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Author: admin_mm
October 312020
US Dollar Profits from Risk Aversion, Ending October Strong
The US dollar and the Japanese yen were the strongest currencies on the Forex market during the last week of October, rallying on the back of risk aversion. The euro was among the weakest. The main theme at the end of the month was the US presidential election at the start of November. With no clear winner and with uncertainty about how the outcome will change the US political landscape, investors were nervous and preferred to stick to safer assets. The second wave of the COVID-19 […]
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October 302020
Swiss Franc Soft After Poor Economic Data
The Swiss franc was either flat or lower against the majority of most-traded currencies today even though markets were under influence of uncertainty and risk aversion. Rather bad domestic macroeconomic data was not helping the currency of Switzerland at all. The KOF Economic Barometer fell from 110.1 in September (revised, 113.8 before the revision) to 106.6 in October, below the median forecast of 107.9. It was the first decline after four consecutive […]
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October 302020
Canadian Dollar Flat As Investors Weigh August GDP, Crashing Oil Prices
The Canadian dollar is struggling for direction against a plethora of currencies at the end of the trading week as investors balance a slightly better-than-expected gross domestic product (GDP) in August and cratering crude oil prices. The loonie was impacted earlier this week after the central bank forecast that a recovery would not occur until 2022. According to Statistics Canada, the economy expanded 1.2% in August, down from the 3.1% jump in July. The market had […]
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October 302020
Euro Trades Sideways Despite Upbeat Euro Area GDP Reports
The euro today initially fell against the US dollar despite the release of positive eurozone GDP data and other GDP reports from across the euro area. The EUR/USD currency pair later rallied higher moving into positive territory boosted by the investor sentiment and the weaker greenback as the US markets opened. The EUR/USD currency pair today fell to a low of 1.1660 during the early European session before rallying to a high of 1.1704 during the American […]
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October 302020
Australian Dollar Rises on Decent Domestic Economic Reports
The Australian dollar was trading flat against major currencies today. While domestic macroeconomic data released in Australia on Friday was decent, worries and uncertainty made investors reluctant to buy riskier commodity-linked currencies, like the Aussie. Yet currently, the Australian currency has managed to regain upward momentum and is trading above the opening level versus majors. The Australian Bureau of Statistics reported that the Producer Price Index rose by 0.4% […]
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October 302020
Japanese Yen Fails to Keep Gains
The Japanese yen rallied during Friday’s trading session. Market analysts explained the rally by risk aversion ahead of the US presidential election as well as by mostly positive macroeconomic reports released in Japan over the trading session. Currently, though, the currency has trimmed its gains, losing them outright against some of its rivals. Japan’s Ministry of Economy, Health, and Industry reported that industrial production climbed by 4.0% in September from a year […]
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October 302020
Correction or Change from the 104.02 Low on USD/JPY?
The United States dollar versus the Japanese yen currency pair bounced off the 104.00 psychological level. Who will steer the price from here? Long-term perspective The fall from the 109.85 high, which came after the bulls failed to keep their gains above the 109.08 level, extended beyond the next firm support, 107.00. However, from there, the bulls were able to bring it back above 107.00, but only […]
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October 292020
Pound Falls to 10-Day Lows on UK COVID-19 Cases, Risk-Off Mood
The Sterling pound today fell to new 10-day lows against the US dollar driven by the risk-off market sentiment amid rising UK coronavirus cases and the ongoing Brexit talks. The GBP/USD currency pair’s decline was also fueled by the resurgent greenback, which benefitted as a safe-haven asset ahead of next week’s US Presidential election. The GBP/USD currency pair today fell from a high of 1.3025 during the early London session to a low of 1.2880 […]
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October 292020
Euro Falls to 5-Week Lows As ECB’s Lagarde Promises More Stimulus
The euro today fell to 5-week lows against the US dollar after the European Central Bank Governor promised to introduce new stimulus measures next month. The EUR/USD currency pair’s decline was also fueled by the introduction of new lockdown measures in many European countries to curb rising COVID-19 cases. The EUR/USD currency today fell from an opening high of 1.1758 during the Australian session to a low of 1.1651 during the American session and was […]
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October 292020
US Dollar Gets Direction on Better-Than-Expected GDP, Initial Jobless Claims
The US dollar is looking to extend its gains against several major currency rivals on Thursday after a plethora of data pointed to a strengthening economy for the world’s second-largest market. The greenback, which has come under pressure this month, is benefiting from both safe-haven demand and positive macroeconomic economic developments, including first-time jobless claims and the gross domestic product. According to the Bureau of Economic Analysis (BEA), the US economy expanded […]
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