|Day's Range||0.991 - 0.994|
|52 Week Range||0.9542 - 1.0229|
Investing.com - The safe haven yen and Swiss franc look likely to strengthen when markets open this week amid heightened geopolitical tensions in the Middle East after weekend attacks on Saudi oil plants disrupted global oil supplies.
Investing.com - Oil prices will react when markets open after an attack on a key Saudi production facility, amid uncertainty over how much global supply will be disrupted. Investors are also bracing for another interest rate cut from the Federal Reserve this week, as well as a flurry of rate decisions from other world central banks.
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Investing.com -- The dollar was higher against haven currencies and lower against higher-yielders early Friday in Europe, holding gains made Thursday in broad rally in risk assets after signs of robust job creation in the U.S. last month.
Despite an adverse July Trade Balance data release, the Aussie pair bulls continued upliftment for the third day in a row. Meantime, Fiber kept the downtrend intact today.
Today’s USD breather has brought relief to many other currencies earlier under pressure. The euro is recovering, and the bulls’ resolution looks to be put to test shortly as the nearest resistance is at hand.
The AUD/USD pair has breached the upper boundary of the Bollinger Bands, showcasing a demand upsurge on the buyer side. Greenback bears ate the previously accumulated gains today amid downbeat economic data.
Swiss National Bank Chairman Thomas Jordan declined to comment on Tuesday on the value of the franc, which has risen to its highest level in two years against the euro, or measures the SNB was taking to curb its strength. The trend has sparked speculation the SNB could relax further its ultra-loose monetary policy by taking interest rates more negative from -0.75% now or step up currency interventions. The central bank is due to give its next monetary policy update on Sept. 19.
Today, the Aussie pair slipped out of the choppy bracket and was heading south. Meantime, the USD/CHF pair was testing the overhead Ichimoku Clouds.
The Fiber was underway to close negative for the third consecutive day this week in order to justify the 2-month-old downtrend channel. Meantime, the Aussie pair continued to remain choppy throughout the day.
The Swiss National Bank has to keep monetary policy loose to counter demand for the safe-haven Swiss franc at a time of heightened global uncertainty, SNB governing board member Andrea Maechler said on Wednesday. Record levels of sight deposits at the Swiss National Bank suggest the central bank has been stepping up intervention on foreign exchange markets to rein in the franc, which has touched two-year highs against the euro . Asked if the SNB's balance sheet could ever get too big, she said the central bank always weighed the pros and cons of intervening.
Based on the early price action and the current price at 97.815, the direction of the September U.S. Dollar Index on Tuesday is likely to be determined by trader reaction to the pivot at .97.915.
Investing.com - The U.S. dollar was broadly higher on Monday, as optimism over the U.S.-China trade conflicts supported risk sentiment, despite further signs of a slowdown in the U.S. manufacturing sector.
Based on Friday’s price action and the close at 97.530, the direction of the September U.S. Dollar Index on Monday is likely to be determined by trader reaction to the support cluster at 97.545 to 97.510.
The Canadian Dollar rose 0.15% against the U.S. Dollar. Gains were limited by a steep drop in crude oil prices. The Euro posted a 0.46% gain against the dollar, but due to its heavy weighting, it had the biggest influence on the index’s decline.
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Today, ECB Meeting minutes read that the outlook for the economy remains weaker and further stimulus would come as early as in September. Greenback had maintained a choppy performance today, remaining within 98.14/98.38 range levels.
It’s often like this prior to market-moving events. Prices keep trading in a narrow consolidation, dropping subtle clues here and there. The context remains though, and coupled with the preceding price action, it allows to us to see the market tipping its hand. So, how have we prepared for what’s to come?
* All eyes on Jackson Hole meeting, Fed's Powell's speech * G7 meeting also awaited for finance officials' comments * Fed minutes show officials view July cut as mid-cycle adjustment * Euro little moved by Italian PM's resignation * Graphic: World FX rates in 2019 http://tmsnrt.rs/2egbfVh
The upward-facing USD/CHF pair was aiming to breach above the overhead red Ichimoku Clouds. After displaying three consecutive positive sessions in a row, the Japanese Yen pair was attempting to breach above the 106.742 resistance.
The dollar declined on Tuesday, in line with the drop in Treasury yields, as investors braced for a potentially dovish Federal Reserve at a Jackson Hole, Wyoming, gathering later this week, with many expecting an announcement of some measure that would ease U.S. recession concerns. Markets also cautiously awaited Fed Chairman Jerome Powell's speech on Friday in Jackson Hole. "There are a lot of recession signs and the expectation is that Chairman Powell will address them and probably say we are looking to cut," said Juan Perez, senior FX trader and analyst at Tempus Inc in Washington.
* China unveils interest rate reform, boosts risk appetite * Focus on Fed's Jackson Hole symposium * Markets expect monetary leaders to announce key measures * Graphic: World FX rates in 2019 http://tmsnrt.rs/2egbfVh
(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. Swiss National Bank data suggest it pumped 3.8 billion francs ($3.9 billion) into markets last week to control the franc, sending its sight deposits to a record high.With the franc at its strongest since 2017 against the euro, sight deposits at the SNB have increased over the past month, suggesting the central bank is making good on its long-running pledge to wage interventions, in conjunction with a -0.75% deposit rate, to keep the currency from appreciating.The amount of cash commercial banks hold with the SNB hit an all time peak of 589.3 billion francs last week, data published on Monday showed. The SNB declined to comment on the data. Still, while last week’s rise was the biggest since March 2017, it’s a relatively small increase compared to other episodes, such as in early 2015 or following the U.K.’s Brexit referendum in 2016, when the SNB has admitted to interventions. Fears about the global economy have piled pressure on the haven franc, as has the prospect of additional monetary stimulus. According to Bank of New York Mellon strategist Neil Mellor, since the start of August, the institution’s iFlow data “registered some of the biggest flows into the currency this year.”Pressure on the franc could intensify more in coming weeks, given that the European Central Bank is seen cutting its deposit rate as early as September. That could prompt the SNB to slash rates as well, to maintain the yield spread with euro-area assets.To contact the reporter on this story: Catherine Bosley in Zurich at email@example.comTo contact the editors responsible for this story: Fergal O'Brien at firstname.lastname@example.org, Brian Swint, Zoe SchneeweissFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Investing.com - This week all eyes will be on the Federal Reserve as investors wait for fresh insights on how it may respond to growing fears of a recession after the Treasury yield curve inverted. The Fed will hold its annual gathering in Jackson Hole later in the week, where Chairman Jerome Powell is to deliver what will be a closely watched speech Friday. It will publish the minutes of its July meeting on Wednesday.