Category: Forex News

AUD/USD settles under 0.70 as global mood darkens

After the rally, the Australian dollar is down under once again, down under 0.70 and this time it may be here to stay.

There wasn’t any news item coming from China or from Australia, but rather a gloomier mood for markets in the second round of digesting what came out of the European Central Bank.

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ECB To Continue Its QE Purchases Beyond September 2016 – Danske

ECB To Continue Its QE Purchases Beyond September 2016 – Danske

Mario Draghi said his word and sent the euro down. What does this mean in the long run? The team at Danske explains why the ECB will extend its QE program beyond 2016: Here is their view, courtesy of eFXnews: ECB president Mario Draghi was very dovish at today’s ECB meeting and we now expect the ECB [&hellip

CAD, AUD and NZD rallying on the ECB’s message

CAD, AUD and NZD rallying on the ECB’s message

The dovish message by Mario Draghi has hurt the euro, and was probably designed to do so. A secondary effect is now seen: commodity currencies are rising. CAD, AUD and NZD are strengthening against the US dollar and even more against the euro. Here’s why they are strengthening and defying their own problems. The 3 charts below [&hellip

ISM Non-Manufacturing PMI at 59 – better than expected

ISM Non-Manufacturing PMI at 59 – better than expected

The US services sector continues looking strong: the ISM non-manufacturing PMI dropped, but to 59 points, better than predicted and still showing very solid growth. However, the employment component is down from the highs: 56 against 59.6 last month. Nevertheless, this is looking goof for the US economy, which focuses on services. The USD is slightly stronger [&hellip

Draghi sends EUR/USD down on open door to more QE, low forecasts, downside risks

Draghi sends EUR/USD down on open door to more QE, low forecasts, downside risks

Mario Draghi manages to talk down the euro by changing the issue share limit, saying that the situation worsened and lowering forecasts, especially the critical inflation ones. He certainly opens the door without committing to anything.  EUR/USD slips below 1.1180. Update: EUR/USD hits 1.1150. 1.1123 1.1107 Analysis: Draghi elegantly joins the currency wars – what he did and what it means [&hellip

ECB leaves rates unchanged – on to Draghi

ECB leaves rates unchanged – on to Draghi

No surprises from the ECB. Draghi sends EUR/USD down on weaker outlook EUR/USD unchanged The European Central Bank was expected to leave the main lending rate at 0.05% and the deposit rate at -0.20%. It had already stated in the past that rates have “reached their lower bound”. The focus remains on the QE program: will the ECB enlarge [&hellip

Another round of QE for Europe?

Another round of QE for Europe?

An eerie calm has settled over the market this morning, just ahead of this morning’s ECB press conference and tomorrow’s US jobs report. Earlier this morning, European policy makers left rates unchanged – as expected – but this morning’s 830am press conference should garner some attention amid some overnight reports. Various news agencies are leaking [&hellip

UK services PMI only 55.6 – GBP/USD dips

UK services PMI only 55.6 – GBP/USD dips

Growth in the UK services sector is slowing down, with the services PMI standing at only 55.6 points, significantly below expectations. This is the lowest reading since May 2013. GBP/USD slipped all the way to 1.5235 before bouncing. The composite PMI stands at 55.1 points, also below initial predictions. Nevertheless, this implies GDP growth of 0.7% [&hellip

Data confirms a mild recession in Canada

Data confirms a mild recession in Canada

Amid lingering fears around the health of the Chinese economy, investors continue to favour less risky bonds over stocks as equity markets in Asia relapse into a bout of pessimism.  For the most part, the source of the current market angst in Asia is China, where Tuesday’s release of China’s official manufacturing index illustrated a [&hellip

ADP NFP misses with 190K – USD shrugs it off

ADP NFP misses with 190K – USD shrugs it off

For the second month in a row, the ADP number falls short, with a gain of only 190K jobs in August. In addition, last month’s figure was revised to the downside: 177K instead of 185K originally reported. The dollar is only slightly lower against major currencies. The miss was not huge. Update: after the initial [&hellip

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