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News
July 162020
Pound Swings From Losses to Gains on Shifting Market Sentiment
The Sterling pound today headed lower at the start of the session, driven by the risk-off market sentiment from yesterday as investors reacted to escalating US-China tensions. The GBP/USD currency pair later recovered and rallied higher primarily driven by the greenback’s oscillating between gains and losses as it ignored upbeat UK jobs data. The GBP/USD currency pair today rallied from a low of 1.2520 to a high of 1.2623 before giving up all its gains to trade […]
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July 162020
US Dollar Flat As Retail Sales Surge, Jobless Claims Disappoint
The US dollar is trading relatively flat against its currency competitors on Thursday as retail sales surged in June but weekly jobless claims disappointed. With Europe choosing to pause on expanding its relief and stimulus measures, the broader global financial market has been subdued, providing little momentum for the greenback. According to the Department of Labor, initial jobless claims came in at 1.3 million for the week ending July 11, worse than […]
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July 162020
Euro Little Changed As ECB Leaves Interest Rates, QE Program Unchanged
The euro is little changed against many of its G10 currency rivals on Thursday after the central bank adopted a wait-and-see approach to monetary policy, leaving its key interest rates and quantitative easing (QE) program unchanged. The European Central Bank (ECB) confirmed it would monitor the strength of the eurozone economy before choosing to add to its suite of stimulus and relief measures. After its July policy meeting, the ECB announced […]
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July 162020
Another Chance for the Bulls on AUD/NZD from 1.0630
The Australian dollar versus the New Zealand dollar currency pair sits above an important level, one from which the bulls could spark a new appreciation. The question is: are the bears going to choose to stand aside? Long-term perspective After confirming the support level of 1.0013, the ascending movement that started from the 0.9991 low extended to as high as 1.0880. From there, the price retraced but failed to confirm as support the next important […]
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July 152020
Chinese Yuan Strengthens After Bullish Goldman Sachs Forecast, Trade Data
The Chinese yuan is strengthening against multiple currency counterparts midweek following a bullish forecast by a Wall Street titan. Trade data also came in better than expected on Wednesday, leaving analysts to surmise that the economic rebound is running full steam ahead. The real test, however, will be later this week when several crucial numbers come out, including the gross domestic product. The Chinese yuan captured […]
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July 152020
Progress in COVID-19 Vaccine Development Drives Yen Higher vs. Safe Peers, BoJ Stands Pat
The Japanese yen traded flat or little lower versus the majority of other most-traded currencies today but gained on other safe currencies, like the US dollar and the Swiss franc. The main event in Japan today was the monetary policy announcement from the Bank of Japan. One of the major pieces of news today was the promising results from the COVID-19 vaccine developed by the biotechnology company Moderna together with the US National Institutes of Health. The vaccine […]
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July 152020
GBP/CAD Still Going for 1.7285
The Great Britain pound versus the Canadian dollar currency pair looks to be determined to go to higher prices. Does it have a chance or the bears are preparing their next movement? Long-term perspective The depreciation that started after the three failed attempts to conquer the solid resistance level of 1.7567 extended a hair away from the 1.6724 firm support area. In the process, a descending trend — highlighted by the descending line — took shape, which […]
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July 142020
US Dollar Flat As Inflation, Business Optimism Jump in June
The US dollar is trading flat against multiple G10 currency rivals on Tuesday, as the government reported that inflation accelerated last month. The greenback has been struggling as of late due to greater confidence in the broader financial market. But with the four-month rally seemingly fading, can the buck take advantage and regain its momentum? It all depends on the coronavirus pandemic. According to the Bureau of Labor Statistics (BLS), the consumer price index […]
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July 142020
Bears Catching Up on GBP/USD from 1.2666?
The Great Britain pound versus the US dollar currency pair seems to be having trouble continuing the impulsive swing of the ascending trend. Is this just a minor correction, or it is the bears pressuring the market? Long-term perspective The strong rally that came into being after the confirmation of 1.1476 as support extended to as high as 1.2647. What followed was a retracement that validated the strong support level of 1.2092, the price continuing to rise […]
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July 132020
British Pound Falls on Profit-Taking After Massive Rally Last Week
The Sterling pound today fell to fresh lows against the US dollar as investors took profits after last week’s dizzying rally where the pound outperformed all G10 currencies. The GBP/USD currency pair today fell despite the upbeat investor risk appetite that saw global equities rally amid hopes of an economic recovery post-COVID-19. The GBP/USD currency pair today fell from a high of 1.2666 in the Asian session to a low of 1.2569 […]
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