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Day: July 8, 2019
July 82019
Chinese Yuan Rises As New Loans Seen at Five-Month High, Forex Reserves Jump
The Chinese yuan is strengthening to start the trading week as new economic data lifted the currency against several major rivals on Monday. As Beijing begins a trade truce with Washington, foreign exchange reserves were better than expected, which also coincides with new loans expected to surge to their best levels in five months. According to the Peopleâs Bank of China (PBOC), forex reserves climbed $18.23 billion last month […]
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July 82019
AUD/USD Looking Towards 0.7200
The Australian dollar vs. the US dollar is quietly preparing an ascent while evolving casually in the descending channel that began a year ago. Long-term perspective The pair is in a descending trend, the resistance line of which can be drawn by uniting the highs of July 8, 2018, and December 3, 2018, respectively. Besides the resistance line, two major areas that keep the price in check are the strong ex-support area of 0.7053 and 0.7013 […]
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July 82019
Turkish Lira Opens Sharply Lower After Sacking of Central Bank’s Chief
The Turkish lira opened sharply lower today compared to the Friday’s close after the news that Turkish President Recep Tayyip Erdogan sacked central bank’s governor Murat Cetinkaya, giving the office to his deputy instead. While no official explanation for the decision was given, the general consensus is that the reason for the sacking was a refusal of the previous governor to lower interest rates despite the insistence from the president. That raised concerns […]
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July 82019
Japanese Yen Loses Gains Despite Positive Domestic Fundamentals
For a while today, the Japanese yen was one of the strongest currencies on the Forex market, opening sharply higher against its rivals. But by now it has lost gains against all of its major peers despite the positive outlook for Japan’s economy. Domestic macroeconomic data was not especially good, though. The Bank of Japan reported that lending by Japanese banks increased by 2.3% in June from the previous year, while market […]
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