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Day: June 26, 2020
June 262020
Pound Plunges to 4-Week Lows on Brexit Jitters, Rising COVID-19 Cases
The Sterling pound today fell to new 4-week lows against the US dollar given the empty UK docket and the prevailing risk-off market sentiment, which favoured the dollar. The greenback’s rally triggered the GBP/USD currency pair’s crash amid a confluence of negative factors that weighed on the pound, including fears of a no-deal Brexit. The GBP/USD currency pair today fell from a high of 1.2436 in the Asian session to a low of 1.2314 at the opening of the American markets but […]
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June 262020
Chinese Yuan Flat As IMF Forecasts Economic Growth in 2020, 2021
The Chinese yuan is flat against most of its currency rivals at the end of the trading week, despite a new report that suggests Chinaâs economy will buck the global trend and grow this year. China recently kickstarted its economic rebound, but early data indicators highlight that Beijingâs efforts are only producing a slow recovery. In 2020, the global economy is projected to contract 4.9% due to the coronavirus pandemic […]
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June 262020
Can the Bulls Confirm 107.00 as Support on USD/JPY?
The US dollar versus the Japanese yen currency pair seems to have recovered, but is the recovery sustainable? Long-term perspective The fall from the 109.85 high extended to the 106.12 intermediary support. From there, a bullish engulfing candlestick pattern formed, one that took the price above the 107.00 psychological level. The interesting part is that this pattern came after the previous failure of the bulls to keep the price above this level, […]
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