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Day: March 19, 2020
March 192020
Pound Remains Under Pressure Despite Bank of England Rate Cut
The Sterling pound today had a muted reaction to an emergency rate cut by the Bank of England after the close of the London markets. The GBP/USD spiked higher briefly before heading lower as the greenback posted gains due to high demand. The GBP/USD currency pair today fell to a low of 1.1471 before rallying to a high of 1.1793 after the BoE rate cut, then giving up most of its gains to trade sideways at the time of writing. The currency pair […]
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March 192020
US Dollar Weakens As Weekly Jobless Claims Surge Amid COVID-19 Market Rout
The US dollar is weakening against a few currencies on Thursday as new labor data confirms that the Covid-19 pandemic is beginning to have a negative effect on the strong labor market. But the decline was capped by the Federal Reserve announcing temporary dollar swap lines with nine central banks for several months. Despite the dramatic impact the coronavirus has had on the worldâs largest economy, the US dollar has been the lone bright […]
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March 192020
NZ Dollar Sinks to New Multi-Year Lows Even After Decent GDP Report
The New Zealand dollar dropped to new multi-year lows against other most-traded currencies today. Losses were across the board as the kiwi was falling even against other vulnerable commodity currencies. Even the GDP report that came out in line with expectations was unable to help the New Zealand currency. Statistics New Zealand reported that gross domestic product rose by 0.5% in the December 2019 quarter from the previous […]
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March 192020
Aussie Attempts to Recover After Plunging to Lowest in Decade
The Australian dollar plunged to the lowest level in more than a decade against a range of currencies today but now is trying to recover. As was expected, the Reserve Bank of Australia announced additional monetary stimulus. Meanwhile, employment data showed surprisingly good results. The RBA announced another 25 basis point interest rate cut to 0.25%. Such a move was widely expected by market participants. Furthermore, the central bank pledged to keep […]
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March 192020
AUD/NZD at the Weekly Support of 1.0000
The Australian dollar versus the New Zealand dollar currency pair reached a very important support area. Is possible to see a bullish comeback from here? Long-term perspective After the confirmation as a resistance of the 1.0837 level, which left behind the peak of 1.0865, the price declined until the next support area, 1.0361 — a weekly level. After a consolidative phase, the price resumed the fall, piercing the support and reaching the next important support area, the weekly […]
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