The Chinese yuan is rallying on Tuesday as the worldâs two largest economies appear closer to signing the first phase of their comprehensive trade agreement. The currency was further strengthened on positive factory activity data amid the ongoing global trade hiccups. Could the yuan climb above the seven threshold as Beijing attempts to reverse the economyâs downward trend? The Caixin manufacturing purchasing managersâ index rose to 51.7 in October, up from 51.4 in September […]
Read moreThe Australian dollar versus the New Zealand dollar currency pair is in a consolidation phase that seems to be under bullish pressure. Long-term perspective After falsely piercing the weekly support of 1.0361 and confirming the monthly support of 1.0530, the price conquered a new area — the psychological 1.0700 with the technical correspondent of 1.0689 — above which it began a consolidation phase. The interesting fact about this phase is that it falsely pierced […]
Read moreEUR/USD declined today. One of the possible reasons for the fall was optimism about the US-China trade talks. The currency pair extended the decline after the release of US manufacturing indicators even though the data was mixed. Currently, the pair moves sideways. US trade balance deficit was at $52.5 billion in September, down from $55.0 billion in August and close to market expectations of $52.9 billion. (Event A on the chart.) Markit services PMI dropped […]
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