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Day: July 10, 2020
July 102020
Euro Rallies on New of Potential COVID-19 Cure, Positive Sentiment
The euro today rallied higher against the US dollar on news of a possible cure for the novel coronavirus, which saw investors bid up riskier assets such as the single currency. The EUR/USD currency pair was also boosted by investor optimism regarding the outcome of the ongoing recovery talks between finance ministers from the European Union‘s member countries. The EUR/USD currency pair today rallied from a low of 1.1255 in the late Asian market to a high […]
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July 102020
USD/CNY Climbs Back Above 7 As Trump Reveals US-China Trade Deal Not a Priority
The Chinese yuan is holding steady at the end of the trading week, despite President Donald Trump revealing that the second phase of a US-China trade agreement is no longer a top priority. The president told reporters aboard the Air Force One that the relationship between the worldâs two largest economies is âseverely damagedâ after the coronavirus pandemic. The yuan climbed back above the key 7 threshold after his comments, but […]
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July 102020
Canadian Dollar Fails to Garner Momentum on Stellar Jobs Report, Rising Energy Prices
The Canadian dollar is failing to garner momentum at the end of the trading week, despite a stellar jobs report and rising energy prices. The loonie has rebounded substantially since the market meltdown in March, driven primarily by greater confidence in global financial markets and rallying crude oil prices. Analysts are optimistic of a strong second half for the Canadian dollar, so could it happen? According to Statistics Canada, the economy added 953,000 new jobs […]
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July 102020
USD/JPY Falls Beyond 107.00 Handle
The US dollar versus the Japanese yen currency pair seems to have been taken over by the bears, as the price slipped beneath the 107.00 psychological level. Do the bulls still have any chances? Long-term perspective The fall from the 109.85 high went thru the intermediary level of 108.05 but got halted by the firm 107.00 support area. The bulls seized the opportunity and confirmed the level as support, but to no avail, as the bears turned the market […]
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