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Day: September 24, 2020
September 242020
Norges Bank Won’t Hike Interest Rates for Years, Krone Flat
Norway’s central bank signaled today that it is planning to keep interest rates at the current record low levels for at least a couple more years. The Norwegian krone weakened as a result of the announcement but has rebounded afterward and is now heading to end the session about flat. As was widely expected, the Norges Bank kept the policy rate (its key interest rate) at zero, saying that “he policy rate will […]
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September 242020
Turkish Lira Gains After Surprise Interest Rate Hike
The Turkish central bank surprised markets today, performing an unexpected interest rate hike. The Turkish lira rallied as a result. The Central Bank of the Republic of Turkey raised its policy rate (one-week repo auction rate) from 8.25% to 10.25%. That was a total surprise to analysts as most of them were expecting the central bank to keep rates unchanged. And even those, who believed that a hike is possible, did not anticipate […]
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September 242020
Pound Trades Sideways Against the Dollar, Later Edges Higher
The British pound today traded sideways against the dollar alternating between losses and gains before rallying higher to post gains amid hopes for further UK stimulus measures. The GBP/USD currency pair today rallied to its daily highs after the Chancellor of the Exchequer unveiled measures to directly support British workers. The GBP/USD currency pair today fell to a low of 1.2690 in the late Asian session before rallying to a high of 1.2780 in the mid-London market […]
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September 242020
SNB Keeps Monetary Policy Unchanged, Swiss Franc Weak
The Swiss National Bank made a monetary policy announcement today but markets paid little attention to it. Currently, the Swiss franc is the weakest currency on the Forex market, even losing its earlier gains versus the Australian and New Zealand dollars, which themselves were very weak. It looks like traders continue to prefer the US dollar as a refuge, ignoring other safe currencies, like the franc and the Japanese yen. As was […]
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September 242020
Euro Falls Against US Dollar on Risk-Off Mood, Later Recovers
The euro today fell against the US dollar driven by the risk-off investor sentiment, which has been persistent this week triggering a selloff in riskier assets. The EUR/USD currency pair’s decline was also fueled by the weak German IFO survey data released earlier today combined with the greenback’s overall strength. The EUR/USD currency pair today fell from a high of 1.1679 during the Asian market to a low of 1.1626 in the early American […]
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September 242020
US Dollar Finds Safe-Haven Support on Worse-Than-Expected Jobless Claims
The US dollar is finding support from investors who are seeking shelter following a worse-than-expected jobless claims report. The greenback has been climbing in recent weeks amid a return of volatility in the broader financial markets. With growing uncertainty in the economy surrounding the coronavirus and the upcoming cold and flu season, the buck might pare much of its losses by yearâs end. According to the Department of Labor, the number of Americans filing for first-time unemployment benefits […]
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September 242020
NZ Dollar Drops on Monetary Easing Outlook
The New Zealand dollar together with its Australian counterpart remained the weakest among most-traded currencies on the Forex market during today’s trading. The reason for such a poor performance was the outlook for monetary easing from the central banks of New Zealand and Australia. The Reserve Bank of New Zealand signaled yesterday that it continues to prepare for implementing negative interest rates and other measures to stimulate the struggling New Zealand economy, which got […]
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September 242020
Japanese Yen Remains Soft Despite Pessimistic Mood
The market sentiment remained pessimistic, encouraging investors to stick to safer assets. But that did not help the Japanese yen, which was one of the weakest currencies on the Forex market during Thursday’s trading. Today, the Bank of Japan released minutes of its July monetary policy meeting. The bank talked in the notes about recovery in the global economy: Overseas economies had been depressed significantly, reflecting the impact of the COVID-19 pandemic, although they […]
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September 242020
Bears Taking Control on AUD/NZD from 1.0856?
The Australian versus the New Zealand dollar currency pair slipped under the ascending trendline. Is this the end of the bullish dominance? Long-term perspective The rally that started from the 0.9991 low and which validated 1.0013 as support, extended, firstly, until the 1.0880 high. From there, a correction phase came into being, one that drew a retracement until the 1.0566 low. After validating the 1.0551 level as support and also etching the second […]
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