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- December 11, 2020 USD/JPY 104.57 High Starting a New Bearish Leg?
News
December 22020
Australian Dollar Flat Despite Better-than-Expected GDP
The Australian dollar was trading flat today even though Australia’s gross domestic product rose more than was expected and the central bank’s chief delivered a rather optimistic speech. The Australian Bureau of Statistics reported that GDP rose by 3.3% on a seasonally adjusted basis in the third quarter of 2020 from the previous three months. The consensus forecast had promised a slower growth of 2.5%. The increase followed the record 7.0% drop in the previous […]
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December 22020
AUD/NZD in Freefall After 1.0474 Gave Way
The Australian versus the New Zealand dollar currency pair is under heavy bearish pressure. Could the bulls still do something to rectify the situation? Long-term perspective After the 1.0551 firm support area was validated by the formation of the 1.0566 low just above it, the price extended the rise until the 1.1043 high. However, from that point onwards, the bears were not content with letting the bulls see further gains. […]
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December 12020
Canadian Dollar Strengthens on Q3 GDP, Manufacturing PMI Growth
The Canadian dollar is strengthening against its US counterpart on Tuesday, buoyed by third-quarter economic growth and rebounding manufacturing activity. But the loonieâs rally was capped by sliding crude oil prices amid uncertainty over the Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+, regarding output in 2021. According to Statistics Canada, the Canadian economy expanded 8.9% in the third quarter, up from the second quarter’s 11.3% slide. The gross […]
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December 12020
US Dollar Drops amid Risk Appetite, Outlook for Stimulus
The US dollar fell against a basket of currencies today as risk appetite on the market limited demand for safety provided by the greenback, while the outlook for stimulus in the United States further damaged the appeal of the US currency. Macroeconomic indicators were suggesting lately that the economy recovers across the world, be it Asia, Europe, or America. They showed that the global economy remained stable despite the second wave of the COVID-19 pandemic. Coupled with positive […]
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December 12020
Euro Surges to Multi-Year Highs Against Dollar as US PMI Misses
The euro today rallied to multi-year highs against the dollar boosted by the positive investor risk sentiment amid heightened optimism about the global economic recovery. The EUR/USD currency pair’s rallied to highs last seen in Apil 2018 boosted by the dollar’s weakness and mixed eurozone macro releases. The EUR/USD currency pair today rallied from an opening low of 1.1937 in the Australian market to a high of 1.2053 in the American session and was trading near these highs […]
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December 12020
Sterling Mixed on Hopes for Brexit Deal, Rising Manufacturing PMI
The Great Britain pound was mixed today, rising against some rivals but falling versus others, despite positive fundamentals. Hopes for the Brexit deal and a better-than-expected manufacturing report were providing support to the currency of the United Kingdom. Markets remained hopeful that the UK and the European Union will be able to reach a trade deal before the year’s end. Indeed, Irish Prime Minister Micheal Martin said that he thinks […]
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December 12020
Yen Weakest Despite Better-than-Expected Domestic Reports
The Japanese yen was the weakest major currency on the Forex market today, falling against all other most-traded rivals. Domestic macroeconomic data could not be the catalysts for the decline: it was not particularly good but not extremely terrible either. In fact, most of the reports beat expectations. The Statistics Bureau of Japan reported that the unemployment rate was at 3.1% in October — a nominal increase from September’s value of 3.0%. Markets […]
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December 12020
Swiss Franc Gains After Positive GDP & Manufacturing PMI Reports
The Swiss franc logged gains versus a basket of currencies today, getting help from positive domestic macroeconomic reports. Economists do not expect tomorrow’s data to be good, though. Switzerland’s Federal Statistical Office reported that gross domestic product grew by 7.2% in the third quarter of 2020 after falling 7.3% in the previous three months (revised positively from an 8.2% drop). Over the first half of the year, the economy contracted […]
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December 12020
Australian Dollar Mixed After RBA Meeting, China’s Manufacturing PMI
The Australian dollar did not show a clear trend today. The Reserve Bank of Australia left its monetary policy unchanged at its last policy meeting this year, as was widely expected. China’s macroeconomic data was helpful to the Australian currency. Surprising no one, the RBA left its monetary policy without change, keeping the key interest rate at 0.1%. The central bank noted that domestic economic indicators were […]
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December 12020
Consolidation Phase Above 1.3261 on GBP/USD?
The Great Britain pound versus the US dollar currency pair seems to have already started a consolidation. But is this really a consolidation, or are the bears preparing a new fall? Long-term perspective After the formation of the 1.2075 low, which validated the solid area of 1.2092 as support, the price started an ascending trend. The movement extended until very close to the 1.3502 intermediate level. From there, it printed a sharp retracement that, upon […]
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