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News
August 192020
US Dollar Strengthens As FOMC Warns COVID-19 Will âWeigh Heavilyâ on Economy
The US dollar is finding some support after the Federal Reserve released its minutes from the July policy meeting. The Federal Open Market Committee (FOMC) revealed that the coronavirus pandemic wouldâweigh heavilyâ on the economy, labor market, and inflation, resulting in the central bank to maintain its stimulus efforts until the country rebounds. According to the US central bank, the Fed reaffirmed its commitment to executing a full range of tools to support the economic […]
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August 192020
Australian Leading Index Rises, Aussie Joins Other Commodity Currencies in Rally
The Australian dollar was one of the strongest currencies on the Forex market today, second only to the New Zealand dollar. The Aussie joined other commodity currencies in a rally, driven mainly by the positive general market sentiment, though decent domestic macroeconomic data and good news from the Victoria state were also helping. 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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August 192020
Japanese Economic Data Mixed, Yen Recovers from Weakness
The Japanese yen was one of the weakest currencies on the Forex market today, second only to the US dollar. But currently, it has managed to recover, trading either flat of higher against most other currencies, remaining weak only against commodity ones. The relatively robust market sentiment made traders not interested in safety provided by the Japanese currency, preferring to seek riskier assets that can provide a higher yield. Domestic […]
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August 192020
New Zealand Dollar Strongest Today, Halting Long Stretch of Losses
The New Zealand dollar was the strongest currency on the Forex market today but the rally was nowhere near enough to mitigate the sharp decline that the kiwi has started a month ago. The major event today is the release of the monetary policy meeting minutes by the Federal Open Market Committee, but most market participants do not expect them to reveal anything particularly new and interesting. Statistics New Zealand released a report […]
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August 192020
Pound Rallies to 8-Month Highs on Upbeat UK Inflation Report
The Sterling pound today rallied to new multi-month highs against the US dollar following the release of the upbeat UK inflation data earlier today. The GBP/USD currency pair today rallied to new 8-month highs against the much weaker greenback on the news. The GBP/USD currency pair today rallied to a high of 1.3266 based on the inflation report, but quickly gave up its gains dropping to a low of 1.3229 and was off its highs at the time […]
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August 192020
AUD/NZD: Where to After Reaching the 1.1043 High?
The Australian versus the New Zealand dollar currency pair extended all the way to the firm 1.0983 resistance level and started correcting from there. Is this a sustainable bearish sign? Long-term perspective The rally that started from the 0.9991 low, after validating the 1.0013 support level, extended all the way to the 1.0880 high. From there, a correction phase began, one that found support a hair away from 1.0551, etching […]
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August 182020
USD/HUF Falls After Sharp Q2 GDP Decline Amid COVID-19 Pandemic
The Hungarian forint is looking to rebound against a plethora of currencies on Tuesday after the Central European country recorded disappointing economic data that showed how hard it was hit by the coronavirus pandemic. The drop in economic activity has forced foreign exchange traders to reevaluate their positions in the forint as analysts anticipate further contraction. According to the Hungarian Central Statistical Office, the gross domestic product (GDP) contracted 14.5% in the second quarter, […]
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August 182020
Euro Surges to 2-Year Highs Against the US Dollar, Later Retreats
The euro today rallied to new 2-year highs against the US dollar mainly driven by the latter’s overall weakness as tracked by the US Dollar Index. The EUR/USD currency pair today hit a high of 1.1966, which was last seen in March 2018 driven by the bullish investor sentiment. The EUR/USD currency pair today rallied from an opening low of 1.1874 to a 27-month high of 1.1966 before giving up some of its gains by the time of writing. […]
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August 182020
Turkish Lira Rebounds Ahead of Key Central Bank Meeting
The Turkish lira is rebounding against the US dollar on Tuesday ahead of a crucial central bank policy meeting. The lira had slumped to a new record low over the governmentâs response to volatile foreign exchange rates that the private sector warn is destroying commerce in the fragile economy. The lira has been further decimated on dwindling foreign reserves, also supporting Wall Streetâs bearish sentiment over the currency. For more nearly two […]
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August 182020
Australian Dollar Mixed After RBA Monetary Policy Meeting Minutes
The Australian dollar was mixed against its most-traded counterpart during today’s trading session but was generally holding ground. The session was very light in terms of macroeconomic releases, with only notable ones being the minutes of the latest monetary policy meeting released by the Reserve Bank of Australia and US housing data. The RBA released today the minutes of the meeting that happened on August 4. At the meeting, the Board decided to keep the stimulus […]
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