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Day: March 16, 2020
March 162020
Canadian Dollar Crashes As Trudeau Shuts Down Border Over COVID-19
The Canadian dollar is crashing against most currency rivals on Monday after the federal government announced that it would shut down the border to non-Canadian citizens. Anyone who is showing symptoms of Covid-19 will not be permitted to enter the country. This was Prime Minister Justin Trudeauâs first major policy response to the virus outbreak, and he confirmed that more fiscal announcements will be coming this […]
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March 162020
Chinese Yuan Slumps As Industrial Output, Retail Sales Crash in COVID-19 Fallout
The Chinese yuan is slumping against multiple currencies to kick off the trading week, driven by a crash in key economic metrics. With a myriad of January-to-February reports coming in, global financial markets are gaining insight into just how much the coronavirus damaged the worldâs second-largest economy. Despite Beijing in the beginning stages of rebooting its economy, it is unclear how long it will take for China to return to full […]
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March 162020
Can 0.6000 Stop the Decline on AUD/USD?
The Australian dollar versus the US dollar currency dropped sharply, but there are some chances for the bulls. Long-term perspective The depreciation that started after the resistance area of 0.7055 and 0.7013, respectively, was confirmed caused a retracement from the 0.6500 mark. The retracement almost touched the 0.6700 level after a decline that reached the 0.6313 level. However, what followed was a strong depreciation, one that managed to pierce 0.6313. One […]
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March 162020
NZ Dollar Tumbles After Emergency Interest Rate Cut from RBNZ
The US Federal Reserve was not the only central bank to make a surprise interest rate cut at the start of the week. The Reserve Bank of New Zealand also announced an emergency cut overnight. Unsurprisingly, the New Zealand dollar reacted negatively to the announcement, opening sharply lower at the start of trading. While the kiwi has trimmed losses by now, it is still trading below the opening level against other currencies, even the US dollar. […]
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March 162020
US Dollar Opens Sharply Lower After Another Surprise Cut from Fed
The US dollar started Monday’s trading session sharply lower compared with Friday’s close. The reason for that was another surprise interest rate cut from the Federal Reserve. Currently, the greenback tries to recover but still trades below the previous session’s close against most of its major rivals. The Fed in a surprise move announced a cut of the target range for the federal funds rate by a whole percentage point to 0%-0.25%. As one could […]
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