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Day: October 30, 2020
October 302020
Swiss Franc Soft After Poor Economic Data
The Swiss franc was either flat or lower against the majority of most-traded currencies today even though markets were under influence of uncertainty and risk aversion. Rather bad domestic macroeconomic data was not helping the currency of Switzerland at all. The KOF Economic Barometer fell from 110.1 in September (revised, 113.8 before the revision) to 106.6 in October, below the median forecast of 107.9. It was the first decline after four consecutive […]
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October 302020
Canadian Dollar Flat As Investors Weigh August GDP, Crashing Oil Prices
The Canadian dollar is struggling for direction against a plethora of currencies at the end of the trading week as investors balance a slightly better-than-expected gross domestic product (GDP) in August and cratering crude oil prices. The loonie was impacted earlier this week after the central bank forecast that a recovery would not occur until 2022. According to Statistics Canada, the economy expanded 1.2% in August, down from the 3.1% jump in July. The market had […]
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October 302020
Euro Trades Sideways Despite Upbeat Euro Area GDP Reports
The euro today initially fell against the US dollar despite the release of positive eurozone GDP data and other GDP reports from across the euro area. The EUR/USD currency pair later rallied higher moving into positive territory boosted by the investor sentiment and the weaker greenback as the US markets opened. The EUR/USD currency pair today fell to a low of 1.1660 during the early European session before rallying to a high of 1.1704 during the American […]
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October 302020
Australian Dollar Rises on Decent Domestic Economic Reports
The Australian dollar was trading flat against major currencies today. While domestic macroeconomic data released in Australia on Friday was decent, worries and uncertainty made investors reluctant to buy riskier commodity-linked currencies, like the Aussie. Yet currently, the Australian currency has managed to regain upward momentum and is trading above the opening level versus majors. The Australian Bureau of Statistics reported that the Producer Price Index rose by 0.4% […]
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October 302020
Japanese Yen Fails to Keep Gains
The Japanese yen rallied during Friday’s trading session. Market analysts explained the rally by risk aversion ahead of the US presidential election as well as by mostly positive macroeconomic reports released in Japan over the trading session. Currently, though, the currency has trimmed its gains, losing them outright against some of its rivals. Japan’s Ministry of Economy, Health, and Industry reported that industrial production climbed by 4.0% in September from a year […]
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October 302020
Correction or Change from the 104.02 Low on USD/JPY?
The United States dollar versus the Japanese yen currency pair bounced off the 104.00 psychological level. Who will steer the price from here? Long-term perspective The fall from the 109.85 high, which came after the bulls failed to keep their gains above the 109.08 level, extended beyond the next firm support, 107.00. However, from there, the bulls were able to bring it back above 107.00, but only […]
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