commented today that the Central and Eastern Europe remains vulnerable to the trade war headwinds. Weak EIA Crude data resulted in a decline of Oil prices.

The Aussie and Kiwi Dollars were under pressure early off the back of weak numbers. Focus now shifts to Draghi, U.S inflation numbers and geopolitics…

The GBP/USD pair stood higher after the release of positive UK Average Earnings data. Overnight New Zealand Q1 Manufacturing Sales data impacted the NZD/USD movements in the initial hours.

It could be a testy day ahead. A lack of stats will likely see the focus return to the economic outlook and the ongoing trade war ahead of U.S inflation numbers.

US JOLTS Job Openings data came out as 7.449 million over 7.240 million expectations. Mexican Peso soared more than 2% over US-Mexico trade deal. Investors seemed to lose interest over Cable, Euro, and Yen.

It’s all about the U.S Dollar early on as the markets respond further to the U.S – Mexico agreement. Another trade war averted…

Crude Oil prices upsurged 2% on Friday’s session, marking day’s high near $54.31 bbl as Saudi affirmed Supply Cuts for the rest of 2019. Trump continues his stance to impose Mexican tariffs from Monday.