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News
October 132020
Euro Falls Against Dollar on Risk-Off Sentiment As Investors Flee
The euro today fell against the dollar driven by the risk-off market sentiment as investors fled the riskier assets in favour of fo safe-haven instruments such as the dollar. The EUR/USD currency pair fell over 80 pips as markets reacted to news that Johnson & Johnson was pausing its COVID-19 vaccine trial due to unexplained illnesses. The EUR/USD currency pair today fell from an initial high of 1.1813 in the Australian market to a low of 1.1730 […]
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October 132020
Chinese Yuan Extends Losing Streak on PBoC Move, Exports
The Chinese yuan is extending its losing streak against a basket of major currency rivals on Tuesday. The yuan, which recently suffered its worst one-day drop in seven months, slumped on slightly lower-than-expected trade data. With more economic data being released this week, the yuan could come under a lot of pressure and reverse its significant 2020 rally. According to the General Administration of Customs, China’s trade surplus slipped […]
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October 132020
1.3000 on GBP/USD Conquered by the Bulls?
The Great Britain pound versus the United States dollar currency pair seems to be willing to head north. Do the bulls have enough steam for that? Long-term perspective After the appreciation that came about following the confirmation of 1.1476 as support, the price started an ascending trend. The first impulsive swing, which started after a relative range trading phase, extended from the 1.2075 low to the 1.2818 high. After the correction that joins […]
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October 122020
Swiss Franc Mixed After Positive Revision of Economic Forecasts
The Swiss franc was mixed today following the release of an updated economic forecast from Switzerland’s government. The State Secretariat for Economic Affairs released an updated economic forecast for 2020 and 2021. The updated forecast predicts that gross domestic product adjusted for sports events will fall by 3.8% this year, which is better than the July forecast of a 6.2% drop. The Consumer Price Index is expected to fall by 0.7%, whereas the previous […]
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October 122020
US Dollar Flat As Investors Weigh Fiscal Stimulus Talks, Wait for Inflation Data
The US dollar is kick off the trading week relatively flat, hovering at its lowest level in three weeks. With not much economic data to work with, investors are weighing fiscal stimulus in Washington and the 2020 presidential election in a couple of weeks. Will traders adopt a wait-and-see approach to the greenback for the remainder of October? On Sunday, President Donald Trump urged Congress to approve a stripped-down version of the fiscal stimulus and relief package. The White […]
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October 122020
Japanese Yen Gains During Monday’s Quiet Trading
The Japanese yen gained, rising against all other most-traded currencies, during Monday’s quiet trading. Today’s calendar is light in terms of macroeconomic releases, and trading is expected to be quieter than usual due to holidays in the United States and Canada. As for today’s economic reports in Japan itself, they were mixed. The Bank of Japan reported that the Producer Price Index fell by 0.8% in September, year-on-year, after declining by 0.6% in August. […]
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October 122020
Bulls Set for 0.7320 on AUD/USD?
The Australian versus the United States dollar currency pair seems to be determined to reach for 0.7320. Long-term perspective The rise that took place from the 0.5701 low extended all the way to the 0.7413 high. From there, the price slipped under the 0.7320 level, which had just been pierced. The resulting drop reached the next support area, 0.7191. From 0.7191, the bulls attempted a recovery, but their efforts were limited […]
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October 92020
Canadian Dollar Rallies Against US Peer on Upbeat Jobs Data
The Canadian dollar today rallied against its US peer fueled by the positive Canadian jobs report and the upbeat investor sentiment. The USD/CAD fell for the third straight session as the commodity-linked loonie rallied higher capitalising on the greenback’s weakness over the same period. The USD/CAD currency pair today fell from an opening high of 1.3196 during the Australian market to a low of 1.3116 during the American session and was trading near these lows at the time of writing. […]
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October 92020
Mexican Peso Strengthens As Inflation Slows, Economic Data Improves
The Mexican peso is strengthening against some of its peers to close out the trading week, buoyed by slowing inflation and improving macroeconomic data. The peso has been one of the top-performing Latin American currencies in recent months, despite the coronavirus pandemic failing to subside and the public health crisis affecting the regionâs second-largest economy. Last month, the consumer price index (CPI) rose 0.23%, down from the 0.39% increase in August. At an annualized rate, […]
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October 92020
Sterling Pound Rallies Despite UK GDP Missing Estimates
The pound today edged higher against the US dollar despite the UK’s latest GDP print missing expectations boosted by the positive investor sentiment. The GBP/USD currency pair was also lifted by news that the Rishi Sunak would announce a new jobs support programme later today fueling Britain’s economic recovery. The GBP/USD currency pair today rallied from a low of 1.2921 in the mid-London session to a high of 1.2988 and was trading near […]
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