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Day: August 7, 2020
August 72020
Canadian Dollar Weakens Against US Dollar on Upbeat NFP Data
The Canadian dollar today lost ground against its southern neighbour driven by the upbeat US nonfarm payrolls report for July released in the American session. The USD/CAD traded higher boosted by the risk-off investor sentiment in the face of rising US-China tensions but gave up some of its initial gains as the loonie clawed higher. The USD/CAD currency pair today rallied from an opening low of 1.3306 to a high of 1.3373 during the Asian session before […]
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August 72020
US Dollar Gains As Economy Reclaims 1.8 Million Jobs
The US dollar is strengthening against some of its most traded currency competitors to close out the trading week after the US government reported a better-than-expected jobs report. The economy continues to show signs that it is rebounding on the other side of the COVID-19 lockdown. But the labor market is still short 13 million positions that were lost amid the pandemic. According to the Bureau of Labor Statistics (BLS), the US economy […]
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August 72020
Euro Falls Against US Dollar Despite Upbeat Euro Area Macro Reports
The euro today fell against the US dollar as investors sold the single currency amid a risk-off market environment as Sino-US tensions skyrocketed on rhetoric from both countries. The EUR/USD currency pair fell despite the release of mostly positive data from across the euro area as investors flocked to the safe-haven greenback. The EUR/USD currency pair today fell from an opening high of 1.1881 to a low of 1.1810 in the mid-European session and was trading near these […]
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August 72020
Australian Dollar Soft amid Sino-US Tensions
The Australian dollar was one of the weakest currencies on the Forex market today, driven down by risk aversion caused by increasing geopolitical tensions between the United States and China. Domestic macro releases were decent but that did not provide the currency much help. US President Donald Trump wants to step up the tech war with China by banning TikTok and WeChat, apps owned by Chinese companies. Markets are cautious, […]
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August 72020
Will the 105.09 Support Hold on USD/JPY?
The United States dollar versus the Japanese yen currency pair seems to have lost its steam after a very strong appreciation. Was that all the bulls could do? Long-term perspective The fall from the 109.85 high, which is part of the false piercing of the firm 109.00 resistance level, managed to extend until the 106.12 intermediary level. The latter served as support, propelling the price back above 107.00, another steady level […]
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