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Day: March 3, 2020
March 32020
Risk Aversion, Better-than-Expected GDP Unable to Help Swiss Franc
The Swiss franc was surprisingly soft today even though the deadly coronavirus infection continued to spread across the globe, spooking investors and increasing demand for safe-haven assets. Positive macroeconomic reports released in Switzerland on Monday and Tuesday did little to help the currency. The Swissie was soft against almost all currencies, except for the Canadian dollar, which fell today despite rising prices for crude oil, and the US dollar, which collapsed after […]
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March 32020
Euro Recovers From Daily Lows on Fed Emergency Rate Cut
The euro today spiked higher against the US dollar in the early American session after the Federal Reserve announced an emergency interest rate cut of 50 basis points. The EUR/USD currency pair extended its positive streak for the fourth consecutive day having embarked on a significant rally since 21st February when the greenback turned bearish. The EUR/USD currency pair today spiked to a high of 1.1213 after the Fed rate cut having traded […]
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March 32020
Australian Dollar Jumps After RBA Cuts Interest Rates
Fundamentals looked extremely grim to the Australian dollar today. An interest rate cut by Australia’s central bank, unfavorable domestic economic reports, persisting risk aversion on markets — all those factors should have driven the currency down. But instead, the Aussie jumped against almost all of its major rivals, except for the Japanese yen. The Reserve Bank of Australia cut its main interest rate by 25 basis points to 0.5% at Tuesday’s […]
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March 32020
US Dollar Slumps As Federal Reserve Cuts Interest Rates
The US dollar is slumping on Tuesday as the Federal Reserve announced an emergency cut to interest rates. With financial markets tanking and plenty of economic uncertainty surrounding the coronavirus, the central bank cut its benchmark rate by 50 basis points. Stocks fell after an initial bump, but the greenback was largely unaffected by the announcement. With the adjustment, the fed funds rate will be in the target range of 1% and 1.25%. This comes after […]
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March 32020
Japanese Yen Strengthens As BoJ Plans to Help Fight COVID-19 Crisis
The Japanese yen is accelerating against several currencies on Tuesday as the central bank announced that it plans to help stabilize financial markets that have been decimated by the coronavirus. With an already fragile economy on the brink of a recession, the Bank of Japan (BoJ) aims to offer liquidity to ensure Covid-19 does not do any more damage to a country that is scheduled to host the Olympic Games in Tokyo. The announcement was not enough […]
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March 32020
AUD/CAD Is Facing the 0.8692 Support
The Australian dollar versus the Canadian dollar currency pair consolidates at 0.8692. Will the bulls take their chance? Long-term perspective After the flat — lined up by the resistance of 0.9093 and the support of 0.8918 — ended, the price dropped, reaching the level of 0.8692. This fall seems to be an impulsive swing which is part, of course, of a descending trend, the resistance of which is the line obtained by joining the highs of 0.9149 with 0.9049, respectively. The strong drop […]
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