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Day: February 28, 2020
February 282020
US Dollar Rallies As Market Turmoil Spurs Safe-Haven Demand
The US dollar is rallying against several major currency rivals at the end of the trading week, driven by the financial market turmoil that has spurred safe-haven demand for the greenback. While the global coronavirus outbreak has dominated the business headlines, positive economic data is adding to the buckâs gains on Friday. In January, personal income rose 0.6%, up from the 0.1% gain in December. Personal spending slipped 0.2% last month, down […]
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February 282020
Canadian Dollar Falls on Weak Oil Prices, Spikes On In-Line GDP Data
The Canadian dollar today extended its losses against the US dollar for the third consecutive day as global crude oil prices fell to lows last seen in December 2018. The Commodity-linked loonie’s performance was boosted slightly by the Canadian GDP data, but the risk-off market sentiment created by the Chinese coronavirus headlines hindered its rally. The USD/CAD currency pair today rallied to a high of 1.3465 from an opening low of 1.3386 but as off […]
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February 282020
Strong Correction on USD/JPY from 112.25
The US dollar versus the Japanese yen currency pair retraced drastically. Are the bulls in danger in the long term? Long-term perspective After printing the low of 104.44, the price went above the 105.55 support level and from there all the way to the 110.29 resistance. But before reaching 110.29, the bulls were challenged, as the bears tried to establish the price under the 108.13 level. Their victory is marked by the low of 107.65. Joining the two aforementioned […]
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