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Day: December 9, 2020
December 92020
Greenback Firms After US Stocks Sink
The US dollar firmed by the end of Wednesday’s trading session, trimming losses against some peers and erasing them completely against others. Market analysts pointed at the slump of the US stock market as the likely reason for the recovery of the greenback. All US stock indices were trading in the red on Wednesday. S&P 500 dropped by almost 1%, while NASDAQ slumped by about 2%. Experts provided a somewhat surprising explanation for the slump of equities — optimism among […]
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December 92020
Euro Soft Ahead of ECB Monetary Policy Meeting
The euro was soft today, falling against almost all most-traded currencies. The only exception was the New Zealand dollar, which failed to maintain the intraday rally versus the euro. While domestic macroeconomic data was somewhat disappointing, the upcoming monetary policy meeting of the European Central Bank was the main driver for the common currency of the eurozone. The European Central Bank will make its last monetary policy announcement this year […]
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December 92020
Canadian Dollar Mixed After BoC Keeps Monetary Policy Unchanged
The Bank of Canada held a monetary policy meeting today and announced after its conclusion that the policy remains unchanged. The Canadian dollar was not demonstrating a clear trend after the announcement, falling against some rivals and rising versus others. As was widely expected, the BoC decided to stay pat, keeping its benchmark interest rate at 0.25% and the size of the quantitative easing program at least C$4 billion per week. The central bank […]
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December 92020
Brazilian Real Weakens Against US Peer on Higher Inflation
The Brazilian real weakened against multiple currency rivals in the middle of the trading week, driven mostly by higher-than-expected inflation last month. Investors are also keeping an eye on monetary policy as the central bank is anticipated to leave interest rates at historic lows. Despite being one of the worst-performing currencies in foreign exchange markets, the real has rebounded more than 4% against the US dollar over the last month. In November, the consumer price […]
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December 92020
Japan Announces Economic Stimulus on Tuesday, Yen Weak
The Japanese yen was one of the weakest currencies today due to markets being in a risk-on mode, meaning that there was limited demand for safer currencies. The yen fell against almost all of its rivals, though managed to stay flat against the US dollar. Additionally, EUR/JPY has retreated to trade close to the opening level at the time of writing after rallying earlier. Yesterday, Japanese Prime Minister Yoshihide Suga announced a fresh […]
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December 92020
Australian Dollar Strongest as Markets Favor Riskier Currencies
The Australian dollar was the strongest currency on the Forex market today as the sentiment was favoring riskier currencies. Domestic macroeconomic data was supportive of Australia’s currency. The Westpac-Melbourne Institute Index of Consumer Sentiment rose by 4.1% in December from November. The index edged up by 2.5% in the previous month. The report commented on the positive result: The surge in the Index continues. It is now 48% above the low in April and has reached its highest level […]
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December 92020
How to Reduce Wasting Money on Business Overheads During Pandemic?
With the uncertainty growing during the outbreak of coronavirus, businesses worldwide are facing severe issues. The work from home is becoming a survival tactic for companies. This has also led to a rise in business expenses, production costs, leading to less revenue for small and large organizations. If your business is also suffering from such […]
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December 92020
NZ Dollar Firm on Risk Appetite & Positive Domestic Data
The New Zealand dollar was trading in the green today, rising against the majority of most-traded currencies, except for the Australian dollar and the Great Britain pound. The kiwi rallied because the market sentiment seemed to favor riskier currencies. Domestic macroeconomic data was positive, while reports in China, New Zealand’s biggest trading partner, were mixed. Statistics New Zealand reported that manufacturing sales rose by 10.0%, seasonally adjusted, in the September quarter […]
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December 92020
Bulls Attempting a Takeover on AUD/NZD from 1.0551
The Australian versus New Zealand dollar currency pair seems to be willing to steer towards the north. Are the bears going to allow this? Long-term perspective From the 1.0566 low, the price entered into an ascending phase, one that would bring the formation of the 1.1043 high. Even if the bulls were determined, they were overpowered by the bears. So, they sent the price beneath the 1.0983 level that the bulls were targeting […]
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