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Day: May 7, 2020
May 72020
Turkish Lira Slightly Rebounds After Crashing to Record Low
The Turkish lira is slightly rebounding on Thursday after crashing to a record low against the US dollar early on Thursday. Investors are nervous about Turkeyâs response to the economic fallout from the coronavirus pandemic, as well as the decline in the central bankâs reserves. Could the world bail out Turkey once the COVID-19 crisis subsides? The Turkish economy was already under mounting pressure before the world was shut down due to the virus outbreak. […]
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May 72020
US Dollar Mixed As Pace of Historic Layoffs Slows Down
The US dollar is mixed against its G10 currency rivals on Thursday after new labor data suggests the pace of the historic layoffs in the aftermath of the coronavirus pandemic appear to have slowed down. All eyes will be on the Thursday jobs report, and analysts are anticipating 21 million lost jobs. Have investors already priced in a devastating reading into the broader financial markets? According to the Department of Labor, initial jobless claims […]
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May 72020
Australian Dollar Strongest After Australian & Chinese Trade Data
The Australian dollar rallied against all other most-traded currencies today after positive trade data released in China, Australia’s biggest trading partner, and Australia itself. Reports about the services sector were rather bad in both Australia and China but that did not prevent the Aussie from logging substantial gains. The Australian Industry Group Australian Performance of Services Index sank from 38.7 in March to 27.1 in April, seasonally […]
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May 72020
Euro Trades Sideways on Weak German Data, EU Differences
The euro today traded sideways against the US dollar amid weak macro reports from Germany and France as investors await crucial US jobs data. The EUR/USD currency pair today traded within a tight range following three daily pullbacks as divisions among EU nations persist. The EUR/USD currency pair today traded in a range marked by a high of 1.0816 and a low of 1.0778 and was within this range at the time of writing. The currency […]
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May 72020
Pound Spikes Higher on BoE Rate Decision, Retreats on Dovishness
The Sterling pound today spiked to new daily highs after the Bank of England announced its monetary policy decisions early in the London session. The GBP/USD currency pair later gave up most of its gains as investors digested the BoE’s seemingly dovish stance on the economy amid calls for more stimulus. The GBP/USD currency pair today spiked to a high of 1.2417 after the BoE rate decision, but later gave up most of its […]
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May 72020
AUD/CAD Between 0.9093 and 0.9010
The Australian dollar versus the Canadian dollar currency is in a position from where it could go either up or down. Is there any hint on the direction? Long-term perspective The appreciation that started from the low of 0.8062, after the level of 0.8117 was confirmed as support, continued until it reached the double resistance area made possible by the level of 0.8924 and, more importantly, the trendline that starts from 0.9148. Once […]
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