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Day: January 31, 2020
January 312020
Canadian Dollar Slides As Coronavirus Fears Hurt Energy Prices
The Canadian dollar is weakening against most major currency rivals to finish the trading week, despite the national economy beating market forecasts in November. The loonieâs fall is being mostly driven by a drop in energy prices caused by demand concerns amid the Wuhan coronavirus. The nationâs fiscal picture and inflation also rose more than what the market had projected. According to Statistics Canada, the gross domestic product (GDP) rose 0.1% […]
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January 312020
Euro Rallies Against the Dollar Ignores Weak Eurozone GDP Data
The euro today rallied to new weekly highs against the US dollar despite multiple disappointing macro reports from across the euro area. The weak dollar primarily drove the EUR/USD currency pair’s rally as US Treasury yields fell dragging the greenback lower. The EUR/USD currency pair today rallied from a low of 1.1017 in the early European session to a high of 1.1067 in the American session and was headed higher at the time of writing. The currency pair […]
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January 312020
USD/JPY May Try to Aim for 110.29
The US dollar versus the Japanese yen currency pair looks like it is aiming to start a new appreciation. But isn’t that a little late for the bulls? Long-term perspective After printing the low of 107.65, the price went back above 108.13 and started an appreciation that rendered the piercing of the level as a false one, thus giving the bulls sufficient optimism to be able to reach 110.29. But from there a strong depreciation came […]
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January 312020
Aussie Flat After Economic Data from China & Australia
The Australian dollar was trading sideways during Friday’s session as traders have paused sell-off of riskier currencies but remained cautious of the spreading coronavirus in China and its potential impact on the global economy. Australian domestic macroeconomic data was in line with expectations, and some of China’s reports were positive. While that provided a short-term boost to the Aussie, it did not last long. The Australian Bureau of Statistics reported that the Producer […]
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January 312020
Japanese Yen Halts Rally While Fears Persist
The Japanese yen halted its rally, trading flat today. For now, it does not seem that the market sentiment shifted much, and the pause in the rally was likely just a result of profit-taking following substantial gains of the currency. Domestic macroeconomic data was mixed, giving no clear picture of the Japanese economy. The situation with the coronavirus epidemic was not improving. The number of confirmed cases in China reached 9692, and the death toll […]
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