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Day: November 24, 2020
November 242020
Euro Rallies on Upbeat German GDP and IFO Business Climate Data
The euro today surged against the dollar boosted by the upbeat German Q3 GDP report released early in the European session and positive investor sentiment. The EUR/USD currency pair later fell as the dollar recovered and printed new daily highs before recouping most of its losses during the American session. The EUR/USD currency pair today rallied from an initial low of 1.1838 in the Asian market to a high of 1.1894 in the early Frankfurt session before falling […]
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November 242020
Canadian Dollar Strengthens as US Crude Tops $45, Biden Transition Formally Approved
The Canadian dollar is strengthening against its US peer on Tuesday as crude oil prices rallied to above $45. The loonie has surged by more than 1% this month, making the currency on track to erase its 2020 loss after stabilizing in the second half of the year. With soaring energy prices and a national economy recovering in the aftermath of the coronavirus pandemic, is the Canadian dollar setting itself up as the next top currency in 2021? […]
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November 242020
Yen Falls vs. Commodity Currencies, Holds Ground vs. Majors
The Japanese yen fell versus commodity currencies but managed to hold its ground against other most-traded currencies today. Markets remained under the impact of the positive coronavirus vaccine news, which limited demand for safer currencies, including the yen. Markets started the trading week in an optimistic mood due to the news that a COVID-19 vaccine from yet another drug producer is close to completion. Of course, it will take time […]
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November 242020
Australian Dollar Joins Rally in Risk-On Environment
The Australian dollar joined the rally of its New Zealand counterpart amid the risk-on market sentiment. There were no macroeconomic reports released in Australia today, while yesterday’s data was positive. Yesterday, a report from Markit showed that both manufacturing and services sectors accelerated their growth. The Flash Manufacturing Purchasing Managers’ Index climbed from 54.2 in October to 56.1 in November. The Flash Services PMI rose from 53.7 […]
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November 242020
NZ Dollar Strongest After Letter from Finance Minister to RBNZ
The New Zealand dollar was the strongest among the most-traded currencies on the Forex market today. The most likely reason for such a great performance was the request made to the central bank’s chief by the finance minister. New Zealand Finance Minister Grant Robertson wrote to Adrian Orr, Governor of the Reserve Bank of New Zealand, suggesting that the central bank should include house prices in its mandate: One proposal I am seeking advice from […]
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November 242020
Bulls Still Untouched on GBP/USD After 1.3398 High?
The Great Britain pound versus the US dollar currency pair may fall in bearish hands. But will the bulls allow this? Long-term perspective After the low of 1.2075 validated the firm support of 1.2092, the price started an ascending trend that extended nearby the 1.3502 intermediary level. However, as the 1.3502 high was well above a triple resistance area — defined by the descending trendline, the upper line of the rising channel, and the 1.3261 level — validating […]
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