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Day: October 22, 2020
October 222020
US Dollar Struggles for Direction As New Jobless Claims Fall Below 800k
The US dollar is looking for direction on Thursday as initial jobless claims and the Congress unable to strike a coronavirus stimulus and relief deal. The greenback has been trending downward this month following a rally in September, driven primarily by confidence in the broader financial market and optimism over the on-again, off-again stimulus negotiations. According to the Department of Labor, the number of Americans filing for unemployment benefits clocked in at 787,000 for the week ending October 17, down from the previous […]
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October 222020
German Consumer Climate Deteriorates, Euro Weaker as Traders Expect Fiscal Stimulus in USA
The euro fell against the US dollar and was trading flat or lower versus other most-traded rivals. Market analysts thought that the euro’s weakness was mostly a result of the dollar’s strength as speculators continue to bet that US politicians will approve fiscal stimulus before the presidential election at the beginning of November. German macroeconomic data was worse than expected but did not have a material impact on the euro, though it […]
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October 222020
Chances for Bulls to Validate 1.7285 as Support on GBP/CAD?
After the rally to 1.7285, would the level cede in front of the bullish momentum or serve as the perfect spot for the bears to short the market at a very good price? Long-term perspective After the price validated the major level of 1.6724 as support, it managed to rise until the important 1.7567 area. But as the intermediary level of 1.7705 limited further bullish advancement, the result was a decline well under 1.7567. As a result, the price almost retouched the 1.6724 level. However, […]
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