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News
November 182020
Sterling Pound Rallies Against Dollar on Upbeat UK Inflation Data
The Sterling pound today surged against the dollar boosted by the upbeat British inflation report released early in the morning and the positive investor mood. The GBP/USD currency pair’s rally was also fueled by investor hopes that the UK and EU will reach a post-Brexit trade deal before the fast-approaching December 31 deadline. The GBP/USD currency pair today rallied from a low of 1.3243 in the Japanese session to a high of 1.3280 in the early London session and was […]
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November 182020
NZ Dollar Stable as Markets Enter Consolidation Mode
The New Zealand dollar was stable today as markets have entered a consolidation mode after optimism caused by the positive coronavirus vaccine news earlier this week started to wane. Macroeconomic data released in New Zealand overnight was mixed. Statistics New Zealand reported that the output Producer Price Index fell by 0.3% in the September quarter after falling by 0.2% in the previous three months. Experts were not expecting any […]
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November 182020
Can the Bulls Send the Price to 1.0707 on AUD/NZD?
The Australian versus the New Zealand dollar currency pair seems to be searching for a resistance area. But could the bears take advantage of this context? Long-term perspective After the low of 1.0566 was printed, the market started a new rally, one that would etch the 1.1043 high. As the bears considered that the bulls overextended, they sent the price beneath 1.0983, thus leaving the bulls with no support to continue their movement […]
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November 172020
USD/CNY Tests 28-Month High As Economy Continues Recovery
The Chinese yuan is now testing its best level in more than two years against the US dollar. As China becomes the lone outlier in the global economy when it comes to the recovery, the yuan is joining the broader rally in the foreign exchange market. With the year 2020 winding down, is the next stop for the yuan 6.4? Better yet, will policymakers allow the yuan to appreciate that much? On Monday, the Peopleâs Bank […]
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November 172020
Can the Bulls Take Out the High of 1.3313 on GBP/USD?
The Great Britain pound versus the US dollar currency pair seems to be willing to go north, but do the bulls have what it takes to push the price higher? Long-term perspective From the low of 1.2075, which validated the support of 1.2092, an ascending trend came into being. The trend managed to extend until just a little under the 1.3502 intermediary level. However, as the bulls extended a little too much and too quickly […]
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November 162020
US Dollar Weakens As Moderna Announces 94% Effective Coronavirus Vaccine
The US dollar is weakening to start the trading week after another pharmaceutical giant announced a second effective coronavirus vaccine. The news lifted the financial markets across the board, elevating investors’ risk appetite. This led to a selloff in the greenback, almost guaranteeing that the buck is headed for one of its worst years on record. On Monday, Moderna confirmed that its phase three trial data showed that its COVID-19 vaccine […]
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November 162020
Euro Rallies on Asian Nations Trade Deal Later Falls on ECB Speeches
The euro today alternated between gains and losses and gains against the dollar rallying on the news such as the trade deal between China and 14 Asia-Pacific countries. The EUR/USD currency pair later gave up most of its gains after speeches from several European Central Bank policymakers that were quite dovish later in the day. The EUR/USD currency pair today surged to a high of 1.1868 in the early Frankfurt session before falling to a low […]
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November 162020
Bulls on AUD/USD Still Heading for 0.7413?
The Australian versus the US dollar currency pair seems to have been taken by surprise by the bulls. Are the bears strong enough to defend 0.7320? Long-term perspective After the level of 0.6386 was validated as support, the price appreciated until the next firm resistance, 0.7010. Following the consolidation phase that sits under 0.7010, the level was pierced, and the price continued the upwards movement until reaching the 0.7413 high. From there, the price slipped […]
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November 132020
Euro Rallies on Upbeat Sentiment and Mixed Euro Area Macro Prints
The euro today rallied against the dollar due to the positive investor sentiment, which saw risk assets rally despite the coronavirus situation in Europe. The EUR/USD currency pair’s rally was also boosted by the upbeat inflation reports from Spain and France despite other disappointing macro reports. The EUR/USD currency pair today rallied from a low of 1.1799 in the Asian session before rallying to a high of 1.1834 in the mid-European market and was near these […]
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November 132020
Indian Rupee Rises As Trade, Sliding COVID-19 Cases Support EM Currency
The Indian rupee is attempting to muster up some momentum to finish the trading week amid positive economic data and improving COVID-19 cases. The rupee, which has struggled since the height of the market meltdown earlier this year, has joined the broader weakness in emerging markets. But with renewed risk appetite and a potential vaccine on the way, could the rupee enjoy a better 2021? According to the Ministry of Commerce and Industry, India posted a trade […]
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