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Day: July 1, 2020
July 12020
Pound Rallies on UK Manufacturing PMI and Positive Sentiment
The British pound today rallied higher against the US dollar extending yesterday’s positive momentum boosted by Boris Johnson‘s promises of more spending to boost the UK economy. The weak dollar also raised the GBP/USD currency pair as investors reacted to news that a potential coronavirus vaccine had shown positive results in early clinical trials. The GBP/USD currency pair today rallied from a low of 1.2360 in the Asian market to a high of 1.2490 during the American […]
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July 12020
Chinese Yuan Weakens Despite Strong PMI Readings, PBoC Stimulus
The Chinese yuan is weakening against the US dollar and other major currency rivals in the middle of the trading week. Global financial markets were pleased to learn that manufacturing and non-manufacturing activity has rebounded at a faster-than-expected clip over the last month, leading to optimism that Chinaâs economic recovery is beginning to accelerate. With additional central bank stimulus can Beijing achieve growth in 2020? On Wednesday, the Caixin China General Manufacturing […]
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July 12020
Euro Falls on Upbeat Euro Area PMIs, Rallies on Upbeat US PMI Data
The euro today fell against the US dollar despite upbeat releases from German combined with positive euro area PMI data released by Markit Economics. The EUR/USD currency pair rallied higher after the release of upbeat US PMI data, which was surprising given that the print beat analysts expectations by a wide margin. The EUR/USD currency pair today rallied from a daily low of 1.1185 to a high of 1.1275 during […]
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July 12020
Rising Wedge on AUD/NZD at 1.0707?
The Australian dollar versus the New Zealand dollar currency pair seems to draw a falling wedge. Is this, finally, the moment the bears have been waiting for? Long-term perspective The rally that started at the 0.9991 low, after the 1.0013 level got confirmed as support, evolved until the peak of 1.0880, but did not manage to validate 1.0826 as support, despite oscillating above it. From there, the price retraced under the firm […]
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