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Day: April 30, 2020
April 302020
Canadian Dollar Soft Despite Rally of Crude Oil
The Canadian dollar was trading in the red for the most part today. The loonie was flat against the Japanese yen and gained on the Australian dollar but dropped versus the rest of the most-traded currencies. This is surprising considering the strong rally of crude oil, Canada’s major export commodity. Futures for North American crude oil jumped more than 18%, while the global benchmark Brent grade rallied more than 12%. Usually, the Canadian […]
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April 302020
South Korean Won Struggles for Direction as Output, Retail Sales Beat Forecasts
The South Korean won is looking to extend its gains on Thursday as economic data keeps beating market forecasts. The won, which had weakened due to reports of North Korean leader Kim Jong-unâs deteriorating health, is set for a considerable gain in April â and analysts say its best days are ahead as Seoul weathers the storm. According to Statistics Korea, industrial production advanced 4.6% in March, up from the 3.8% […]
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April 302020
Swiss Franc Among Strongest Despite Negative Domestic Data
The Swiss franc was one of the strongest currencies today, rising against almost all other most-traded rivals. The only exception was the Great Britain pound, which managed to hold its ground versus the franc. Even very negative domestic data did not prevent the currency of Switzerland from rising. Switzerland Federal Statistical Office reported that seasonally adjusted retail sales collapsed by 5.6% in March, year-on-year. Economists were […]
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April 302020
US Dollar Holds Steady As 30 Million Jobs Lost in Six Weeks
The US dollar is holding steady against a basket of currencies on Thursday after the federal government released the latest jobs numbers in the economic fallout of the coronavirus. In total, about 30 million Americans have lost their positions in just six weeks, and based on what the Federal Reserve stated on Wednesday, more economic pain is coming in the next couple of months. According to the Department of Labor, the initial jobless claims reading was 3.839 million […]
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April 302020
Euro Trades Sideways on Mixed Macro Prints and ECB Rate Decision
The euro today alternated between gains and losses against the US dollar amid a raft of releases from across the euro area that kept the pair trading in a wide range. The EUR/USD currency pair reacted differently to the mixed European releases such as Germany’s retail sales data among others as it struggled to find direction. The EUR/USD today traded within a wide range marked by a high of 1.0891 and a low of 1.0851 and was still within […]
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April 302020
Japanese Yen Flat After Economic Data, Falls vs. Franc & Sterling
The Japanese yen traded largely sideways today, though it slid against the Great Britain pound a bit and dropped versus the Swiss franc. The market sentiment was swinging between optimism and pessimism, making it hard for currencies to find a clear direction. Japanese macroeconomic data looked rather dire but not all reports turned out to be as bad as analysts were expecting. Japan’s Ministry of Economy, Trade, and Industry reported […]
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April 302020
Pound Rallies on Bullish Sentiment Despite Rising UK COVID-19 Cases
The Sterling pound today rallied higher against the US dollar despite the current lockdown in the UK amid rising coronavirus cases as opposed to other European countries. The GBP/USD currency pair today rallied higher as the dollar retreated driven by the risk-on market sentiment as Boris Johnson prepares to host a cabinet meeting today. The GBP/USD currency pair today rallied from an opening low of 1.2428 in the Asian session to a high of 1.2517 in the mid-London session and was […]
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April 302020
Australian Dollar Soft as Market Sentiment Worsens
The Australian dollar traded lower for the most part today as traders’ optimism was evaporating. The relatively positive Chinese macroeconomic data was unable to provide the Aussie a boost. Economic indicators in Australia itself were mixed. The Australian Bureau of Statistics reported that import prices fell in the March quarter by 1.0% instead of rising at the same rate as analysts had predicted. Year-on-year, though, the prices increased by 0.9%. The main contributors to the quarterly decline were […]
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April 302020
AUD/CAD Back at 0.9093
The Australian dollar versus the Canadian dollar currency pair is testing the important area of 0.9093. Where could the market go to? Long-term perspective The firm retracement that etched the low of 0.8062 caused a series of upward pointing legs, each of them confirming significant levels. The last of them, 0.8472, facilitated a rally that managed to pierce not only the level of 0.8924 but also the double resistance drawn by the level of 0.9010 and the trendline […]
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April 302020
NZ Dollar Flat-to-Higher After Domestic, Chinese Data
The New Zealand dollar was trading either flat or slightly higher against other currencies, including its commodity-related counterparts. The kiwi got a boost from positive macroeconomic data released in both China, New Zealand’s biggest trading partner, and New Zealand itself. The optimistic market sentiment was helping the currency too. The ANZ business confidence stood at -66.6 at the end of April, up from -73.1 in the preliminary report released in the first […]
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