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News
September 172020
NZ Dollar Among Weakest After GDP Report
The New Zealand dollar was among the weakest currencies on the Forex market today amid the risk-negative sentiment among investors. Domestic macroeconomic data was also extremely bad, though not as bad as pessimistic forecasts. Statistics New Zealand reported that gross domestic product shrank by as much as 12.2% in the June quarter. That was the biggest decline on the record. Yet it was still not as big as the 12.5% decline predicted by economists. […]
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September 172020
Bulls Taking Over on GBP/CAD from 1.6810?
The Great Britain pound versus the Canadian dollar currency pair shifted direction. Could this be a sustainable rise? Long-term perspective After the double bottom marked by the 1.6750 and 1.6769 lows, respectively, validated the firm 1.6724 support area, the price started a convincing appreciation phase. At first, the rally was limited by the 1.7132 intermediary level, thus printing the 1.7207 high. As a result, a consolidation stage — with 1.6988 as support — took shape. However, […]
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September 162020
Canadian Dollar Soft Despite Surge in Crude Oil Prices
The Canadian dollar was soft today, falling or staying flat against its most-traded peers. Even the strong rally of crude oil prices was unable to aid the currency. One of the possible reasons for the loonie’s weakness was disappointing domestic inflation data. Statistics Canada reported that the Consumer Price Index fell 0.1% in August, without adjustments for seasonal factors, instead of rising at the same rate as analysts had predicted. With seasonal […]
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September 162020
Pound Rallies on Brexit Optimism, Later Falls on FOMC Decision
The British pound today rallied higher against the US dollar amid optimism that the UK would not crash out of the EU after Boris Johnson toned down his rhetoric. The GBP/USD currency pair’s rally was also driven by the dollar’s selloff coupled with the upbeat UK inflation data released earlier today, which boosted the pound. The GBP/USD currency pair today rallied from a low of 1.2875 in the Asian market […]
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September 162020
US Dollar Mixed As Federal Reserve Pledges to Keep Interest Rates Low Until 2023
The US dollar is trading mixed against its G10 currency rivals midweek following the Federal Reserve‘s completion of its two-day policy meeting. The central bank left interest rates unchanged, and it pledged to keep rates lower for a few more years to support the economic recovery. With rates hovering near zero until at least 2023, how will this impact the greenback? The Federal Open Market Committee (FOMC) announced […]
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September 162020
Japanese Yen Stable, Gains on US Dollar
The Japanese yen was stable against other most-traded currencies today, even managing to gain on the US dollar, despite the generally positive market sentiment. Traders were more cautious than usual, though, due to the upcoming FOMC monetary policy announcement, resulting in quieter-than-usual trade. Yoshihide Suga, who was serving as Chief Cabinet Secretary, will replace Shinzo Abe as Japan’s prime minister. Abe had step down due […]
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September 162020
Australian Dollar Firm Ahead of Employment Report
The Australian dollar was firm today amid the generally positive market sentiment. While today’s domestic macroeconomic data was good, it was of limited importance, and traders are more interested in tomorrow’s employment report. Meanwhile, markets wait for the FOMC monetary policy announcement that will happen later today. The six-month annualized growth rate in the Westpac-Melbourne Institute Leading Index (which shows the likely pace of economic activity relative […]
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September 162020
AUD/NZD May Retest the 1.0826 Support
The Australian versus the New Zealand dollar currency pair seems not to be prepared yet for the next upward leg. Is this just a delay or a bearish sign? Long-term perspective From the 0.9991 low, the price extended until the 1.0880 high before retracing under the 1.0826 level, thus coining a false break. However, the resulting depreciation stalled at the 1.0566 low. Upon the formation of the low, the bulls took their chance and head for 1.0826 […]
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September 152020
Turkish Lira Flat After Crashing to Record Low on Credit Downgrade
The Turkish lira is trading relatively flat against the US dollar on Tuesday. The lira crashed to a record low on Monday after one of the world’s premier credit ratings agencies slapped Turkey with a credit downgrade and geopolitical tensions between Turkey and Greece escalate. After cratering to an all-time low this past spring, does this mean the lira can suffer another record low this year? On Monday, Moody’s Investor Services […]
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September 152020
Sterling Pound Rallies on Upbeat Risk Appetite, Falls on Brexit Fears
The Sterling pound today rallied higher against the US dollar driven by market optimism about progress in the development of a vaccine for the coronavirus. The GBP/USD currency pair’s rally did not last as it headed lower in the mid-London session amid market fears of a hard Brexit and a recovery by the US dollar. The GBP/USD currency pair today rallied from a low of 1.2814 in the Asian session to a high of 1.2926 in the mid-London session before reversing and giving up most […]
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