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News
May 252020
AUD/USD Slipped Under the 0.6600 Mark
The Australian dollar versus the US dollar currency pair seems to have failed to profit from the fact the price went above the 0.6600 psychological level. Do the bulls still have a chance? Long-term perspective The rise that followed the confirmation of 0.5516 as support recovered a big part of the depreciation that started from the 0.7034 high. In doing so, the price consolidated the support area inscribed by the 0.6386 level and the descending trendline that originates from […]
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May 222020
Chinese Yuan Weakens As Government Abandons 2020 GDP Target
The Chinese yuan is weakening against its major currency competitors to end the trading week, driven by officials announcing that they are abandoning their gross domestic product (GDP) target for 2020. The yuan is also coming under pressure on US-China tensions regarding trade and Hong Kong. While the worldâs second-largest economy has hit the reboot button, outside factors may pause its reopening. For the first time, China […]
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May 222020
Pound Falls on Weak UK Retail Sales Data and Risk-Off Sentiment
The Sterling pound today fell against the US dollar following the release of disappointing UK retail sales data in the early London session. The GBP/USD currency pair’s decline was further fueled by the risk-off market sentiment as investors priced-in various global risks. The GBP/USD currency pair today fell from a high of 1.2233 in the Asian session to a low of 1.2191 after the release and was headed lower at the time of writing. The currency pair initially remained […]
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May 222020
USD/JPY Bounces off the 108 Psychological Level
The US dollar versus the Japanese yen currency pair is still to decide about the overall direction. Long-term perspective The fall from 111.71 found support in the stable 107.00 level, but even so, the bulls slowly lost their determination, culminating with the confirmation of 108.05 as resistance. This lead to the price breaking the 107.00 support, extending until the low of 106.35, making a throwback, and departing again from the 107.00 level. However, this […]
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May 212020
Euro Rallies on Upbeat Euro Area PMIs, Falls on Strong US PMIs
The euro today rallied higher against the US dollar earlier today lifted by positive PMI reports from across the euro area released by Markit Economics. The EUR/USD currency pair later fell after the release of positive PMI data from the US amid rising Sino-US tensions. The EUR/USD currency pair today rallied to a high of 1.1008 in the mid-European session before crashing to a low of 1.0937 in the American session but was off these […]
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May 212020
US Dollar Flat As Initial Jobless Claims Show Steady Decline
The US dollar is trading flat on Thursday as the number of Americans filing for unemployment benefits continues its downward pattern, suggesting the job-loss trend peaked at the end of March. US financial markets were flat across the board, so there was not a huge push into the traditional safe-haven asset toward the end of the trading week. According to the Department of Labor, the initial jobless claims hit 2.438 million for the week ending May 16, […]
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May 212020
Price Sent by the Bears at 1.7000 on GBP/CAD
The Great Britain pound versus the Canadian dollar currency pair is at the 1.7000 psychological level. Is there a chance for the bulls to stop the bears in their tracks? Long-term perspective The rally that started from the 1.6542 low, after the price stalled from the 1.8051 peak, ended as a consolidative phase limited by the 1.7705 resistance and the 1.7285 support. But after the attempts to conquer the 1.7567 level failed altogether, as the bullish efforts were hindered by the 1.7705 […]
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May 202020
Euro Rallies on Bullish Sentiment, Mixed Eurozone Inflation Data
The euro today rallied higher against the US dollar driven by positive investor sentiment even as the greenback registered losses across the board. The EUR/USD currency pair rallied higher ignoring the weak eurozone inflation data released earlier today as investors bid up riskier assets. The EUR/USD currency pair today rallied from an opening low of 1.0926 to a high of 1.0998 in the early American session and was trading near these highs at the time […]
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May 202020
Canadian Dollar Rallies on High Oil Prices and Mixed Macro Data
The Canadian dollar today rallied higher against its US peer driven by high crude oil prices before the release of multiple fundamental reports from the Canadian docket. The USD/CAD currency pair today fell as the loonie rallied higher against the much weaker greenback amid a risk-on market environment as investors remain hopeful about the future. The USD/CAD currency pair today fell from a high of 1.3950 in the Asian session to a low of 1.3868 […]
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May 202020
British Pound Mixed on Sliding Inflation, First-Ever Negative-Yielding Bond
The British pound is trading mixed against its G10 currency competitors midweek as investors comb through the influx of April inflation data. For the first time in the nationâs history, the United Kingdom sold a negative-yielding bond, meaning that the government is being paid to borrow. In the post-Coronavirus economy, this might be the new norm for a myriad of nations around the world. According to the Office for National Statistics (ONS), the consumer price index (CPI) tumbled […]
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