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Day: November 5, 2020

November 5
2020

Norwegian Krone Rallies After Central Bank Keeps Rates Steady

The Norwegian krone climbed against the US dollar and the euro today after Norway’s central bank decided to leave the policy rate unchanged. The drop in crude oil prices and new measures to halt the COVID-19 spread may yet hurt the currency but so far it is trading above the opening level. The Norges Bank announced on Thursday that it has decided to leave its key interest rate at 0%. The statement talked […]

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November 5
2020

Euro Rallies Against Dollar As FOMC Holds Rates and Biden Leads

The euro today rallied against the dollar as the vote-counting in the US Presidential election dragged on slowly as both parties went to court. The EUR/USD currency pair gave up some of its gains during the American session as the dollar hit a bottom and edged higher at the New York open. The EUR/USD currency pair today rallied from a low of 1.1711 during the Australian session to a high of 1.1859 during the American session before giving up some gains […]

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November 5
2020

US Dollar Plunges As Jobless Claims Fall to Pandemic Low, Stocks Rally

The US dollar is plunging against most of its currency rivals on Thursday as the number of Americans filing for first-time unemployment benefits declined to a pandemic low. With the 2020 US presidential election looking a little more certain in former Vice President Joe Biden’s favor, the broader financial markets are rallying, which has sparked a selloff of the greenback. Will a lower dollar be the norm in the home stretch of 2020? According to the Department of Labor, […]

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November 5
2020

Pound Rallies Against Dollar on £150Bln Bank of England Stimulus

The sterling pound today rallied against the dollar after the Bank of England decided to expand its quantitative easing programme by more than expected. The dollar’s overall weakness also boosted the GBP/USD currency pair’s rally as vote-counting in the US Presidential elections showed Biden maintaining his lead. The GBP/USD currency pair today rallied from a low of 1.2938 during the Asian session to a high of 1.3109 during the early American session and was near […]

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November 5
2020

Aussie Strong After Trade Surplus Widens Beyond Expectations

The Australian dollar was strong today after Australia’s trade surplus rose more than analysts were expecting. But, perhaps, the bigger contributor to the Aussie’s strength was the positive general sentiment on markets. While optimism was not reigning on the Forex market as strongly as on the stock market, with all stock indices logging substantial gains both yesterdays and today, most riskier currencies managed to rise during Thursday’s trading session. […]

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November 5
2020

NZ Dollar Rises as Business Confidence Remains Stable, Markets Wait for US Election Results

The New Zealand dollar rose against most of its major rivals today. Markets still wait for the outcome of the US presidential election. But while uncertainty surrounding the election results make investors nervous, it seems markets are in a risk-on mode. As for New Zealand’s macroeconomic data released today, it was not bad, though it was not great either. The ANZ business confidence was at -15.6 in November, virtually […]

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November 5
2020

Can Bulls Still Conquer 1.7445 on GBP/CAD?

The Great Britain pound versus the Canadian dollar currency pair still has the potential to pull off an appreciation. But will the bears let that happen? Long-term perspective After the double bottom — marked by the 1.6750 and 1.6779 lows, respectively — validated the firm support level of 1.6724, the bulls brought the price above the stable 1.7567 resistance area, peaking at 1.7647. But as the price not only retraced under 1.7567, but it also […]

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