News – Page 11 – The Plot

November 13
2020

NZ Dollar Weakest on Waning Optimism, Poor Domestic Data

Commodity currencies were among the weakest on the Forex market today as the optimism caused by the news about a coronavirus vaccine continued to wane. The New Zealand dollar was the biggest loser, falling even against its commodity-linked counterparts. Negative domestic macroeconomic data put additional pressure on the currency. Statistics New Zealand reported that the food price index fell by 0.7% in October after dropping by 1.0% in the previous month. With seasonal adjustments, […]

November 13
2020

USD/JPY Resuming the Fall from 105.67?

The US dollar versus the Japanese Jen currency pair seems to have lost its steam. Are the bears just around the corner? Long-term perspective The high of 109.85 is the start of a drop that extended until the intermediary level of 103.15. Along this path, the bulls attempted several recoveries, but, as it can be seen from the string of lower highs and lower lows, they all ended as new bearish opportunities. However, […]

November 12
2020

Yen Gains as Optimism Surrounding Coronavirus Vaccine Wanes

The Japanese yen gained today as optimism about the coronavirus vaccine waned, making safer currencies more appealing to traders. Markets started the week in an optimistic mood due to the news that a major breakthrough in the development of the coronavirus vaccine was made. The optimism made investors less interested in acquiring safe-haven currencies. But the optimism has started to wane as there is still a large degree of uncertainty surrounding the treatment. Seiji Adachi, Member of the Policy […]

November 12
2020

Pound Falls Against Dollar on Weak UK GDP Data, Brexit Stalement

The Sterling pound today fell against the dollar following the release of weak UK GDP data as the country’s economy expanded less than expected in September. The GBP/USD currency pair’s decline was further fueled by the lack of progress in Brexit negotiations as the December 31st deadline draws near. The GBP/USD currency pair today fell from an initial high of 1.3227 in the Australian session to a low of 1.3114 in the American session and was headed lower at the time of writing. […]

November 12
2020

NZ Dollar Climbs on Reduced Chances for Negative Interest Rates, Retreats Later

The New Zealand dollar jumped yesterday and was trying to extend its rally today but failed to do so and has retreated by now. The reason for the jump was easy to pinpoint — the less certain outlook for negative interest rates from New Zealand’s central bank. The reason for the retreat is harder to identify but the most likely factor is the rally of the US dollar. The Reserve Bank of New Zealand made a monetary policy announcement […]

November 12
2020

Euro Rallies Against Dollar on Upbeat German Inflation, Positive Mood

TheÂ euro today rallied against theÂ dollar boosted byÂ theÂ positive investor sentiment despite theÂ rising coronavirus cases andÂ lockdown measures inÂ Europe. TheÂ EUR/USD currency pair’s rally asÂ also fueled byÂ theÂ positive releases from across theÂ euro area including Germany’s inflation data among others. TheÂ EUR/USD currency pair today rallied from aÂ low ofÂ 1.1758 inÂ theÂ late Asian session toÂ aÂ high ofÂ 1.1823 inÂ theÂ mid-Frankfurt session before proceeding toÂ trade sideways up toÂ theÂ time […]

November 12
2020

US Dollar Gains As Jobless Claims Hit Fresh Pandemic Low, Inflation Beats Estimates

The US dollar is looking to maintain its momentum toward the end of the trading week, buoyed mostly by economic data rather than the broader market trends. The greenback is searching for support from lower-than-expected inflation and initial jobless claims falling to a fresh pandemic low. Could the buck travel on an upward trajectory to close out 2020? According to the Department of Labor, the number of Americans filing for first-time unemployment benefits came in at 709,000 in the week ending […]

November 12
2020

Bulls Fail to Conquer 1.7285 on GBP/CAD?

The Great Britain pound versus the Canadian dollar currency pair seems to be having trouble climbing. Long-term perspective After the high of 1.7674 was proved to be part of a false piercing of the 1.7567 resistance area, the price fell until the 1.7285 level. From there, the bulls attempted a comeback, but their efforts were confined to the 1.7567 level. As a result, the price dropped abruptly, crafting the low of 1.6810. The low aided the bulls, as they […]

November 11
2020

Turkish Lira Rallies on Easing of Currency Trading Limits, Bets on Orthodox Policy

The Turkish lira is enjoying its best rally in months as the government eased two-year-old currency trading limits, giving the lira a substantial boost. It is also rising against several currency peers as foreign exchange markets bet that the country would embrace a more orthodox monetary policy following a series of noteworthy exits in President Recep Tayyip Erdoganâs government. According to a statement from Ankaraâs chief banking regulator, the amount […]

November 11
2020

AUD/NZD Under 1.0707 and Back into the Descending Channel

The Australian pound versus the New Zealand dollar currency pair seems to have been limited in its attempt to switch to bullish mode. Long-term perspective After crafting the 1.0566 low, the price continued its upward movement that had been part of before the high of 1.0880. As a result, it climbed until the 1.1043 high but failed to sustain the gains above the firm resistance area of 1.0983. As a consequence, the price fell until the previous […]