Euro is still high, as greenback slides
On Friday, the common currency was still high because the evergreen buck declined and trade worries didn’t recede…
UK pound rallies on retail sales
On Thursday, the British pound managed to ascend to the maximum of this trading session after the publication of data that the volume of retail sales in Great Britain beat forecasts in May because of good weather as well as royal wedding.
The currency pair GBP/USD inched up about 0.49% hitting 1.3442 from the previous outcome of 1.3396 before the report was uncovered.
According to the National Statistical Office, in May, the volume of retail sales in Great Britain tacked on considerably surpassing forecasts by about 1.3%. April’s data was updated upward to nearly 1.8%.
British customers shelled out more money on household goods and food before the wedding of Prince Harry and American performer Megan Markle. Besides this, the soar in expenses can be also explained by good weather in the middle of May.
Moreover, according to the report, the UK economy is gaining momentum once again after a steep slowdown because of previous bad weather conditions.
The UK currency soared in the face of the depreciation of the greenback, rebounding from the positions hit yesterday after the second lift in the Fed's interest rate in 2018 as well as more hawkish statements in favor of tightening monetary policy. The Fed stressed it’s about to double the interest rate in 2018 once again.
The Federal Reserve illustrated the situation in the American labor market as positive. Simultaneously, economic activity in America is steadily going up.
The US dollar index, evaluating the purchasing power of the American currency against six main counterparts, lost 0.29% showing 93.29.
Market participants are still concerned that the Trump administration is about to impose duties worth about $50 billion on China’s goods. The Chinese government warned the United States that similar actions are going to be taken in response to US goods.
Similar
Greenback retreats from 11-month maximum
On Friday, the evergreen buck drifted away from a 11-month maximum against the group of its key rivals due to the fact that market participants recorded gains after the greenback’s leap…
Greenback is at 11-month peak
On Thursday, the evergreen buck kept to an 11-month maximum versus the group of major currencies…
Popular
Asian equities stand still as Japan outperforms
On Monday, Asian shares shook off a sluggish start and stabilized, with Japan outperforming on positive earnings…
America will probe German and Japanese car makers over alleged patent violations
America’s on the verge of starting an investigation into whether thermoplastic components utilized in some Japanese as well as German vehicles sold in the country violate its patent laws or not…
Crude edges down in Asia on Caixin PMI
On Tuesday, crude prices traded weaker because a poll on Chinese manufacturing came in weaker than expected and market participants looked ahead to American inventories on oil as well as refined products to set the overall tone…
Deposit with your local payment systems
