All eyes will be on Eurozone confidence data which will be released during the morning trading session. French second-quarter GDP clocked in weaker than expected and German GfK Consumer Confidence slid further. Economists anticipate that confidence data out o the Eurozone will decrease and forex traders will look out for the Eurozone Business Climate Indicator which is approaching 0. How will this impact the EURJPY? Today’s fundamental analysis will take a look if the most recent up-tick can extend to the upside or if a renewed push to the...
On Monday, the pound sterling fell to another low, reaching its lowest level since March 2017. Investors are increasingly concerned that Britain is moving toward a chaotic exit from the European Union without any deal with the bloc. On Sunday, high-ranking officials said that the government of new Prime Minister Boris Johnson is working on a scenario if the EU does not revise its Brexit deal, and is stepping up preparations for leaving the bloc without a deal on October 31. In early Monday trading, the pound fell by 0.2% to 1.2363 dollars....
UK Prime Minister Boris Johnson will start his first full week and is expected to further prepare the country for a no-deal Brexit. He told Brussels that unless the Irish backstop is removed, there will be no deal acceptable to the UK. Forex traders are in a holding pattern as the British Pound hovers at strong support levels. The GBPCHF is ripe for a short-term spike and with light economic data ahead, can bulls force a short-covering rally? Today’s fundamental analysis will take a look at the upside potential in this currency pair. Here are...
The ECB left interest rates unchanged yesterday, but analysts expected a 0.1% interest rate cut to be delivered by September. ECB President Draghi stated that the economic conditions are getting worse and said that governments need to pitch in. All eyes are on Germany which disagrees with the ECB’s outlook on the economy. German Finance Minister Olaf Scholz added “It’s not necessary or wise to act as if we were in a crisis.” Uncertainty will accompany the Euro over the summer months as deflationary pressures mount as the Eurozone economy is...
The rate of the single European currency shows a weak negative trend in relation to the US currency in trading on Thursday, awaiting a meeting of the European Central Bank, scheduled for today. This morning, the euro against the dollar fell to 1.1135 dollars per euro from the previous close of 1.1139 dollars per euro. The exchange rate of the US currency to the yen fell to 108.12 yen over USD from yesterday's close of 108.17 yen. The dollar index fell by 0.01%, to 97.72 points. The interest of traders is chained today to the ECB meeting. The...
