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Day: September 28, 2020
September 282020
Australian Dollar Gains on Improving Sentiment, Changing Outlook for Interest Rate Cut
The Australian dollar was extremely strong on Monday, second only to the Great Britain pound. There were two likely reasons for that. The first one was the positive general market sentiment, which was favoring riskier assets. The second one was the changing outlook for the timing of an interest rate cut from the Reserve Bank of Australia. Investors were in a positive mood at the start of the week as the rally in the stock market that has started on Friday […]
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September 282020
Sterling Firms on Brexit Optimism, Monetary Policy Outlook
The Great Britain pound was the strongest among the major currencies on the Forex market today thanks to comments from a central bank official and hopes for a trade deal between the United Kingdom and the European Union. While the sterling has trimmed its gains by now, it is still trading above the opening level at the time of writing. Bank of England Deputy Governor Dave Ramsden said that he thinks the BoE does not need […]
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September 282020
Chinese Yuan Looks to Test 52-Week High as PBoC Pumps More Liquidity
The Chinese yuan paused its rally last week after touching a 52-week high of 6.75 against the US dollar. The yuan is looking to restart its push against the greenback to kick off the trading week, driven by additional liquidity in the banking system and a recovering economy. Can the yuan maintain its upward trajectory? On Monday, the People’s Bank of China (PBoC) announced that it would inject $5.86 billion into the Chinese market […]
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September 282020
AUD/USD Touched 0.7010. Are the Bears Done?
The Australian versus the US dollar currency pair seems to be in bearish hands. Are the bulls anywhere near? Long-term perspective The appreciation from the 0.5701 low climbed to as high as 0.7413. From there, it retraced under the 0.7320 firm resistance area, which rendered the price-action as a false break. On September 9, a bullish engulfing was printed after the price was repelled by 0.7191. However, the facts that the pattern materialized after a false […]
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