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News
August 182020
Bulls Attempting to Pass the 1.3185 High on GBP/USD?
The Great Britain pound versus the United States dollar currency pair seems to be dominated by the bulls, but are they still capable of pushing the price higher? Long-term perspective After the pause that followed the rally from the 1.1409 low, the bulls searched for a support level to start a new movement from. They found it at 1.2092. From there, a new ascending trend commenced, one that extended until the 1.3185 high. […]
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August 172020
Chinese Yuan Gains As PBoC Pumps More Liquidity Into System
The Chinese yuan is continuing its gains against the US dollar to kick off the trading week. The yuanâs strength was buoyed by the central bank pumping more liquidity into the system and leaving interest rates unchanged for the fourth consecutive month. After breaking below the seven against the greenback, the yuan has been steadily testing 6.9. How much better can it get for the currency? On Monday, the Peopleâs Bank of China (PBoC) […]
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August 172020
Bulls Able to Take Out 0.7243 Peak on AUD/USD?
The Australian versus the United States dollar currency pair seems to have lost its steam. Is that really so, or are the bulls setting up a masterplan? Long-term perspective The appreciation from the 0.5701 low managed to etch the 0.7243 high. In this endeavor, important resistance levels were conquered, including 0.7010, which allowed a strong movement towards 0.7191. However, to be noted is that the supportive trendline has been […]
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August 142020
Canadian Dollar Pares Gain on Weaker Energy, Capped by Strong Manufacturing
The Canadian dollar pared its weekly gain to close out the trading week, driven primarily by slumping energy prices. But the loonieâs drop was capped by better-than-expected manufacturing data. Still, the Canadian dollar is poised for a significant 1% weekly advance against the US dollar as the currency continues its rebound following an abysmal first half of 2020. According to Statistics Canada, manufacturing sales surged 20.7% in June, up from an 11.6% […]
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August 142020
Euro Rallies Against the Dollar on In-Line Eurozone Q2 GDP Data
The euro today edged higher against the dollar after an initial slump as investors remained concerned about the political stalemate in the US regarding further stimulus. The EUR/USD currency pair rallied higher as the greenback headed lower and investor sentiment shifted in favour of the riskier single currency, but gains were limited. The EUR/USD currency pair today fell to a low of 1.1781, which is a medium-term resistance level, before rallying to a high of 1.1850 and was […]
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August 132020
US Dollar Weakens As Initial Jobless Claims Fall Below One Million
The US dollar is weakening against several of its G10 currency counterparts on Thursday after it was reported that the number of Americans fell below one million for the first time since the start of the coronavirus pandemic. The greenback had shown signs of momentum earlier this week, but it has pared most of those gains as the buck is on track to test fresh multi-week lows. Where is the dollar headed? According […]
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August 122020
Pound Falls Against US Dollar As UK GDP Contracts 20.4% in Q2
The Sterling pound today fell against the US dollar amid worries that the UK economy was not recovering fast enough following its reopening after the coronavirus lockdowns. The GBP/USD currency pair today headed lower after the UK’s Finance Minister Rishi Sunak said that many people would lose their jobs due to the COVID-19 pandemic. The GBP/USD currency pair today fell from a high of 1.3067 in the early […]
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August 122020
Euro Rallies on Positive Sentiment, Ignores Upbeat US Inflation Data
The euro today rallied higher against the US dollar driven by the risk-on market sentiment, which saw the dollar lose ground against riskier assets such as the single currency. The EUR/USD currency pair today rallied ignoring weak data from the euro area, and upbeat inflation data from the US as investors bid up the currency pair as European equities rallied. The EUR/USD currency pair today fell to a low of 1.1711 in the Asian session […]
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August 122020
Brazilian Real Crashes on Rate Cuts, Doubts of Economic Recovery
The Brazilian real is sliding in the middle of the trading week as investors are casting doubts on the South American nationâs economic recovery. There have been signs of a recent rebound in business activity, but investors are still cautious about a dovish central bank, a resurgence in COVID-19 cases, and deteriorating relations between the US and China. Its booming commodities sector is one of the few parts of the economy that is keeping Brazil alive. […]
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August 112020
Sterling Pound Rallies Against the Dollar, Later Gives Up Its Gains
The Sterling pound today rallied higher against the US dollar in the early London session driven by the upbeat investor risk appetite and the greenback’s weakness. However, the GBP/USD currency pair could not hold on to its gains as the American markets opened and headed lower as investor sentiment shifted in favour of the dollar. The GBP/USD currency pair today rallied from an Asian session low of 1.3055 to a high of 1.3132 in the mid-London session before giving up most […]
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