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News
September 22020
Sterling Pound Falls Against the Dollar on Dovish BoE Speeches
The Sterling pound today fell against the US dollar following dovish speeches from Bank of England policymakers regarding the British economy and monetary policy. The GBP/USD currency pair kept falling despite the release of weak US jobs data as markets interpreted the BoE’s willingness to take extra easing measures negatively. The GBP/USD currency pair today fell from an opening high of 1.3401 during the Australian market before falling to a low of 1.3283 […]
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September 22020
US Dollar Strong Despite Huge Miss of ADP Employment
The US dollar was very strong today despite disappointing employment data. Market analysts suggested various possible reasons for such behavior. Some speculated that the greenback continued to get support from Monday’s positive US manufacturing data. Others argued that it was just a bounce in an oversold market. Automatic Data Processing reported today that US employers added 428,000 jobs in August after adding 212,000 […]
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September 22020
South Korean Won Mixed As Inflation, Manufacturing PMI Drive Currency
The South Korean won is mixed in the middle of the trading week as inflation and manufacturing data drive one of the worst-performing Asian currencies this year. Although the won has recovered against the greenback since June, the currency has come under a lot of pressure based on the recession and a coronavirus resurgence. Could the won retest 1,200 by the yearâs end? According to Statistics Korea, the consumer price index (CPI) rose 0.6% in August, up from the 0% […]
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September 22020
New Zealand Dollar Strongest Despite Outlook for Monetary Easing
The New Zealand dollar was the strongest among the most-traded currencies on the Forex market today despite the outlook for additional monetary easing from New Zealand’s central bank. Domestic macroeconomic data was favorable but seems to provide no noticeable boost to the currency. Adrian Orr, Reserve Bank of New Zealand Governor, delivered a surprise unscheduled speech at the Victoria University of Wellington School of Government today. He signaled that the central bank […]
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September 22020
Aussie Soft After Economy Enters First Recession in Almost 30 Years
The Australian dollar was soft today after data confirmed that Australia’s economy has entered a recession. The losses were limited, though, and the Aussie managed to remain flat against a range of peers. The currency had a muted reaction to yesterday’s monetary policy announcement from the Australian central bank. The Australian Bureau of Statistics reported that gross domestic product shrank by 7.0% in the June quarter of this year on a seasonally adjusted basis. Not […]
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September 22020
AUD/NZD Ready for 1.0903?
The Australian versus the New Zealand dollar currency pair seems to have been very reluctant in crafting any significant lows. Is this a sign that the bears are not that determined? Long-term perspective The appreciation from the 0.9991 low, which confirmed the firm support area of 1.0013, managed to extend until the 1.1043 high, printed some peaks above the significant 1.0983 resistance level, and retraced under it. Thus, it […]
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September 12020
Chinese Yuan Extends Winning Streak As Manufacturing Activity Beats Estimates
The Chinese yuan is continuing its appreciation against the US dollar on Tuesday as better-than-expected manufacturing activity and continued stimulus in the banking system extended the currencyâs winning streak. The yuan has been strengthening against the greenback since the height of the coronavirus pandemic, and it is now testing the 6.8 range. In August, the Caixin/IHS Markit manufacturing purchasing managersâ index (PMI) came in at 53.1, up from 52.8 in July â anything above 50 […]
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September 12020
Next Target on GBP/USD: 1.3504?
The Great Britain pound versus the US dollar currency pair managed to overcome an important resistance area. But is this movement sustainable? Long-term perspective After etching the 1.2075 low, thus validating the 1.2092 area as support, the price began an ascending trend that, after piercing two intermediary levels, 1.2777 and 1.3000, respectively, put the bulls in such a good mood that they extended the impulsive swing until the triple resistance […]
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August 312020
Australian Dollar Outlook: Can RBA Stop Aussie’s Rally?
The Australian dollar was very strong lately, reaching the highest level in more than a year and a half against its US counterpart last week. But some traders are worried that the currency will be unable to extend its rally, especially if the nation’s central bank remains dovish. Let’s look at fundamentals that will be driving the Australian currency this week. The Australian economy fared relatively well […]
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August 312020
Euro Firm After Mixed Data, Comments from ECB Board Member
The euro rose today. In fact, the shared 19-nation currency was one of the strongest currencies during Monday’s trading session despite mixed domestic macroeconomic data released during Monday’s trading. Positive comments made in an interview with a European Central Bank board member were supportive of the currency. The German consumer price index reported by Destatis was disappointing, falling by 0.1% in August, while analysts had predicted no change. At the same […]
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