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Day: March 11, 2020

March 11
2020

US Dollar Rallies Amid COVID-19 Global Pandemic Declaration

The US dollar is making a late-day rally against multiple currency competitors midweek after the World Health Organization (WHO) officially declared that the coronavirus is now a global pandemic. The greenback had been relatively quiet in the middle of the trading week, but investors fled to the traditional safe-haven asset following the international body’s announcement. WHO Director-General Dr. Tedros Adhanom Ghebreyesus confirmed at a headquarters news conference in Geneva the number of confirmed […]

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March 11
2020

Euro Rises Then Falls on Rising Coronavirus Cases and Equities Sell-Off

The euro today rallied against the US dollar earlier in the session before falling later during the American session as the global equities sell-off deepened. The EUR/USD currency pair headed lower as European stock markets closed in the red and American markets opened lower later in the day. The EUR/USD currency pair today rallied to a high of 1.1366 in the early European session before falling to a low of 1.1257 in the American session and was near these lows at the time […]

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March 11
2020

Chinese Yuan Rises As Financial Markets Brace for China’s Reboot

The Chinese yuan is rising against the US dollar and is mixed against other currency rivals, midweek as global financial markets brace for China’s reboot. With the death toll and the number of confirmed cases subsiding, Beijing is preparing to gradually return to normal. But just how bad was the coronavirus for the Chinese economy? The consensus is simple: expect the worst and hope for the best. It is estimated that the world’s second-largest economy […]

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March 11
2020

HYCM: The World of Forex

Forex is a trade arena where investors trade in foreign currencies. This article explores the features of Forex, a market with a daily turnover of approximately $3 trillion. How Does Forex Work? The Forex market is open to investors 24 hours a day, 5 days a week, following the trading week. Currency values fluctuate throughout […]

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March 11
2020

Sterling Extremely Volatile After BoE Emergency Interest Rate Cut, Disappointing GDP

The Great Britain pound was extremely volatile today. The main reason for the currency’s sharp moves was an emergency interest rate cut from the Bank of England. The sterling sank immediately after the announcement, recovered quickly afterward but backed off a bit after a release of a bunch of disappointing macroeconomic reports, including GDP print. The BoE surprised markets by announcing an emergency interest rate cut by 50 basis points to 0.25%. While a cut […]

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March 11
2020

Australian Dollar Attempts to Rebound After Flash Crash

The Australian dollar rose today, attempting to rebound after the recent flash crash. But today’s gains were nowhere near enough to erase losses the currency has logged since the end of the last week. The coronavirus continues to spread across the globe, hurting demand for riskier currencies linked to commodities. Negative domestic macroeconomic data was not helping the matter either. Guy Debelle, Deputy Governor of the Reserve Bank of Australia, talked about […]

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March 11
2020

Could NZD/CAD Fall Again from 0.8616?

The New Zealand dollar versus the Canadian dollar currency pair sits just above the neckline level of the head & shoulders that started the year and fueled the strong depreciation that followed. Might it happen again? Long-term perspective The peak of 0.8799 marks the height of the head and shoulders pattern. The chart formation, after its neckline at 0.8616 was pierced and confirmed as resistance, allowed the bears to push the prices to the weekly support of 0.8344. At the beginning […]

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