Day: January 22, 2020

January 22
2020

Sterling Remains Strongest After CBI Manufacturing Report

The Great Britain pound continued to be the strongest currency on the Forex market thanks to domestic macroeconomic data. Today, a manufacturing report from the Confederation of British Industry was the reason for the sterling’s amazing performance. The CBI reported that business optimism improved sharply in the three months to January, jumping to +23% from -44% in October. The indicators improved with the fastest pace since April 2014. But Tom Crotty, Group Director at INEOS and Chair […]

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January 22
2020

Chinese Yuan Flat As Virus Outbreak Triggers Growth Concerns

The Chinese yuan is trading relatively flat against a myriad of currency rivals midweek as the nation’s virus outbreak has triggered economic growth concerns. After last week’s better-than-expected gross domestic product (GDP) figures and the International Monetary Fund (IMF)’s optimistic forecast, the spread of the Wuhan coronavirus could throw a wrench into the country’s plans to rebound from its slump. On Monday, the IMF revised its GDP forecast for China from […]

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January 22
2020

Aussie Mixed amid Improving Market Sentiment, Disappointing Australian Data

The Australian dollar was mixed today as market participants were digesting news about the coronavirus that has started in China. The Aussie was flat against a range of major currencies, jumped versus the Canadian dollar, and dropped against the Great Britain pound. Macroeconomic reports released in Australia today were poor. On Tuesday, markets were in a risk-off mode as a dangerous coronavirus has broken out in China and started to spread to other countries. But […]

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January 22
2020

Canadian Dollar Rallies on Inflation Report, Crashes on BoC Rate Decision

The Canadian dollar today rallied against its US counterpart in the first half of today’s session driving the USD/CAD to its daily lows boosted by in-line inflation figures. However, the currency pair quickly reversed course after the Bank of Canada announced its rate decision, which was interpreted as being very dovish. The USD/CAD currency pair today fell to a daily low of 1.3036 in the early American session before spiking to a high of 1.3140 […]

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January 22
2020

Euro Struggles to Rally Amid Davos Forum and Coronavirus Threat

The euro today struggled to rally against the US dollar as the World Economic Forum drags on in Davos, Switzerland. The EUR/USD currency pair today fell to new 2020 lows before recouping its losses as investors grappled with the emerging risk posed by the Coronavirus. The EUR/USD currency pair today fell to a low of 1.1075 before rallying to a high of 1.1095 and was in the middle of this range at the time of writing. The currency pair struggled to rally today despite […]

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January 22
2020

GBP/AUD May Have the Green Lights for 1.9470

The Great Britain pound versus the Australian dollar currency pair extended above 1.9053. Is this the new direction or it’s just the bears preparing to short? Long-term perspective After starting at 1.7634 and extending until l.9470, the ascending trend was challenged by a strong retracement, limited between the 1.9522 high and 1.8651 low, respectively. But the bulls guarded the support of 1.8742, facilitating an upward movement towards 1.9053. But the bears were not […]

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