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Day: September 9, 2020
September 92020
Canadian Dollar Firm After BoC Policy Meeting
The Canadian dollar was firm today, though fell against other commodity currencies. The loonie rallied even after the Bank of Canada signaled that it plans to keep monetary policy accommodative for a long time. Domestic housing data was favorable but hardly had any impact on the Canadian currency. The BoC held a monetary policy meeting on Wednesday. Surprising no one, the central bank kept its key interest rate […]
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September 92020
Chinese Yuan Renews Gains on Market Rally, Positive Data
The Chinese yuan is looking to start another winning streak after the currency suspended its momentum against the US dollar. The yuan has been on a tear in recent months, testing 6.8 against the greenback, primarily due to favorable domestic economic data and a weakening buck. But escalating US-China tensions and the plunge in equities in recent sessions could limit the yuanâs gains â for now. According to the National Bureau of Statistics, the annualized inflation slipped […]
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September 92020
NZ Dollar Refuses to Fall in Face of Negative Economic Data
Both domestic macroeconomic data and the general negative market sentiment were detrimental to the New Zealand dollar. But that did not prevent the currency from holding its ground today, rising at least a bit against all other most-traded peers, except for the Australian dollar. Statistics New Zealand reported that manufacturing sales dropped by 11.9% in the June quarter after showing no change in the previous three months. Business statistics […]
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September 92020
Australian Dollar Holds Ground Despite Risk Aversion
The Australian dollar rose a bit today, gaining against all other most-traded rivals, despite risk aversion prevailing on markets. Domestic macroeconomic data was good but is unlikely to provide the currency substantial support. Markets were in a risk-off mode in part due to the sell-off of tech stocks. Another reason for worry was the news that drug producer AstraZeneca had to pause COVID-19 vaccine tests after one of the test subjects […]
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September 92020
GBP/USD Pullback from 1.3502 Follow-up
The Great Britain pound versus the US dollar currency pair sharply depreciated. Are the bears strong enough to continue? Long-term perspective After printing the 1.2075 low and validating the firm 1.2092 support, the price began an ascending movement. The movement topped at 1.2818 before retracing to the 1.2251 low, from where another appreciation commenced. This laid the foundation for an ascending trend, one which has defined an impulsive swing so strong that […]
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