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News
August 42020
Euro Rallies Then Falls Against the US Dollar to Trade Flat for the Day
The euro today fell against the US dollar early in the European session despite the release of upbeat euro area producer price index data as the bears controlled the price action. The EUR/USD currency pair later rallied during the American session as the dollar retreated against its peers amid falling US Treasury yields to trade flat for the day. The EUR/USD currency pair today rallied to a high of 1.1806 in the European session before falling to a low […]
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August 42020
South Korean Won Weakens on Exports, Manufacturing Data
The South Korean won is weakening against some of its major currency competitors on Tuesday as macroeconomic data came into focus. The won has had a disappointing year so far, slumping in the aftermath of the coronavirus pandemic and disappointing economic figures. Is a rebound in sight amid its first recession in nearly 20 years? For the seventh consecutive month, the IHS Markit manufacturing purchasing managersâ index (PMI) contracted, although it jumped […]
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August 42020
Will the 1.3000 Support on GBP/USD Hold?
The Great Britain pound versus the US dollar currency pair seems to be in a mixed-mode. But is it really so? Long-term perspective After the rally that started from the 1.1409 low and the setback that limited further advancement beyond 1.2514, the price began an ascending trend which managed to print the 1.3175 high. It is important to be noted that the high finds itself beyond the resistance trendline of the ascending channel. […]
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August 32020
USD/CNY Trends in 6.9 Range Amid Strong PMI Readings
The Chinese yuan is weakening slightly against the US dollar to kick off the trading week, despite strong economic data. The yuan had been finding support on a better-than-expected rebound, as well as confidence in the broader financial markets. Whatever happens, it appears that the yuan on track for further appreciation in the second half of 2020, which is what some analysts had forecast. According to the National Bureau of Statistics (NBS), the manufacturing purchasing managersâ […]
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August 32020
Bulls Looking Tired at 0.7191 on AUD/USD
The Australian versus the US dollar currency pair failed to conquer the 0.7191 resistance level. Is this a sign of the bears getting stronger? Long-term perspective The rise that came about after the retracement from the rooted 0.5516 support level extended all the way to the 0.7227 high. What draws attention is that the 0.7227 high — as of writing — is part of the false piercing which formed above the 0.7191 firm area. In itself the relevance […]
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July 312020
USD/CHF Tests 0.91 As SNB Posts Huge Q2 Profits
The Swiss franc continues to strengthen against many of its major currency rivals. At the end of the trading week, the franc is looking to touch levels against the US dollar unseen in seven years, despite the Swiss National Bank (SNB)‘s myriad of foreign exchange interventions. How much more can the franc appreciate this year? On Friday, the SNB announced that it recorded a $41.6 billion profit during the second quarter, as well as a $37.6 […]
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July 312020
Euro Falls on Weak Euro Area Macro Prints, Retail Sales, GDP and CPI
The euro today fell against the US dollar as investors took profits following its blistering rally and the weak euro area GDP data did not help the single currency. The EUR/USD currency pair fell from the early European market as investors took profits on their positions to end a very profitable month for traders who were bullish on the euro. The EUR/USD currency pair today inched to a high of 1.1908 in the Asian session before falling […]
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July 312020
Canadian Dollar Rallies Against US Peer on Positive GDP Data
The Canadian dollar today posted slights gains against its US peer after the release of upbeat Canadian May GDP data in the American session. The USD/CAD currency pair was trading sideways with minimal losses for most of today’s session as global crude oil prices remained sidelined. The USD/CAD currency pair today traded in a range marked by a high of 1.3436 and a low of 1.3404 before breaking lower on the GDP report to hit a low […]
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July 312020
USD/JPY Beneath the Important Support of 105.09
The US dollar versus the Japanese yen currency pair slipped under the important 105.09 level. Can the bulls deliver a surprise comeback? Long-term perspective After the depreciation from the 109.85 high, the bulls were only able to make ill recoveries, their best efforts printing the 108.16 high. The last high — a lower high — was 107.54 which, given the context, offered the bears the required confidence to push the price lower. As a result, the sellers […]
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July 302020
Euro Rallies to 2-Year Highs Against the Dollar on Weak US GDP
The euro today rallied to new 2-year highs against the US dollar driven by positive releases from across the eurozone combined with weak US GDP data. The EUR/USD currency pair today was boosted by upbeat German unemployment data as opposed to the rising jobless claims in the US, which dragged the greenback lower. The EUR/USD currency pair today rallied from a low of 1.1731 in the early European session to a high of 1.1844 in the American session […]
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