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Day: October 23, 2020
October 232020
Turkish Lira Tests Fresh Record Low of 7.9 As Central Bank Leaves Rates Unchanged
The Turkish lira tested a fresh record low of 7.9 to close out the trading week, one day after the central bank surprised analysts and left interest rates unchanged. The lira has repeatedly been cratering to new all-time lows throughout 2020, driven by declining foreign exchange reserves and geopolitical tensions. Could the lira break 8.0 against the US dollar in the coming weeks? On Thursday, the central bank announced that it would […]
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October 232020
Japanese Yen Soft After Economic Data, Japan-UK Trade Agreement
The Japanese yen was trading either flat or lower against most other currencies, though it managed to gain on the US dollar. Japanese macroeconomic data released on Friday was mixed. The big news today was the fact that Japan and the United Kingdom formally signed a trade deal that has been agreed in principle back in September. It is the first post-Brexit trade deal the UK signed. Yet many economists […]
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October 232020
104.34 Low on USD/JPY a Double-Edged Sword?
The United States dollar versus the Japanese yen currency pair, at this moment, may very well be treasured by both bulls and bears. However, only one party is to be right. Long-term perspective The fall from the 111.71 high extended — in a first phase — until the 105.98 low, from where a new appreciation crystalized, pinning the 109.85 high. The fall from 109.85 continued the endeavor of the first one thus — after defining […]
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