The Chinese yuan is strengthening against major currency rivals to kick off the trading week, despite recent economic data falling short of expectations. Investors seem to be more bullish on US-China trade optimism, partially ignoring the latest industrial and retail sales numbers. According to the National Bureau of Statistics, value-added industrial production climbed 4.4% in August from the same time a year ago, down from the 4.8% jump in July. This […]
Read moreThe Australian dollar versus the Canadian dollar currency pair seems to have ended the descending period and is now looking for extensions on the upside. Long-term perspective Since the confirmation of the 0.9583 resistance level, the price has been contained by the descending channel. But the previous week put an end to the decrease — at least for the moment — as the price pierced the resistance line of the channel. The piercing came after the formation of a double bottom and peaked at 0.9143. Such a piercing requires the confirmation […]
Read moreEUR/USD started the week extremely soft, demonstrating a big drop on Monday. Market analysts speculated that the reason for the decline were dovish comments from European Central Bank officials, which suggested the central bank will maintain or even expand its monetary stimulus. Additionally, speculators trimmed bets on interest rate cuts from the Federal Reserve, though they generally still anticipate a cut this week. NY Empire State […]
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