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News
July 212020
Euro Mixed As EU Reaches Breakthrough in Recovery Fund
The euro is trading relatively subdued against many of its G10 currency rivals on Tuesday, despite the European Union (EU) reaching a breakthrough agreement over a new $2 trillion fiscal stimulus and relief plan. Following marathon sessions of 27 EU governments, officials were finally able to compromise on this monumental and unprecedented spending package that is aimed at resuscitating the eurozone economy. Will it be enough to stimulate the eurozone […]
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July 212020
First Stop for the Bulls at 1.2777 on GBP/USD?
The Great Britain pound versus the US dollar managed to confirm 1.2514 as support and start a departure from it. Is 1.2777 a possible turning point? Long-term perspective The rally that started from the 1.1409 low — even if hampered by the firm 1.2514 area — managed to continue, taking the shape of an ascending trend, as highlighted in the chart. The fact that the bulls managed to overcome the 1.2514 resistance twice — firstly after the appreciation that confirmed the 1.2092 […]
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July 202020
Sterling Rallies Despite the UKâs Deteriorating Relations With China
The Sterling pound today rallied higher against the much weaker US dollar after finding support at a critical support level that has held for the past two weeks. The GBP/USD currency pair seemed immune to the rising political tensions between the UK and China regarding the Hong Kong extradition treaty. The GBP/USD currency pair today rallied from a low of 1.2518 during the Asian session to a high of 1.2661 in the American market and was headed […]
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July 202020
Euro Holds Steady As EU Leaders Engage in âMission Impossibleâ Talks
The euro is trading at its best level against the US dollar since March as European Union (EU) leaders confirm they have made progress on stimulus and debt talks. The currency had been mainly unaffected by the central bank leaving interest rates and its quantitative easing efforts unchanged, but the fiscal policy could drive the euro for the remainder of the month. EU leaders have been holding a marathon meeting to iron out […]
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July 202020
Bulls Pushing the 0.7010 Resistance on AUD/USD
The Australian versus the US dollar currency pair seems to be determined to push higher. Is this a bullish sign, or its the bears preparing a good spot from where to start a new downwards leg? Long-term perspective The rally that started from the 0.5701 low extended to as high as 0.7064. From there, given the fact that the bears were delighted to see the previous high of 0.7019 revisited, it retraced under the intermediary level […]
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July 172020
USD/CHF Continues Slide Below 0.94 As SNB Defends Franc Interventions
The Swiss franc continues to strengthen against its most traded currency competitors to close out the trading week as the US Dollar Index slipped to a one-month low. The franc has been making gains on growing confidence in global financial markets, coronavirus vaccine hopes, and a weakening greenback. The franc is strengthening despite the central bank continuing to defend its currency interventions. Swiss National Bank (SNB) head Thomas Jordan recently delivered […]
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July 172020
Sterling Falls on Rising COVID-19 Cases as Johnson Reopens UK Economy
The Sterling pound today failed to capitalise on the dollar’s overall weakness like other major currencies amid rising coronavirus cases in the UK that scared investors. The GBP/USD currency pair fell for half of today’s session before recovering during the American market on mixed US housing data to trade flat for the day. The GBP/USD currency pair today fell from a high of 1.2571 in the Asian session to a low of 1.2512 before recovering later to trade […]
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July 172020
Euro Trades Near 4-Month Highs As EU Leaders’ Summit Kicks Off
The euro today rallied higher against the US dollar to trade near the 4-month highs recorded on Wednesday buoyed by positive investor sentiment and the greenback’s weakness. The EUR/USD currency pair’s rally was further fueled by optimism about the ongoing EU leaders summit, where many hope they’ll agree on the â¬750 billion stimulus package. The EUR/USD currency pair today rallied from a low of 1.1377 in the Asian session to a high of 1.1440 during the American […]
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July 172020
Bulls Failing on USD/JPY from 107.00?
The US dollar versus the Japanese yen currency pair seems to lack the power for climbing to greater values. Long-term perspective The fall from the 109.85 high extended to as low as 106.07, after a previous bullish attempt to stall it at the 107.00 psychological level, which ended only by printing the 106.57 low. From the 106.07 low, the bulls did manage a comeback, one that not only pierced and departed from 107.00 but also stretched […]
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July 162020
Canadian Dollar Weakens Against US Peer on Flight to Safety Mood
The Canadian dollar today lost ground against its southern neighbour amid driven by the flight to safety mood that dominated the financial markets today. The USD/CAD currency pair rallied today as investors were spooked by the rising coronavirus cases globally, which pose a direct threat to the ongoing global economic recovery. The USD/CAD currency pair today rallied from an Asian session low of 1.3501 to a high of 1.3581 in the American market and was near […]
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