Day: October 29, 2020

October 29
2020

Pound Falls to 10-Day Lows on UK COVID-19 Cases, Risk-Off Mood

The Sterling pound today fell to new 10-day lows against the US dollar driven by the risk-off market sentiment amid rising UK coronavirus cases and the ongoing Brexit talks. The GBP/USD currency pair’s decline was also fueled by the resurgent greenback, which benefitted as a safe-haven asset ahead of next week’s US Presidential election. The GBP/USD currency pair today fell from a high of 1.3025 during the early London session to a low of 1.2880 […]

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October 29
2020

Euro Falls to 5-Week Lows As ECB’s Lagarde Promises More Stimulus

The euro today fell to 5-week lows against the US dollar after the European Central Bank Governor promised to introduce new stimulus measures next month. The EUR/USD currency pair’s decline was also fueled by the introduction of new lockdown measures in many European countries to curb rising COVID-19 cases. The EUR/USD currency today fell from an opening high of 1.1758 during the Australian session to a low of 1.1651 during the American session and was […]

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October 29
2020

US Dollar Gets Direction on Better-Than-Expected GDP, Initial Jobless Claims

The US dollar is looking to extend its gains against several major currency rivals on Thursday after a plethora of data pointed to a strengthening economy for the world’s second-largest market. The greenback, which has come under pressure this month, is benefiting from both safe-haven demand and positive macroeconomic economic developments, including first-time jobless claims and the gross domestic product. According to the Bureau of Economic Analysis (BEA), the US economy expanded […]

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October 29
2020

Bulls Targeting 1.7445 on GBP/CAD?

The Great Britain pound versus the Canadian dollar currency pair seems to be willing to go higher. Will the bears let it do so? Long-term perspective After the double bottom defined by the 1.6750 and 1.6769 lows, respectively, the price started an ascending movement that managed not only to touch the firm level of 1.7567 but also to pierce it. To the bullish disappointment, the pierce ended as being a false one, as the price retraced under […]

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