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Day: August 19, 2020

August 19
2020

Canadian Dollar Rallies Against US Peer, Falls on FOMC Minutes

The Canadian dollar today rallied slightly against the US dollar after the release of the mixed Canadian inflation data for July before losing its gains later. The USD/CAD currency pair then recouped its losses as the greenback recovered and rallied higher during the American session. The USD/CAD currency pair today fell to a low of 1.3133 before recovering and rallying to a high of 1.3187 and was near these highs at the time of writing. The currency pair fell […]

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August 19
2020

US Dollar Strengthens As FOMC Warns COVID-19 Will ‘Weigh Heavily’ on Economy

The US dollar is finding some support after the Federal Reserve released its minutes from the July policy meeting. The Federal Open Market Committee (FOMC) revealed that the coronavirus pandemic would“weigh heavily” on the economy, labor market, and inflation, resulting in the central bank to maintain its stimulus efforts until the country rebounds. According to the US central bank, the Fed reaffirmed its commitment to executing a full range of tools to support the economic […]

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August 19
2020

Australian Leading Index Rises, Aussie Joins Other Commodity Currencies in Rally

The Australian dollar was one of the strongest currencies on the Forex market today, second only to the New Zealand dollar. The Aussie joined other commodity currencies in a rally, driven mainly by the positive general market sentiment, though decent domestic macroeconomic data and good news from the Victoria state were also helping.   The six-month annualized growth rate in the Westpac-Melbourne Institute Leading Index, which shows the likely pace of economic activity relative […]

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August 19
2020

Japanese Economic Data Mixed, Yen Recovers from Weakness

The Japanese yen was one of the weakest currencies on the Forex market today, second only to the US dollar. But currently, it has managed to recover, trading either flat of higher against most other currencies, remaining weak only against commodity ones. The relatively robust market sentiment made traders not interested in safety provided by the Japanese currency, preferring to seek riskier assets that can provide a higher yield. Domestic […]

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August 19
2020

New Zealand Dollar Strongest Today, Halting Long Stretch of Losses

The New Zealand dollar was the strongest currency on the Forex market today but the rally was nowhere near enough to mitigate the sharp decline that the kiwi has started a month ago. The major event today is the release of the monetary policy meeting minutes by the Federal Open Market Committee, but most market participants do not expect them to reveal anything particularly new and interesting. Statistics New Zealand released a report […]

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August 19
2020

Pound Rallies to 8-Month Highs on Upbeat UK Inflation Report

The Sterling pound today rallied to new multi-month highs against the US dollar following the release of the upbeat UK inflation data earlier today. The GBP/USD currency pair today rallied to new 8-month highs against the much weaker greenback on the news. The GBP/USD currency pair today rallied to a high of 1.3266 based on the inflation report, but quickly gave up its gains dropping to a low of 1.3229 and was off its highs at the time […]

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August 19
2020

AUD/NZD: Where to After Reaching the 1.1043 High?

The Australian versus the New Zealand dollar currency pair extended all the way to the firm 1.0983 resistance level and started correcting from there. Is this a sustainable bearish sign? Long-term perspective The rally that started from the 0.9991 low, after validating the 1.0013 support level, extended all the way to the 1.0880 high. From there, a correction phase began, one that found support a hair away from 1.0551, etching […]

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