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News
July 132020
Swiss Franc Mixed As SNB Boosts Liquidity Measures, Fitch Maintains âAAAâ Rating
The Swiss franc is trading mixed to kick off the trading week as Switzerlandâs economy attempts to be resuscitated in the aftermath of the COVID-19 pandemic. The Swiss franc is struggling for consistent direction against a myriad of currency rivals, with the central bank launching additional liquidity measures and Fitch maintaining its AAA rating of the Swiss economy. The Swiss National Bank (SNB) recently announced that it is stepping up its liquidity efforts, […]
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July 132020
Japanese Yen Weak Despite Record Surge of Coronavirus Cases
The Japanese yen was weak today amid a relatively positive market sentiment, which was limiting the appeal of the currency considered to be a safe haven during times of trouble. The traders’ mood remained optimistic despite the threat of the second wave of the coronavirus pandemic. The World Health Organization reported that the number of new coronavirus cases rose by 230,370 as of July 12. It was the biggest increase on record. The previous record was registered just […]
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July 132020
Australian Dollar Rises amid Generally Positive Market Sentiment
The Australian dollar rose against almost all major currencies today amid generally positive market sentiment. It looks like hopes for a coronavirus vaccine outweighed concerns about the surge of new coronavirus cases. Australian Treasurer Josh Frydenberg said that Australia’s effective unemployment rate stands at 13.3%, almost two times the official rate. He stated: The official unemployment rate is 7.1 per cent, and the market is […]
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July 132020
Bulls Out of Steam from 0.7010 on AUD/USD?
The Australian dollar versus the US dollar currency pair seems to have some trouble heading towards the north. Is this a sign of a bearish comeback? Long-term perspective The appreciation that started from the 0.7501 low, after the level of 0.5516 was validated as support, managed to pass the important resistance area defined by the level of 0.6386 and the descending trendline. This aided the extension of the appreciation until the 0.7041 high. However, even if the ascending trendline […]
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July 102020
Euro Rallies on New of Potential COVID-19 Cure, Positive Sentiment
The euro today rallied higher against the US dollar on news of a possible cure for the novel coronavirus, which saw investors bid up riskier assets such as the single currency. The EUR/USD currency pair was also boosted by investor optimism regarding the outcome of the ongoing recovery talks between finance ministers from the European Union‘s member countries. The EUR/USD currency pair today rallied from a low of 1.1255 in the late Asian market to a high […]
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July 102020
USD/CNY Climbs Back Above 7 As Trump Reveals US-China Trade Deal Not a Priority
The Chinese yuan is holding steady at the end of the trading week, despite President Donald Trump revealing that the second phase of a US-China trade agreement is no longer a top priority. The president told reporters aboard the Air Force One that the relationship between the worldâs two largest economies is âseverely damagedâ after the coronavirus pandemic. The yuan climbed back above the key 7 threshold after his comments, but […]
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July 102020
Canadian Dollar Fails to Garner Momentum on Stellar Jobs Report, Rising Energy Prices
The Canadian dollar is failing to garner momentum at the end of the trading week, despite a stellar jobs report and rising energy prices. The loonie has rebounded substantially since the market meltdown in March, driven primarily by greater confidence in global financial markets and rallying crude oil prices. Analysts are optimistic of a strong second half for the Canadian dollar, so could it happen? According to Statistics Canada, the economy added 953,000 new jobs […]
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July 102020
USD/JPY Falls Beyond 107.00 Handle
The US dollar versus the Japanese yen currency pair seems to have been taken over by the bears, as the price slipped beneath the 107.00 psychological level. Do the bulls still have any chances? Long-term perspective The fall from the 109.85 high went thru the intermediary level of 108.05 but got halted by the firm 107.00 support area. The bulls seized the opportunity and confirmed the level as support, but to no avail, as the bears turned the market […]
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July 92020
US Dollar Weakens As Initial Jobless Claims Fall to Four-Month Low
The US dollar is trading slightly lower against a myriad of G10 currency rivals on Thursday after the US government reported that the number of Americans filing for first-time unemployment benefits beat market forecasts. The greenback has been struggling in recent sessions as investors become more confident in the broader financial market and pour into riskier bets, despite the resurgence of confirmed coronavirus cases in the background. According to the Department of Labor, initial jobless claims […]
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July 92020
Bulls Testing the Descending Trendline on GBP/CAD?
The Great Britain pound versus the Canadian dollar currency pair seems to have been favored by the double bottom formation, spawning an appreciation that allows the bulls to test the trendline for weak points. Long-term perspective After the level of 1.7567 proved to be an unmountable resistance, the price began a very convinced descending movement. This brought the price under the ascending trendline and close to the major support level of 1.6724. From this area, the bulls got […]
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