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Day: February 6, 2020
February 62020
Pound Falls to New 2020 Lows as the Dollar Hits Multi-Month Highs
The Sterling pound today edged lower against the US dollar for the second consecutive session as investors remained worried about a hard Brexit. The GBP/USD currency pair fell amid a lack of significant releases from the UK docket and was fueled by the much stronger greenback. The GBP/USD currency pair today fell from a high of 1.2998 in the early London session to a low of 1.2949 in the American session and was near these lows at the time of writing. The currency […]
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February 62020
US Dollar Gains After Positive Economic Reports
The US dollar rallied today following better-than-expected macroeconomic releases in the United States. Now, traders wait for tomorrow’s nonfarm payrolls. The major piece of news today was the tariff cut by China on $75 billion worth of US goods. Tariffs of 10% on some goods will be reduced to 5%, and 5% tariffs will be reduced to 2.5%. The retaliatory tariffs, implemented in response to the similar levies slapped by the United States on Chinese imports, were […]
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February 62020
Czech Koruna Rallies After Interest Rate Hike
The Czech koruna rallied today after the nation’s central bank surprised markets, raising interest rates despite the threat of a global economic slowdown. Currently, the currency has backed off from the day’s highs but is still trading above the opening level. The Czech National Bank boosted its benchmark interest rate by a quarter of a percentage point to 2.25%. Other interest rates were lifted as well. The decision surprised market participants. […]
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February 62020
Chinese Yuan Rebounds on Expected Stimulus, Cut in Tariffs
The Chinese yuan is rebounding on Thursday as reports suggest that the central bank will unleash additional stimulus to contain the Wuhan coronavirusâ impact on the worldâs second-largest economy. While the death toll and number of confirmed cases have risen in China, global financial markets believe that the outbreak is waning. These reports come as Beijing is set to cut tariffs on US goods and report crucial trade data on Friday. According to Reuters, […]
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February 62020
Euro Flat-to-Higher Despite Slump of German Manufacturing Orders
The euro was flat today and even gained on some of its rivals despite the slump of German manufacturing orders. The likely reason for the decent performance was the positive market sentiment. The Federal Statistical Office reported the German manufacturing orders dropped by 2.1% in December from the previous month. The actual reading was far worse than an increase of 0.6% predicted by analysts. On a more positive note, the previous month’s decline got a revision from 1.3% […]
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February 62020
NZ Dollar Little Changed After Mixed Employment Data
The New Zealand dollar was little changed today as local markets were closed for a holiday. The currency did not show a clear trend yesterday either after the release of mixed employment data in New Zealand. Statistics New Zealand reported that the number of employed people remained unchanged in the December quarter of 2019 versus expectations of a 0.3% increase. Employment grew by 0.2% in the previous three months. The unemployment rate fell from 4.1% […]
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February 62020
Australian Dollar Strongest, Rising for Fourth Session
The Australian dollar was the strongest currency on the Forex market today, rallying for the fourth consecutive day thanks to the improving investors’ sentiment. The currency managed to rally even though domestic macroeconomic data failed to meet expectations for the most part. The Wuhan coronavirus continues to spread as the number of confirmed cases in China climbed by 3,694 to 28,018, while the death toll increased by 73 to 563. Yet it looks like investors hope that the measures to contain […]
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February 62020
Trendline on AUD/CAD May Send It to 0.8918
The Australian dollar versus the Canadian dollar currency pair is at a very interesting spot. Long-term perspective After printing the high of 0.9149, the price retraced under the 0.9093 resistance level and continued a descent that pierced the potential support of 0.9010 and extended all the way to 0.8918. From 0.8918 an appreciation commenced, one that tried to conquer 0.9010, but ended up confirming it as resistance. In the process, a false piercing of the 0.9010 level took […]
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