Day: December 7, 2020

December 7
2020

Pound Crashes As Brexit Talks Turn Sour Amid EU/UK Hardline Positions

The Sterling pound today crashed against the dollar amid a deluge of negative Brexit headlines as both the EU and UK reiterated hardline positions. The GBP/USD currency pair’s plunge today was driven by reports of new problems in the Brexit talks jeopardizing the likelihood of a deal before December 31. The GBP/USD currency pair today crashed from a high of 1.3437 in the Asian market to a low of 1.3225 but had recouped almost half of its losses at the time […]

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December 7
2020

Chinese Yuan Pauses Rally Amid Escalating Sino-US Tensions

The Chinese yuan retreated from its best level in more than two years to kick off the trading week, driven mostly on escalating Sino-US geopolitical and trade tensions. But the pullback was capped by better-than-expected exports in November, signaling that the world’s second-largest economy is recovering at a healthy pace. The US government is set to slap fresh sanctions on at least one dozen Chinese officials over their roles in disqualifying elected […]

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December 7
2020

AUD/USD at 0.7449 and Closer to 0.7600

The Australian versus United States dollar currency pair seems to be checking every point of the checklist that promises 0.7587. Long-term perspective The appreciation from the 0.6386 support area managed to climb until the 0.7413 high. From there, the price dropped under 0.7320 — which the bulls expected to play the role of support — but failed to get above it once more, leading to the depreciation that sent the price back to the 0.7010 ex-resistance […]

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