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Day: April 24, 2020

April 24
2020

US Dollar Weakens After Crash in Durable Goods Orders

The US dollar is weakening against its major currency competitors to finish the trading week. While the greenback is on track for a weekly boost, the buck fell on the latest worse-than-expected economic data. The dollar’s descent on Friday could also be driven by inflation fears as the federal government approved another massive spending bill. According to the US Census Bureau, new orders for manufactured durable goods cratered 14.4% in March, which is the sharpest […]

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April 24
2020

Australian Dollar Falls Then Recovers Driven by Investor Sentiment

The Australian dollar today fell against the US dollar before recovering to trade at breakeven driven by positive investor sentiment and news events. The AUD/USD currency pair today rallied higher as investors bought the Aussie ahead of a gradual reopening of Australia’s economy. The AUD/USD currency pair today fell to a low of 0.6337 in the late Asian session before reversing course and heading higher to hit a high of 0.6384 and was trading near these highs at the time […]

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April 24
2020

Canadian Dollar Posts Gains as Oil Recovers and Trades Sideways

The Canadian dollar today extended its winning streak against the US dollar as the recovery in crude oil prices saw the US crude oil trading sideways in a tight range. The USD/CAD currency pair fell for the third consecutive session as crude oil prices recovered strongly from Monday’s crash despite concerns about global demand for the commodity. The USD/CAD currency pair today fell from a high of 1.4115 in the early European session to a low […]

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April 24
2020

Euro Mixed After Collapse of German Business Climate, EU Rescue Package Disagreement

The euro fell against the US dollar and the bigger-than-expected slump of the German business climate and the disagreement between the European Union members about how to tackle financial stimulus to the economy. Against other rivals the euro was mixed. The Ifo Business Climate Index plummeted from 96.0 in February to 86.1 in March, seasonally adjusted. It was the lowest level since June 2009. Furthermore, it was the steepest drop since German unification. The report […]

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April 24
2020

Great Britain Pound Soft After Retail Sales, Tries to Hold Ground

The Great Britain pound was soft today, erasing its earlier gains versus commodity currencies. The reason for the currency’s underwhelming performance was a worse-than-expected retail sales report. But the sterling did not perform particularly poorly despite the rather negative data and even managed to hold gains against a number of currencies, including the euro and the Swiss franc. Britain’s Office for National Statistics reported that retail sales slumped by 5.1% in March, […]

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April 24
2020

USD/JPY Just Under the 108.13 Resistance

The US dollar versus the Japanese yen currency pair sits in a consolidative phase. What may come after it? Long-term perspective The lift form the monthly support of 101.18 managed to extend until the 111.70 high. By doing so, it also reentered into the ascending channel that starts from the low of 104.44. But as the price failed to find support after the correction from the peak of 111.70, it dropped, yet again, under […]

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April 24
2020

Japanese Yen Flat, Tries to Gain on Commodity Currencies

The Japanese yen was about flat versus major currencies today. The yen was trying to rise against commodity currencies but so far it had limited success. Negative domestic macroeconomic data and the rise of crude oil prices were working against the Japanese yen but the pessimistic mood, which persists among investors, was working in favor of the Japanese currency. The Statistic Bureau of Japan reported that the national core […]

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