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Day: August 31, 2020
August 312020
Australian Dollar Outlook: Can RBA Stop Aussie’s Rally?
The Australian dollar was very strong lately, reaching the highest level in more than a year and a half against its US counterpart last week. But some traders are worried that the currency will be unable to extend its rally, especially if the nation’s central bank remains dovish. Let’s look at fundamentals that will be driving the Australian currency this week. The Australian economy fared relatively well […]
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August 312020
Euro Firm After Mixed Data, Comments from ECB Board Member
The euro rose today. In fact, the shared 19-nation currency was one of the strongest currencies during Monday’s trading session despite mixed domestic macroeconomic data released during Monday’s trading. Positive comments made in an interview with a European Central Bank board member were supportive of the currency. The German consumer price index reported by Destatis was disappointing, falling by 0.1% in August, while analysts had predicted no change. At the same […]
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August 312020
Australian Dollar Among Strongest on Economic Data, Risk Appetite
The Australian dollar was among the strongest most-traded currencies today thanks to the risk appetite caused by the surge of the Nikkei stock index. Decent macroeconomic data in China, Australia’s biggest trading partner, and in Australia itself also provided support to the Aussie. The Reserve Bank of Australia reported that private sector credit fell by 0.1% in July, decelerating from the previous month’s 0.2% rate of decline and matching expectations. According to a report from the Australian Bureau […]
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August 312020
NZ Dollar Flat-to-Lower as Business Confidence Deteriorates
The New Zealand dollar traded either flat or lower against its most-traded peers today, though it managed to gain on few currencies, like the US dollar and the Japanese yen. The kiwi was soft despite the news about the lockdown easing in Auckland. The headline ANZ business confidence indicator was at -41.8% at the end of August, relatively little changed from the reading of -41.4% registered in the first half of the month. It was a significant drop […]
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August 312020
Japanese Yen Weakens on Disappointing Retail Sales, Construction Orders
The Japanese yen is weakening against multiple currency rivals to start the trading week, driven primarily by disappointing macroeconomic data. Despite higher-than-normal inflows into the traditional safe-haven asset, the yen slumped on worse-than-expected retail sales, construction orders, and housing starts. But could the worldâs third-largest economy get a boost from one billionaire hedge fund managerâs recent play? Retail sales tumbled 3.3% in July, down from the 13.1% […]
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August 312020
AUD/USD Above 0.7320. Could the Bulls Push the Price Further?
The Australian dollar versus the US dollar currency pair seems to have conquered 0.7320. Do the bears have any plans? Long-term perspective The rally that started at the 0.5700 low managed to fuel a very convincing upwards movement. Along the way, the rise validated important levels as support. However, because the last one, 0.7191, was not taken that much into consideration by the price action, the market participants could have argued […]
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