{"id":1236,"date":"2019-06-12T18:17:51","date_gmt":"2019-06-12T18:17:51","guid":{"rendered":"https:\/\/skyeconomynews.com\/?p=1236"},"modified":"2019-06-24T19:19:56","modified_gmt":"2019-06-24T19:19:56","slug":"a-look-at-todays-forex-market-today-and-the-most-important-currency-pairs","status":"publish","type":"post","link":"https:\/\/skyeconomynews.com\/a-look-at-todays-forex-market-today-and-the-most-important-currency-pairs\/","title":{"rendered":"A look at today\u2019s Forex market today and the most important currency pairs"},"content":{"rendered":"\n

Dollar Index<\/strong><\/p>\n\n\n\n

The dollar fell from 97.16 last Friday amid weak non-farm\npayroll data for May and data on average income. The US dollar index still remained\nstuck below 97 points. The US Consumer Price Index (CPI) was the highlight of\nWednesday. Market participants were eagerly awaiting these important reports as\nthe result would strengthen the chances of the the Federal Reserve cutting\ninterest rates.<\/p>\n\n\n\n

Market analysts expected the May year-on-year CPI which\nexcludes food and energy to remain in line with the previous 2.1%. However,\ndata came in 0.1% lower than market expectations, with 2.0% this time. Thus,\nthe May CPI excluding food and energy came in below expectations. In the middle\nof these weak reports, the December CPI came in line with a consensus estimate\nof 0.1%. Meanwhile, the May CPI rose 0.11% from the previous 261.735.<\/p>\n\n\n\n

Generally speaking, the CPI data for May presented mixed\nreports. Federal Reserve Chairman Powell said earlier that the bank would take\nappropriate steps in the event of an economic slowdown. Therefore, the mixed\nCPI data will press the central bank to make the rate cuts happen sooner.<\/p>\n\n\n\n

On the other hand, the US-China trade dispute continued to\ndamage global business. Trump and Chinese President Xi will meet at the G-20\nmeeting by the end of the month to discuss trade settlements. Going back to the\nperformance of the US dollar index, the dollar hit a weekly low near 96.59 after\nthe release of CPI data. However, the index took an immediate rebound and\nretreated from 96.80 points. The market appears to be waiting for a rate cut\nfrom the Federal Reserve.<\/p>\n\n\n\n

EUR \/ USD <\/strong><\/p>\n\n\n\n

After trading on Wednesday near $1.1329 per euro, the pair\nseems to remain negative as the day approaches the closing. A slow bullish\ntrend has been slowly showing in the Asian session, reaching a nearly 1.1343\nhigh today. A slight early rise occurred on the background of mixed Euro data.\nNonfarm payrolls for the first quarter of the year were up 0.2%, whereas market\nexpectations were of 0.3%.<\/p>\n\n\n\n

European Central Bank President Mario Draghi said today that\nCentral and Eastern Europe is still vulnerable to the trade war. Draghi’s\nwarnings kept the pair down. Later in the day, the European Central Bank (ECB)\nsaid its asset purchase program (APP) was a good source of financial relief. By\nmid-day the EUR \/ USD was testing the 1.1291 resistance level, to reach a daily\nlow.<\/p>\n\n\n\n

USD \/ CAD <\/strong><\/p>\n\n\n\n

The pair recorded a 0.21% gain in the European session amid\nmixed CPI data and crude oil price cuts. US CPI numbers were lower than\nexpected, while Core CPI data showed some bullish figures. Meanwhile, commodity\nprices fell from $52.31 a barrel to $51.60 a barrel after disappointing\nenvironmental impact reports. The market was expecting -0.481 million this\ntime. In some way, actual reports showed an increase of 2.206 million showing a\nshortage of demand for the commodity. Therefore, USD \/ CAD has maintained a\ngood growth today, to receive support from the day’s high near 1.1316.<\/p>\n\n\n\n

USD \/ CNY <\/strong><\/p>\n\n\n\n

China’s CPI and China’s PPI came in line with market\nexpectations to lift the USD \/ CNY pair. The consumer price index rose 2.7%\nyear-on-year, better than the previous 2.5%. Meanwhile the consumer price index\n(CPM) recorded 0.0% over the past 0.1%. The USD \/ CNY pair touched 6.9222\nlevels, recording the highest level of the day after Chinese data in the early\nmorning. Later in the rest of the Asian session the pair seemed to be giving up\nthe accumulated gains, eventually reaching 6.9132.<\/p>\n","protected":false},"excerpt":{"rendered":"

Dollar Index The dollar fell from 97.16 last Friday amid weak non-farm payroll data for May and data on average income. The US dollar index still remained stuck below 97 points. The US Consumer Price […]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":1237,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[49],"tags":[79,17,28,27,52,69,50,77,36,34,114,51,120,25,26,29,122,109,121,81,115],"_links":{"self":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1236"}],"collection":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/comments?post=1236"}],"version-history":[{"count":1,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1236\/revisions"}],"predecessor-version":[{"id":1238,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1236\/revisions\/1238"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media\/1237"}],"wp:attachment":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media?parent=1236"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/categories?post=1236"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/tags?post=1236"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}