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Day: July 31, 2020
July 312020
USD/CHF Tests 0.91 As SNB Posts Huge Q2 Profits
The Swiss franc continues to strengthen against many of its major currency rivals. At the end of the trading week, the franc is looking to touch levels against the US dollar unseen in seven years, despite the Swiss National Bank (SNB)‘s myriad of foreign exchange interventions. How much more can the franc appreciate this year? On Friday, the SNB announced that it recorded a $41.6 billion profit during the second quarter, as well as a $37.6 […]
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July 312020
Euro Falls on Weak Euro Area Macro Prints, Retail Sales, GDP and CPI
The euro today fell against the US dollar as investors took profits following its blistering rally and the weak euro area GDP data did not help the single currency. The EUR/USD currency pair fell from the early European market as investors took profits on their positions to end a very profitable month for traders who were bullish on the euro. The EUR/USD currency pair today inched to a high of 1.1908 in the Asian session before falling […]
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July 312020
Canadian Dollar Rallies Against US Peer on Positive GDP Data
The Canadian dollar today posted slights gains against its US peer after the release of upbeat Canadian May GDP data in the American session. The USD/CAD currency pair was trading sideways with minimal losses for most of today’s session as global crude oil prices remained sidelined. The USD/CAD currency pair today traded in a range marked by a high of 1.3436 and a low of 1.3404 before breaking lower on the GDP report to hit a low […]
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July 312020
USD/JPY Beneath the Important Support of 105.09
The US dollar versus the Japanese yen currency pair slipped under the important 105.09 level. Can the bulls deliver a surprise comeback? Long-term perspective After the depreciation from the 109.85 high, the bulls were only able to make ill recoveries, their best efforts printing the 108.16 high. The last high — a lower high — was 107.54 which, given the context, offered the bears the required confidence to push the price lower. As a result, the sellers […]
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