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Day: December 16, 2019
December 162019
Chinese Yuan Rallies As Industrial Output, Retail Sales Beat Forecasts
The Chinese yuan is rallying against multiple currencies to kick off the trading week, buoyed by industrial production and retail sales beating market expectations. With the first phase of a comprehensive US-China trade agreement established, global financial markets have been extended some certainty, which is good news for the worldâs second-largest economy and its currency. According to the National Bureau of Statistics, industrial output surged 6.2% year-on-year in November, up […]
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December 162019
Pound Rallies Then Falls on Weak PMIs and Profit Taking
The pound today rallied briefly against the US dollar before falling to its daily lows as traders continued to take profits from the post-election rally. The GBP/USD currency pair was also affected by the weak PMI data released by Markit Economics in the London session and Brexit optimism. The GBP/USD currency pair today rallied to a high of 1.3422 before falling to a low of 1.3321 in the American sessions and was trading near these lows at the time of writing. […]
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December 162019
USD/JPY Topping at the 109.70 Area?
The US dollar versus the Japanese yen currency pair seems to have some trouble climbing to new highs. Is it so or is it just pausing? Long-term perspective Although the trend from 104.44 seems to have ended, as the support trendline of the channel was pierced, the ascending movement itself did not, at least for the time being. The first reason for such a view can be ascribed to the fact that the area from were […]
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