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News
July 82020
Pound Rallies Against Weak Dollar on New £30 Billion Stimulus Plan
The pound today rallied higher against the US dollar, driven by positive investor sentiment and the weakening of the greenback against most of its peers. The GBP/USD currency pair today rallied to new highs as investor risk appetite soared buoyed by the government’s new fiscal stimulus plan. The GBP/USD currency pair today rallied from a low of 1.2508 at the London open to a high of 1.2623 in the American session and was trading near these highs at the time of writing. […]
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July 82020
Turkish Lira Weakens to Two-Month Low As Investors Fear Another Currency Crisis
The Turkish lira is slumping to its lowest level against the US dollar in two months as investors fear that it is poised for another currency crisis. The lira has been steadily rebounding since falling to an all-time low against the greenback, but analysts warn that the fundamentals, from inflation to foreign exchange reserves, do not support its gains. Is another crash going to happen soon? The Turkish government […]
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July 82020
AUD/NZD Getting Closer to 1.0551
The Australian dollar versus the New Zealand dollar currency pair is approaching an important support area. Will the bulls be able to withstand the bearish pressure? Long-term perspective The appreciation that started from the 0.9991 low seems to have ended at the 1.0880 high, as the price confirmed the important resistance level of 1.0826. The confirmation sent the price under the next major support area, 1.0707. Once there, the bears took the opportunity to drive the price […]
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July 72020
Euro Crashes on Risk-Off Sentiment, Recoups Losses on Better Mood
The euro today fell against the US dollar during the Asian session, driven by the risk-off market sentiment that saw most Asian equity markets selloff. The EUR/USD currency pair recovered some of its losses during the European session despite the mixed releases from across the euro area. The EUR/USD currency pair today fell from a high of 1.1332 in the Asian session to a low of 1.1259 after the European open before recouping some […]
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July 72020
Japanese Yen Flat Amid Slumping Household Spending, Yield-Curve Control
The Japanese yen is trading relatively flat against many of its major currency counterparts on Tuesday. The yen has been struggling to find direction so far this week as household spending data disappointed and investors try to weigh the central bankâs decision to embark upon a policy of yield-curve control. Although Japan was able to flatten the coronavirus curve, it has reported a renewed uptick in confirmed cases. Will the worldâs third-largest […]
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July 72020
GBP/USD Facing the 1.2514 Resistance
The Great Britain pound versus the United States dollar currency pair made a great recovery, but will the bulls be able to conquer 1.2514 as well? Long-term perspective The rally from the 1.1409 low, which confirmed the 1.1476 important support level, managed to pass the equally important 1.2092 area but was halted by 1.2514, both attempts of passing it failing and printing the 1.2647 and 1.2643 highs, respectively. After retracing to 1.2092 […]
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July 62020
Chinese Yuan Strengthens As Investors Pour Into Stocks, Bank Lending Up
The Chinese yuan is strengthening against many of its currency competitors to start the trading week. But while some economic data are boosting the currency on Monday, reports that investors are pouring into the stock market at the state mediaâs direction is generating all the buzz. China Securities Journal, a state-owned publication, published a front-page editorial in which it encouraged everyone to buy stocks. According to the opinion piece, investors were […]
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July 62020
AUD/USD Preparing to Test the 0.7010 Level
The Australian dollar versus the United States dollar currency pair is getting very close to the 0.7010 level. Do the bulls still have enough traction to continue? Long-term perspective The depreciation that started from the 0.7019 high, after the major 0.7010 level was confirmed as resistance, extended until the 0.5701 low. From there a strong rally commenced, one that confirmed the double support made possible by the descending trend and the 0.6386 […]
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July 32020
Canadian Dollar Flat As Oil Slumps, Manufacturing Rebounds
The Canadian dollar is trading flat against its G10 currency rivals at the end of the holiday-shortened trading week. The loonie has been gaining against several of its counterparts over the last week, despite an influx of disappointing economic data. With energy prices firmly rebounding and the investors selling the US dollar, could the Canadian dollar have a strong second half? On Friday, the IHS Markit manufacturing purchasing managersâ index climbed to 47.8 […]
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July 32020
Aussie Beats Rivals with Help from Domestic & Chinese Economic Reports
The Australian dollar rose today. In fact, it was the strongest among most-traded currencies on the Forex market. The Aussie got a boost from positive macroeconomic data, both domestic and Chinese. The Australian Bureau of Statistics reported that retail sales climbed by 16.9% in May on a seasonally adjusted basis. Experts were anticipating the same 16.3% jump as in the previous month. The Australian Industry Group/Housing Industry Association Australian Performance of Construction Index rose from […]
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