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News
May 152020
Bulls on USD/JPY Regrouping from the 107.00 Handle?
The US dollar versus the Japanese yen currency pair oscillates around the 107.09 level. Is there a lack of direction? Long-term perspective The depreciation that started from 111.07, and which came after the strong rally that begun after the price touched the monthly support of 101.18, seemed to have found support at the 107.09 level. But the 107.09 support was breached on April 28, allowing the price to fall until the low of 106.35. From […]
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May 142020
Canadian Dollar Drops Against US Peer, Recovers on Polozâs Speech
The Canadian dollar today lost ground against its US peer as the greenback posted gains boosted by President Donald Trump’s comments about a strong dollar. The USD/CAD rallied higher earlier today before giving up all its gains later in the session as the loonie recovered on hawkish comments from the Bank of Canada Governor. The USD/CAD currency pair today rallied to a high of 1.4140 in the early American session before falling to trade near […]
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May 142020
US Dollar Jumps on Initial Jobless Claims Hitting Two-Month Low
The US dollar is strengthening on Thursday after the US government reported its lowest number of Americans filing for unemployment benefits since the COVID-19 crisis started two months ago. The news elevated the greenback, which also surged on weakening equities that have prompted global investors to pour into the traditional safe-haven asset this week. According to the Department of Labor, initial jobless claims came in at 2.981 million for the week ending May […]
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May 142020
Euro Falls on Risk-Off Market Sentiment Amid Global Recession Fears
The euro today fell against the US dollar driven by the risk-off market sentiment dominated by fears of a looming global recession in the aftermath of the COVID-19 pandemic. The EUR/USD currency pair extended yesterday’s decline that was triggered by the Fed Chair Jerome Powell’s dismissal of negative interest rates in the US. The EUR/USD currency pair today fell from an opening high of 1.0824 in the Asian session to a low of 1.0789 in the early European session and was near these […]
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May 142020
AUD/NZD Again Above 1.0689
The Australian dollar versus the New Zealand dollar currency pair climbed above an important support level. Will it be able to take this chance to further appreciate? Long-term perspective The surge that started from the weekly support of 1.0037 managed to cross the double resistance crafted by the descending trendline starting from the 1.0865 high and the old weekly support of 1.0361. After that, the price searched further for a support level to continue […]
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May 132020
Japanese Yen Strengthens on BoJâs âWhatever We Canâ Approach to Rescue Economy
The Japanese yen is strengthening against its G10 currency counterparts midweek, driven by the central bankâs signal that it would impose additional monetary stimulus to save the worldâs third-largest economy. Investors were also bullish on new data showing banks are increasing their lending programs. With Tokyo planning to top up its $1 trillion stimulus efforts, could Japan avoid a financial crisis in the aftermath of the coronavirus? […]
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May 132020
US Dollar Recovers As Federal Reserve Dismisses Negative Interest Rates
The US dollar has wiped out all its losses from earlier in the midweek trading session after the Federal Reserve dismissed it would be introducing negative interest rates. Fed Chair Jerome Powellâs grim assessment of the US economy could prompt investors to pour into the greenback as a safe-haven asset since financial markets tumbled throughout his press conference. On Wednesday, the head of the central bank delivered prepared remarks […]
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May 132020
Australian Dollar Strongest on Economic Data, Market Sentiment
The Australian dollar rallied today, turning out to be the strongest currency on the Forex market during Wednesday’s trading. The possible reasons for the rally were good domestic macroeconomic data and optimism about an exit from the lockdown in Australia as well as other countries around the world. The Australian Bureau of Statistics reported that the Wage Price Index rose 0.5% in the March quarter from the previous three months. The rate of increase was stable, unchanged from […]
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May 132020
NZ Dollar Weakest After RBNZ Expands QE Program, Talks About Negative Interest Rates
The New Zealand dollar was the weakest currency on the Forex market today, sinking after the monetary policy announcement from the Reserve Bank of New Zealand. While the central bank kept its benchmark Official Cash Rate (OCR) unchanged, it almost doubled the scale of the quantitative easing program. The RBNZ left its key interest rate unchanged at 0.25% — a move that was widely expected by markets. At the same time, the bank increased […]
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May 132020
Pound Spikes Higher as UK GDP Beats Estimates Despite COVID-19
The Sterling pound today spiked higher against the US dollar after the release of multiple positive UK fundamental reports including positive GDP data earlier today. The GBP/USD currency pair rallied higher as investors reacted to the positive reports, which indicated that the British economy fared surprisingly better than expected during Q1 2020. The GBP/USD currency pair today spiked from an opening low of 1.2251 to a high of 1.2301 after […]
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