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Day: January 24, 2020
January 242020
Canadian Dollar Weakens Despite Strong November Retail Sales
The Canadian dollar is weakening against most major currency competitors to close out the trading week. Despite retail sales coming in stronger than expected and inflation matching market expectations, the loonieâs decline could still be driven by the central bank leaving interest rates unchanged. Is the market signaling that a rate cut is needed to resuscitate economic growth? In November, retail sales climbed 0.95%, rebounding from the 1.1% […]
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January 242020
Pound Falls on BoE Rate Cut Fears, Despite Positive UK Flash PMIs
The Sterling pound today succumbed to pressure and fell from its daily highs despite the release of upbeat UK flash PMIs by Markit Economics in the early London session. The GBP/USD currency pair spiked higher briefly before falling as investors fear a rate cut by the Bank of England at their monetary policy meeting next week. The GBP/USD currency pair today spiked to a high of 1.3171 after the PMI releases before quickly falling to a low […]
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January 242020
USD/JPY Halted by 110.29
The US dollar versus the Japanese yen currency pair retraced quite strongly from the 110.29 resistance level. Is this a clue that the bulls are out of the game for a while? Long-term perspective The ascending trend that started after the low of 104.44 was printed managed to touch the resistance of 110.29. The level of 110.29 was expected to serve as a profit booking area for the buyers that entered from 108.13. However, the resulting retracement was […]
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