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Day: April 23, 2020
April 232020
Pound Rallies Despite Negative UK PMIs and High COVID-19 Cases
The British pound today rallied higher against the US dollar despite the release of disappointing UK PMI data by Markit/CIPS as traders remained bullish on the pound. The GBP/USD currency pair alternated between gains and losses as traders fought for control at a critical resistance level ignoring the fundamentals. The GBP/USD currency pair today rallied from a low of 1.2308 in the early London session to a high of 1.2415 in the American session but was off these highs at the time […]
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April 232020
US Dollar Mixed on Worse-Than-Expected Jobless Claims
The US dollar is mixed against its most-traded currency competitors on Thursday after the government released a worse-than-expected jobless claims report. But the job-loss trend may have peaked after three consecutive weeks of falling numbers, leaving markets indifferent to the weekly figures. According to the Department of Labor, initial jobless claims clocked in at 4.427 million for the week ending April 18, worse than the median estimate of 4.2 million. This is […]
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April 232020
Euro Falls to Fresh Monthly Lows on Negative Euro Area PMIs
The euro today fell to new lows against the US dollar following the release of disappointing PMI data from across the euro area by Markit Economics. The EUR/USD currency pair crashed as traders reacted to the PMI prints that were lower than expected, reflecting the impact of the COVID-19 pandemic. The EUR/USD currency pair today fell from a high of 1.0835 in the late Asian session to a low of 1.0776 after the PMI releases and was heading lower […]
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April 232020
AUD/NZD Halfway to the Next Target
The Australian dollar versus the New Zealand dollar currency pair is in reach of the next major resistance level, 1.0689. Should the bulls have any concerns? Long-term perspective From the high of 1.0865, the price extended until the low of 0.9993, a low that confirmed the weekly support level of 1.0037. Being such an important level, it facilitated a rally strong enough to break, and depart from, the descending trendline that starts from the high. […]
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