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Day: February 24, 2020
February 242020
US Dollar Rally Sparked by Safe-Haven Demand Amid Coronavirus Crisis
The US dollar is surging to kick off the trading week, buoyed by renewed safe-haven demand as the coronavirus continues to extend outside China. While the situation has relatively stabilized in the worldâs second-largest economy, investors are in a panicky state because of how the outbreak is beginning to intensify all over the world. Despite a slight retreat on Friday, the greenback is looking to test multi-year highs in the coming sessions. The global death toll has surpassed […]
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February 242020
Euro Falls on Coronavirus Fears, Ignores Upbeat German IFO Data
The euro today gapped lower against the US dollar to start of the week trading with a bearish bias amid the risk-off market sentiment created by coronavirus headlines. The EUR/USD currency pair oscillated between gains and losses during today’s session as bears fought to control the pair’s price despite the upbeat German macro reports. The EUR/USD currency pair ended up trading in a wide range marked by a high of 1.0842 and a low of 1.0805 and was within […]
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February 242020
NZD Struggles to Bounce After Opening Lower on Coronavirus Panic
The New Zealand dollar opened sharply lower today as markets were in a panic mode as the coronavirus was spreading from China to other parts of the world. While the currency is trying to trim its losses, it is still trading far below Friday’s close. Mixed domestic macroeconomic data was not helping the kiwi. Investors were panicking after the reports that the deadly virus, which originated in the Chinese province of Wuhan, […]
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February 242020
AUD/USD Heading for 0.6550?
The Australian dollar versus the US dollar currency pair dropped from the 0.6700 multiannual level. Long-term perspective The head and shoulders pattern that confirmed the resistance area made possible by 0.7055 and 0.7013, respectively, and also caused the price to reenter the descending channel (and by doing so the price got beneath the major support of 0.6850), set in motion a strong fall, one that challenged the important 0.6700 psychological level. After the attempts raised by the bulls […]
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