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Day: November 19, 2020
November 192020
Turkish Lira Rallies As Central Bank Sends Message to Markets With Sharp Rate Hike
The Turkish lira is enjoying one of its best rallies in 2020 as the central bank raised interest rates and sent a message to financial markets that reforms were on the way. Soon after President Recep Tayyip Erdogan cleaned house in his ministry and at the central bank, investors have been placing their bets that Turkey will adopt orthodox fiscal and monetary policies. So far, so good. On Thursday, Turkey’s central […]
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November 192020
Euro Falls Against Dollar on Risk-Off Mood, Rallies on US Jobless Claims
The euro today fell against the resurgent dollar for the second consecutive day as the impasse regarding the EU’s budget weighs down the single currency. The EUR/USD currency pair was also affected by the risk-off market sentiment as investors bought the safe-haven dollar as the second wave of coronavirus infections intensifies. The EUR/USD currency pair today fell from a high of 1.1852 in the early Frankfurt session to a low of 1.1816 in the middle of the session before recouping most of its losses […]
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November 192020
USD/IDR Rises After Surprise Interest Rate Cut from Bank Indonesia
The Indonesian rupiah fell against the US dollar today after Indonesia’s central bank performed a surprise interest rate cut. Despite the decision, the bank had an optimistic outlook for the nation’s economy. The Bank Indonesia cut its interest rates by 25 basis points. Now, the 7-day Reverse Repo Rate stands at 3.75%, the Deposit Facility rate at 3.00%, and the Lending Facility rate at 4.50%. The bank explained its decision citing the following reasons: […]
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November 192020
Australian Dollar Flat Despite Amazing Employment Data
The Australian dollar did not move far today as markets were in a consolidation mode after optimism caused by the coronavirus vaccine news started to wane. Even the stellar jobs report failed to boost the Australian currency. The Australian Bureau of Statistics reported that employment surged by 178,800 in October after falling by 45,500 in September. That was a total surprise to experts, who had predicted a drop of 26,700. Both full-time and part-time employment contributed […]
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November 192020
Next Target on GBP/CAD: 1.7445?
The Great Britain pound versus the Canadian dollar currency pair seems to be determined to reach 1.7445. Can the bears change this course? Long-term perspective Following the fall from the 1.7674 high to the 1.7216 low, the price validated 1.7567 as resistance. This triggered a sharp decline, one that reached the 1.6810 low. However, from 1.6810, the bulls began a slow but steady recovery, reconquering each level along their way. […]
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