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Day: March 25, 2020
March 252020
Chinese Yuan Weakens As PBoC Mulls Additional Monetary Stimulus
The Chinese yuan is weakening against most major currency rivals midweek as reports suggest that the Peopleâs Bank of China (PBoC) is considering a reduction in interest rates that financial institutions are required to pay depositors. Analysts are still bearish on the worldâs second-largest economy, warning of double-digit economic contraction in the first quarter of 2020. Will the central bank implement more monetary stimulus measures? As China hits the reboot button […]
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March 252020
US Dollar Slips As $2 Trillion Stimulus Package Nears Agreement
The US dollar is continuing its streak of losses midweek as the federal government prepares to pass the $2 trillion stimulus package, which has sparked a rally in equities for two straight sessions. With a heightened risk appetite, investors are pouring into riskier currencies after liquidating everything to buy the greenback throughout the market turmoil. Is the buck set to plunge even further? On Tuesday evening, the White House and Senate struck a deal […]
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March 252020
Euro Rallies on US Stimulus Package Despite Weak German IFO Data
The euro today rallied higher against the US dollar driven by the markets higher risk appetite after the US Senate agreed on a multi-trillion stimulus package. The EUR/USD currency pair’s gains were also helped in part by the easing demand for the US dollar after the Federal Reserve provided swap lines for the currency. The EUR/USD currency pair today rallied from an initial low of 1.0760 in the Asian session to a high of 1.0849 in the mid-European session but had […]
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March 252020
GBP/CAD May Target 1.7160
The Great Britain pound versus the Canadian dollar currency pair managed to appreciate from 1.6620. Would the pair be able to sustain the gains? Long-term perspective The false piercing of the long-time resistance area represented by the level of 1.7812 sent the price in a spiral, thus reaching the next important zone, 1.6620, respectively. But from there, the price retraced all the way to 1.6986. By doing so, it also reentered into the descending channel, but […]
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