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News
July 242020
USD/CHF Tests 0.92 As UBS Warns US Will Label SNB a Currency Manipulator
The Swiss franc is extending its gains against many of its G10 currency competitors to finish the trading week. With the US dollar weakening and global economic uncertainty amid the coronavirus pandemic, investors continue to pour into the franc, much to the chagrin of a central bank doing everything it can to place a cap on its ascent. As the Swiss National Bank (SNB) defends its aggressive foreign exchange interventions to limit the currencyâs appreciation, […]
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July 242020
Euro Trades Sideways Despite Upbeat Euro Area Flash PMI Prints
The euro today traded sideways against the US dollar as the market sentiment remained subdued despite the release of multiple PMI prints from the euro area by Markit Economics. The EUR/USD currency pair did not react to the US PMI releases as well amid a lack of volatility in the markets as the week comes to an end. The EUR/USD currency pair today traded between a low of 1.1581 and a high of 1.1621 and was near the top end of the range at the time of writing. […]
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July 242020
Sterling Range-Bound Despite Upbeat UK Retail Sales and PMI Data
The Sterling pound today traded sideways against the US dollar despite the release of multiple positive macro prints from the UK docket in the London session. The GBP/USD currency pair traded in a tight range as investors worried about the prospect of a no-deal Brexit and the high chance of the second wave of coronavirus infections. The GBP/USD currency pair today traded between a high of 1.2772 and a low of 1.2717 and was within the upper portion of this 55 pip range […]
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July 242020
USD/JPY About to Test the 106.12 Level
The United States dollar versus the Japanese yen currency pair seems to have been taken over by the bears. Do the bulls stand a chance at 106.12? Long-term perspective The fall from the 109.85 high extended, in a first instance, until the 106.57 low. From there, the bulls tried to recover, but, even if they were able to close a candle above the level, the bears had the power to send the price to 106.12, printing the 106.07 low. […]
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July 232020
Euro Falls Then Rallies Based on US Dollar Dynamics and Sentiment
The euro today fell against the US dollar earlier in the session before rallying higher later with its movements primarily driven by the greenback’s price dynamics. The EUR/USD currency pair’s was further encouraged by the positive investor sentiment around the â¬750 billion EU recovery fund, which was agreed on by European leaders at their summit. The EUR/USD currency pair today fell to a low of 1.1540 in the mid-European session before rallying to a high of 1.1626 […]
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July 232020
US Dollar Flat As Initial Jobless Claims Rise for First Time Since March
The US dollar is trading flat against its G10 currency rivals on Thursday after the US government reported that initial jobless claims rose for the first time since the start of the coronavirus pandemic. Does this mean the job situation is beginning to deteriorate? Or is this a blip on the radar? Financial markets are hardly reacting to the news in pre-market trading as the leading stock indexes are also relatively unchanged. According to the Department […]
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July 232020
GBP/CAD Undecided Around 1.7100 Area
The Great Britain pound versus the Canadian dollar currency pair seems to have trouble continuing the appreciation. Is this only a pause from the bulls or the bears are preparing their next movement? Long-term perspective After the appreciation from the 1.6542 low stalled at the firm 1.7567 level, the price began a descending movement that got very close to the important 1.6724 support level, printing the low of 1.6750. From there, the bulls tried […]
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July 222020
Sterling Pound Falls on Brexit Jitters, Later Rallies on Reassurances
The sterling pound today alternated between losses and gains against the US dollar driven mostly by market sentiment given the empty UK dockets. The GBP/USD currency pair later rallied after the British government confirmed that it was committed to sealing a post-Brexit trade deal with the EU. The GBP/USD currency pair today fell to a low of 1.2644 before recouping all its losses to trade slightly above its opening price […]
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July 222020
Canadian Dollar Mixed Amid Higher-Than-Expected Inflation, Strong Retail Sales
The Canadian dollar is trading mixed against its most traded currency rivals midweek. The loonie has been gaining on the greenback on Wednesday as higher-than-expected inflation and strong retail sales data were in the backdrop of the Canadian dollar’s ascent. But falling energy prices capped the currencyâs modest rally. According to Statistics Canada, the consumer price index (CPI) rose by 0.8% in June, up from 0.3% in May. The annualized inflation rate surged […]
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July 222020
Bulls on AUD/NZD Heading for 1.0826
The Australian versus the New Zealand dollar currency pair seems to be in bullish hands. Do the bears still have a chance? Long-term perspective The rally that started from the 0.9991 low extended to as high as 1.0880. From there, a strong drop came about, bringing the price under the firm 1.0707 level and printing the low of 1.0582. Even after their first run, the bulls were only able to etch the 1.0755 high, which […]
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