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Day: May 22, 2020
May 222020
Chinese Yuan Weakens As Government Abandons 2020 GDP Target
The Chinese yuan is weakening against its major currency competitors to end the trading week, driven by officials announcing that they are abandoning their gross domestic product (GDP) target for 2020. The yuan is also coming under pressure on US-China tensions regarding trade and Hong Kong. While the worldâs second-largest economy has hit the reboot button, outside factors may pause its reopening. For the first time, China […]
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May 222020
Pound Falls on Weak UK Retail Sales Data and Risk-Off Sentiment
The Sterling pound today fell against the US dollar following the release of disappointing UK retail sales data in the early London session. The GBP/USD currency pair’s decline was further fueled by the risk-off market sentiment as investors priced-in various global risks. The GBP/USD currency pair today fell from a high of 1.2233 in the Asian session to a low of 1.2191 after the release and was headed lower at the time of writing. The currency pair initially remained […]
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May 222020
USD/JPY Bounces off the 108 Psychological Level
The US dollar versus the Japanese yen currency pair is still to decide about the overall direction. Long-term perspective The fall from 111.71 found support in the stable 107.00 level, but even so, the bulls slowly lost their determination, culminating with the confirmation of 108.05 as resistance. This lead to the price breaking the 107.00 support, extending until the low of 106.35, making a throwback, and departing again from the 107.00 level. However, this […]
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