News – Page 14 – The Plot

November 3
2020

Australian Dollar Soars Despite Interest Rate Cut from RBA

The Australian dollar was the strongest currency on the Forex market today even though the Reserve Bank of Australia expanded its stimulus more than was expected. Market analysts explained the currency’s stellar performance by the risk-positive market sentiment and the sell-off of the US dollar. While markets were expecting an interest cut from the RBA, the central bank was still able to provide a surprise, announcing a whole slew of stimulating measures, namely: -a reduction in the cash […]

November 3
2020

Euro Rallies Against the Dollar As the US Elections Unfold

The euro today rallied to new 5-day highs against the US dollar as the US Presidential election day caused the dollar to selloff against other currencies. The EUR/USD currency pair’s rally was driven by the upbeat market sentiment, which also fueled a rally in the equity markets led by the Dow Jones and Nasdaq. The EUR/USD currency pair today rallied from a low of 1.1641 at the Australian open to a high of 1.1740 in the early American session and was trading […]

November 3
2020

USD/CHF Slides As FX Markets Prepare for Raucous 2020 Election

The Swiss franc is carving out a direction on Tuesday as investors brace for the 2020 US presidential election, comb through the latest inflation and manufacturing data, and determine if Switzerland can successfully mitigate COVID-19 without decimating the economy. With the world in the home stretch of a raucous 2020, can the conventional safe-haven asset continue its appreciation by yearâs end? According to the Swiss Federal Statistical Office (SFSO), consumer prices declined 0.6% year-over-year […]

November 3
2020

Are Bulls Still Targeting 1.3000 on GBP/USD?

The Great Britain pound versus the United States dollar currency pair seems to be willing to go along with the bulls. Are they able to keep up and resume the climb? Long-term perspective After the price validated the 1.2092 support area, the price extended until the 1.2777 intermediary level, crafting the 1.2818 high. The correction swing that followed defined the higher low of 1.2251, and, with it, the new ascending trend was […]

November 2
2020

CAD Surges on Sharp Oil Prices Rebound, Strong Manufacturing PMI

The Canadian dollar was the strongest currency on the Forex market on Monday. The reason for the currency’s impressive performance was primarily the sharp bounce of crude oil prices, though Canada’s macroeconomic data was also supportive of the loonie. Crude started Monday extremely weak, tanking about 5% due to concerns that the second wave of the COVID-19 pandemic and the second lockdown in the European Union will limit demand for the commodity. But oil prices rebounded by the end […]

November 2
2020

US Dollar Index Edges Higher As Investors Brace for 2020 Election

The US dollar is trading slightly higher against some of its currency peers one day before the 2020 presidential election. Investors are anticipating volatility across the broader financial markets this week, although the consensus on Wall Street is that investment houses desire a clear result for either President Donald Trump or former Vice President Joe Biden. Until then, the uncertainty surrounding Election Day could be […]

November 2
2020

Sterling Weak as Britain Prepares for Lockdown

The Great Britain pound was soft today, though it managed to gain on the Swiss franc. The major source of the sterling’s weakness was the news that the country will enter a second lockdown this week. British Prime Minister Boris Johnson announced on the weekend that the country will enter a strict month-long lockdown on November 5. The Prime Minister was planning to make the announcement on Monday but was forced to do it prematurely […]

November 2
2020

Japanese Yen Mixed Ahead of BoJ Monetary Policy Meeting Minutes

The Bank of Japan was about flat against major rivals and fell versus commodity currencies today. Better-then-expected domestic manufacturing data was unable to help the currency. Now, traders wait for minutes of the latest monetary policy meeting of the nation’s central bank. The headline au Jibun Bank Japan Manufacturing Purchasing Managers’ Index rose to 48.7 in October from 47.7 in September according to the final estimate. The actual reading beat market expectations […]

November 2
2020

Euro Mixed amid Fears of Second Lockdown

The euro was mixed today, rising against some currencies and falling versus others. There were plenty of reasons for the currency to fall, though robust macroeconomic data released on Monday was supportive of the shared 19-nation currency. The number of new coronavirus cases continues to increase across Europe. Data suggests that some parts of the region experience the worst rates of infection in the world. One after another European countries return to lockdown, and that […]

November 2
2020

Australian Dollar Second Strongest Ahead of RBA Meeting

The Australian dollar was the second strongest currency on the Forex market today, losing only to the Canadian dollar. The Aussie rallied for the same reasons as the New Zealand dollar: the rebound of crude oil prices, good economic data in China, decent domestic macroeconomic reports. The Australian Industry Group Australian Performance of Manufacturing Index climbed from 46.7 in October to 56.3 in November. Being above the neutral 50.0 level, the index suggests that the sector returned […]