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News
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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October 292020
Bulls Targeting 1.7445 on GBP/CAD?
The Great Britain pound versus the Canadian dollar currency pair seems to be willing to go higher. Will the bears let it do so? Long-term perspective After the double bottom defined by the 1.6750 and 1.6769 lows, respectively, the price started an ascending movement that managed not only to touch the firm level of 1.7567 but also to pierce it. To the bullish disappointment, the pierce ended as being a false one, as the price retraced under […]
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October 282020
Euro Falls Against Dollar as EU Countries Initiate 2nd Lockdown
The euro today fell against the dollar as eurozone countries initiated fresh lockdown measures to curb the rising coronavirus cases within their borders. The EUR/USD currency pair fell driven by safe-haven flows as investors bought the dollar to hedge against the risks posed by the coronavirus pandemic to the global economy. The EUR/USD currency pair today fell from a high of 1.1788 during the Australian market to a low of 1.1717 during the early American session but has […]
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October 282020
Canadian Dollar Slides As BoC Leaves Rates Unchanged, Crude Oil Crashes
The Canadian dollar is sliding against its US peer on Wednesday as the Bank of Canada (BoC) left interest rates unchanged during its November policy meeting. The loonie was also falling on plummeting crude oil prices amid escalating COVID-19 cases around the world that traders bet would continue to weigh on global demand. With Canada witnessing a second wave of the highly infectious respiratory illness, will the economic recovery […]
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October 282020
US Dollar & Japanese Yen Climb amid Risk Aversion
Safe-haven currencies, like the US dollar and the Japanese yen, jumped today as risk aversion was ruling markets. The main themes were the rising number of coronavirus cases in Europe and the upcoming presidential election in the United States. According to reports, the French government is considering a month-long nationwide lockdown to curb the rising number of coronavirus cases. French President Emmanuel Macron will address the issue on television later today. The European Commission announced that […]
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October 282020
Australian Dollar Retreats After Rising on Good Inflation Report
The Australian dollar rose on Wednesday after a positive inflation report released in Australia. But as of now, the currency has lost its gains due to risk aversion that prevailed on markets. The Australian Bureau of Statistics reported that the Consumer Price Index rose by 1.6% in the September quarter (1.5% with seasonal adjustments). The increase followed the 1.9% drop in the previous three months. Year-on-year, the index increased by 0.7%. The trimmed mean CPI (which is […]
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October 282020
Can the Bears Still Push on AUD/NZD After Reaching 1.0631?
The Australian versus the New Zealand dollar currency pair ebbed until the 1.0631 level. Could this level be the one that starts a correction? Long-term perspective After validating the support of 1.0013 — not highlighted on the chart — the price climbed until the 1.1043 high. In doing so, towards the end of the movement, it pierced two significant levels. The first one is 1.0826, which previously — see the 1.0880 high — served as a firm resistance, […]
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October 272020
USD/KRW Declines As South Korea Exits Recession in Q3
The South Korean won is recording modest gains against multiple currency rivals on Tuesday as the nation’s economy returned to growth in the third quarter. After enduring the sharpest economic downturn in more than a decade, Seoul was able to resuscitate the economy through a series of COVID-19 stimulus measures and surging exports. During the July-to-September period, the gross domestic product (GDP) advanced 1.9%, following a 3.2% slide in the second quarter. The market had penciled […]
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October 272020
Bears Testing the 1.3000 Level on GBP/USD
The Great Britain pound versus the United States dollar currency pair has to make a decision: above or beneath 1.3000? Long-term perspective After validating the firm level of 1.2092 as support, the price started an ascending trend, one that came very close to the 1.3502 intermediary level. However, reaching 1.3502 meant passing a triple resistance area made up of the 1.3261 level, the upper line of the ascending channel, and the descending line. But as the retracement […]
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