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Day: October 30, 2019
October 302019
US Dollar Rallies on Federal Reserveâs Cuts to Interest Rates
The US dollar is rallying on Wednesday afternoon after the Federal Reserve cut interest rates for the third time this year. But the big news coming out of the Federal Open Market Committee (FOMC) policy meeting was the central bank indicating that it is hitting the pause button on rate cuts. The third-quarter gross domestic product (GDP) was also in the spotlight leading up to the October meeting. The Fed slashed rates […]
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October 302019
Canadian Dollar Crashes Against US Peer on BoC Rate Decision
The Canadian dollar today crashed against the US dollar after the Bank of Canada announced its interest rate decision, which was widely interpreted as being dovish. The USD/CAD extended its gains as the price of crude oil fell to new lows taking down the loonie given Canada’s reliance on oil exports as a source of foreign income. The USD/CAD currency pair today rallied from a low of 1.3075 to a high of 1.3185 shortly after the BoC […]
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October 302019
Euro Trades Sideways on Mixed US GDP and Upbeat German CPI
The euro today traded sideways against the US dollar following the release of mixed US GDP data in the early American session. The EUR/USD currency pair fell slightly on the upbeat US releases, but its decline lacked conviction following the release of upbeat German consumer data. The EUR/USD currency pair today traded between a high of 1.1127 and a low of 1.1102 and was trading within this range at the time of writing. The currency pair traded […]
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October 302019
AUD/CAD Is Shaping a Diamond at 0.8918
The Australian dollar versus the Canadian dollar currency pair gives some signs of bottoming around the 0.8900 psychological level. Long-term perspective After oscillating in the descending channel that started at the 0.9600 psychological level, the price seems to have found support at 0.8912. The false piercing of the resistance line of the descending channel, along with the false piercing with the 0.8918 support level, leaves behind a price action that begins to shape a diamond. This […]
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