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Day: March 13, 2020
March 132020
Canadian Dollar Surges As BoC Announces Surprise 50-Basis-Point Cut
The Canadian dollar is rallying to close out the trading week after the Bank of Canada (BoC) announced a surprise 50-basis-point cut to interest rates. This comes one week after the central bank imposed a 0.5% reduction that mirrored the Federal Reserveâs recent emergency action. The BoC confirmed that it is not done, signaling that it is ready to do more if it is necessary. BoC head […]
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March 132020
Chinese Yuan Rebounds As PBoC Unveils Additional Stimulus Measures
The Chinese yuan is rebounding at the end of the trading week, buoyed by the central bankâs recent stimulus measures to stimulate the worldâs second-largest economy as the country tries to return to normal. The yuan had breached the crucial 7 mark against the US dollar this week, but the currency might recover amid encouraging economic progress. On Friday, the Peopleâs Bank of China (PBoC) announced a $79 billion stimulus push to help the nationâs private sector recover […]
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March 132020
Euro Sidelined by Coronavirus Despite In-Line German Inflation Data
The euro today traded with a negative bias against the US dollar extending its losing streak for the fourth straight session as the risk-off sentiment dominated markets. The EUR/USD currency pair’s performance was also negatively affected by the rising coronavirus cases globally, which has seen investors buy the safe-haven greenback. The EUR/USD currency pair today rallied to a high of 1.1221 in the Asian session before falling to a low of 1.1143 in the mid-European session and was […]
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March 132020
Can USD/JPY Maintain Recovery Above 105.55?
The US dollar versus the Japanese yen currency managed to get above the important weekly level of 105.55. Is this a sustainable recovery? Long-term perspective The strong depreciation that came about after the confirmation of the double resistance, made possible by the upper line of the ascending channel and the level of 112.25, extended to as low as the monthly support of 101.18. From 101.18, the price sharply appreciated, reaching the weekly support of 105.55. Even if the bears tried to confirm […]
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