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News
August 272020
US Dollar Slumps As Federal Reserve Announces New Inflation Approach
The US dollar is slumping toward the end of the trading week after the Federal Reserve announced a new approach to inflation that would keep interest rates lower for longer. The greenback is also in the red after initial jobless claims topped one million for the second consecutive week. With inflation almost certain for the next few years, does this spell bad news for the buck? Fed Chair Jerome Powell announced a major […]
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August 272020
GBP/CAD Recovers from 1.7285
The Great Britain pound versus the Canadian dollar currency pair succeeded in recovering after the price went beneath 1.7216. But is this a sustainable rise? Long-term perspective The rally from the 1.6542 low, limited by the 1.7567 resistance level, allowed a fall to take place, one that almost touched the 1.6724 area, but stopped after printing the 1.6750 and 1.6769 lows. From the lows, the bulls attempted another push against the firm […]
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August 262020
South Korean Won Choppy As Investors Fear Potential COVID-19 Lockdown
The South Korean won is trading choppy in the middle of the trading week as investors begin to weigh the possibility of another lockdown related to the coronavirus pandemic. Despite South Korea flattening the curve in March, the nation has been experiencing an uptick in infections for most of August. The country is already in a recession, so another wave of restrictions could exacerbate the downturn. So far, South Korea has more than 18,000 confirmed cases of COVID-19, with […]
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August 262020
Greenback Weak, Fails to Get Support from US Durable Goods Orders
The US dollar was very weak today, surprisingly so considering very good domestic macroeconomic data. While the greenback managed to retain some of its gains versus the euro, the US currency fell against many other major rivals. The US Census Bureau reported that durable goods orders climbed by 11.2% in July. That is a far bigger increase than 4.4% predicted by specialists and a higher rate than 7.6% […]
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August 262020
Japanese Yen Flat-to-Higher After Economic Data, Other News
The Japanese yen was trading either flat or higher versus other most-traded currencies today. Today’s economic data in Japan was good, unlike yesterday’s inflation report. Other news was also generally positive. The Bank of Japan reported that the Services Producer Price Index rose by 1.2% in July, year-on-year, after increasing by 0.9% in June (revised, 0.8% before the revision). Experts were anticipating a mild slowdown to 0.8%. According […]
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August 262020
NZ Dollar Rises Despite Shrinking Trade Surplus
According to data released today, New Zealand’s trade balance surplus shrank last month. But that did not prevent the New Zealand dollar from rising. In fact, it was the strongest among the most-traded currencies. Statistics New Zealand reported that the trade balance showed a surplus of NZ$282 million in July. It was a sharp drop from the previous month’s revised value of NZ$475 million but it was […]
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August 262020
AUD/NZD Consolidates Around 1.0983
The Australian versus the New Zealand dollar currency pair seems to have entered into a consolidation phase. Is this only a pause of the bullish advancement? Long-term perspective The rally from the 0.9991 low extended — in a first phase — until the 1.0880 high. From there, a corrective movement began, one that after finding support a hair away from 1.0551 — and etching the 1.0566 low — fueled a rise that printed the 1.1043 high. Even […]
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August 252020
South African Rand Extends Winning Streak As Global Sentiment Improves
The South African rand is extending its winning streak against the US dollar as it continues to find support in global foreign exchange markets. With a fierce risk appetite and general optimism in the broader financial markets, investors are pouring into the rand. As the number of confirmed coronavirus cases comes down and the central bank indicating tightness in monetary policy, the rand may emerge as one of the top emerging market currencies. According to the South […]
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August 252020
Euro Rallies Against US Dollar on German GDP and IFO, Later Falls
The euro today rallied higher against the US dollar boosted by positive investor sentiment as the US and China reported progress in the latest round of trade talks. The EUR/USD currency pair later gave up its gains after the release of mixed US data amid a lack of volatility in the Forex market ending up slightly higher. The EUR/USD currency pair today rallied to a high of 1.1843 from an opening low of 1.1783 in the Asian market […]
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August 252020
Bulls Might Try a New March Towards 1.3261 on GBP/USD
The Great Britain pound versus the US dollar currency pair, although it was indecisive, seems to be searching to channel its momentum towards a direction. Will this be the continuation of the appreciation? Long-term perspective After the rally from the 1.1409 low to the 1.2647 high, the price began shaping an ascending trend. The new trend performed very well in terms of facilitating the bulls in gaining ground. In fact, the bulls were determined enough so […]
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