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Day: May 13, 2020
May 132020
Japanese Yen Strengthens on BoJâs âWhatever We Canâ Approach to Rescue Economy
The Japanese yen is strengthening against its G10 currency counterparts midweek, driven by the central bankâs signal that it would impose additional monetary stimulus to save the worldâs third-largest economy. Investors were also bullish on new data showing banks are increasing their lending programs. With Tokyo planning to top up its $1 trillion stimulus efforts, could Japan avoid a financial crisis in the aftermath of the coronavirus? […]
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May 132020
US Dollar Recovers As Federal Reserve Dismisses Negative Interest Rates
The US dollar has wiped out all its losses from earlier in the midweek trading session after the Federal Reserve dismissed it would be introducing negative interest rates. Fed Chair Jerome Powellâs grim assessment of the US economy could prompt investors to pour into the greenback as a safe-haven asset since financial markets tumbled throughout his press conference. On Wednesday, the head of the central bank delivered prepared remarks […]
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May 132020
Australian Dollar Strongest on Economic Data, Market Sentiment
The Australian dollar rallied today, turning out to be the strongest currency on the Forex market during Wednesday’s trading. The possible reasons for the rally were good domestic macroeconomic data and optimism about an exit from the lockdown in Australia as well as other countries around the world. The Australian Bureau of Statistics reported that the Wage Price Index rose 0.5% in the March quarter from the previous three months. The rate of increase was stable, unchanged from […]
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May 132020
NZ Dollar Weakest After RBNZ Expands QE Program, Talks About Negative Interest Rates
The New Zealand dollar was the weakest currency on the Forex market today, sinking after the monetary policy announcement from the Reserve Bank of New Zealand. While the central bank kept its benchmark Official Cash Rate (OCR) unchanged, it almost doubled the scale of the quantitative easing program. The RBNZ left its key interest rate unchanged at 0.25% — a move that was widely expected by markets. At the same time, the bank increased […]
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May 132020
Pound Spikes Higher as UK GDP Beats Estimates Despite COVID-19
The Sterling pound today spiked higher against the US dollar after the release of multiple positive UK fundamental reports including positive GDP data earlier today. The GBP/USD currency pair rallied higher as investors reacted to the positive reports, which indicated that the British economy fared surprisingly better than expected during Q1 2020. The GBP/USD currency pair today spiked from an opening low of 1.2251 to a high of 1.2301 after […]
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May 132020
AUD/CAD on the Grey Line at 0.9093
The Australian dollar versus the Canadian dollar currency pair seems to be willing to still think where to go next. But does the market offer some guides? Long-term perspective After stamping the low of 0.8062, the surge that took place from the 0.8117 level brought the price above the double resistance area created by the 0.8924 level and the trendline. Once here, the bears tried to put pressure to send the price back, just as it […]
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