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Day: August 18, 2020
August 182020
USD/HUF Falls After Sharp Q2 GDP Decline Amid COVID-19 Pandemic
The Hungarian forint is looking to rebound against a plethora of currencies on Tuesday after the Central European country recorded disappointing economic data that showed how hard it was hit by the coronavirus pandemic. The drop in economic activity has forced foreign exchange traders to reevaluate their positions in the forint as analysts anticipate further contraction. According to the Hungarian Central Statistical Office, the gross domestic product (GDP) contracted 14.5% in the second quarter, […]
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August 182020
Euro Surges to 2-Year Highs Against the US Dollar, Later Retreats
The euro today rallied to new 2-year highs against the US dollar mainly driven by the latter’s overall weakness as tracked by the US Dollar Index. The EUR/USD currency pair today hit a high of 1.1966, which was last seen in March 2018 driven by the bullish investor sentiment. The EUR/USD currency pair today rallied from an opening low of 1.1874 to a 27-month high of 1.1966 before giving up some of its gains by the time of writing. […]
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August 182020
Turkish Lira Rebounds Ahead of Key Central Bank Meeting
The Turkish lira is rebounding against the US dollar on Tuesday ahead of a crucial central bank policy meeting. The lira had slumped to a new record low over the governmentâs response to volatile foreign exchange rates that the private sector warn is destroying commerce in the fragile economy. The lira has been further decimated on dwindling foreign reserves, also supporting Wall Streetâs bearish sentiment over the currency. For more nearly two […]
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August 182020
Australian Dollar Mixed After RBA Monetary Policy Meeting Minutes
The Australian dollar was mixed against its most-traded counterpart during today’s trading session but was generally holding ground. The session was very light in terms of macroeconomic releases, with only notable ones being the minutes of the latest monetary policy meeting released by the Reserve Bank of Australia and US housing data. The RBA released today the minutes of the meeting that happened on August 4. At the meeting, the Board decided to keep the stimulus […]
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August 182020
Bulls Attempting to Pass the 1.3185 High on GBP/USD?
The Great Britain pound versus the United States dollar currency pair seems to be dominated by the bulls, but are they still capable of pushing the price higher? Long-term perspective After the pause that followed the rally from the 1.1409 low, the bulls searched for a support level to start a new movement from. They found it at 1.2092. From there, a new ascending trend commenced, one that extended until the 1.3185 high. […]
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