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News
May 132020
AUD/CAD on the Grey Line at 0.9093
The Australian dollar versus the Canadian dollar currency pair seems to be willing to still think where to go next. But does the market offer some guides? Long-term perspective After stamping the low of 0.8062, the surge that took place from the 0.8117 level brought the price above the double resistance area created by the 0.8924 level and the trendline. Once here, the bears tried to put pressure to send the price back, just as it […]
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May 122020
Euro Rallies on Investor Sentiment Amid European Reopening Efforts
The euro today rallied higher against the US dollar driven by positive investor sentiment as European countries cautiously move forward with the reopening of their economies. The EUR/USD currency pair today benefitted from the greenback’s overall weakness recouping yesterday’s losses and printing new weekly highs. The EUR/USD currency pair today rallied from a low of 1.0784 to a high of 1.0885 in a 100 pip move before giving up some of its gains […]
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May 122020
NZ Dollar Strong Ahead of RBNZ Monetary Policy Decision
The New Zealand dollar was among the strongest currencies today amid the mildly positive market sentiment. The currency waits for tomorrow’s monetary policy decision from the Reserve Bank of New Zealand. No economic reports were released in New Zealand today while yesterday’s data was not bad but not particularly good either. The RBNZ will announce its decision on monetary policy at 2:00 GMT tomorrow. While the vast […]
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May 122020
US Dollar Mixed As Fed Triggers Corporate Bond-Buying
The US dollar is trading mixed against multiple G10 currencies on Tuesday as the Federal Reserve begins its historic corporate bond-buying initiative. Investors were also concentrating on core consumer prices sliding and economies reopening across the country. On Tuesday, the US central bank will start purchasing corporate bond exchange-traded funds (ETFs) as part of its new $2.3 trillion Main Street Lending Facility. The New York Fed Bank […]
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May 122020
Aussie Rebounds After Falling on Tensions Between China & Australia
The Australian dollar fell intraday but has rebounded by now. The drop was a result of growing political tensions between China and Australia as well as poor macroeconomic data in both Australia and China. China banned imports of red meat from four Australian abattoirs. Analysts speculated that the move was a response to Australia’s demands of inquiry into the handling of the coronavirus pandemic by China. With China being the major destination of Australian exports, the conflict […]
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May 122020
Bears Joining Forces on GBP/CAD to Send Price Under 1.7200?
The Great Britain pound versus the Canadian dollar currency pair is back at the ascending trendline. Could the bears spell further movement to the downside? Long-term perspective After the appreciation that started from 1.6620, the bulls met the long-time resistance area of 0.7811. The price retraced drastically from this area, ingraining a high that would serve as a reference point for the next — at least for now — two confirmations, and that matches to the 0.7700 psychological level — […]
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May 112020
Chinese Yuan Slumps Despite Surprising Gain in Auto Sales
The Chinese yuan is slumping to kick off the trading week, despite a surprise gain in new motor vehicle sales last month. Investors are potentially keeping an eye on internal financing struggles and concerns over a renewed trade war between the two largest economies. Despite the coronavirus pandemic shutting down China, the yuan has only recorded modest losses against the US dollar. If the data improves, could the currency test […]
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May 112020
AUD/USD Above the 0.6500 Handle
The Australian dollar versus the US dollar currency pair is, yet again, above the 0.6500 psychological level. It’s the bulls that won, or is the bears that are preparing their final push? Long-term perspective After confirming the support level of 0.5511, the price started an upwards movement that, against the bearish odds, accomplished to pierce major resistances and establish them as support areas. And it looks like the 0.6500 psychological level […]
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May 82020
Canadian Dollar Rallies Against US Peer on US/Canadian Jobs Data
The Canadian dollar today rallied against its Southern neighbour after the release of jobs data from both countries with some prints beating analysts’ estimates. The USD/CAD currency pair today printed news lows as US non-farm payrolls disappointed causing the greenback to lose ground against the loonie amid higher oil prices. The USD/CAD currency pair today fell from a high of 1.3976 at the Asian open to a daily low of 1.3909 […]
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May 82020
US Dollar Weakens As Economy Lost Historic 20.5 Million Jobs in April
The US dollar is weakening against most of its G10 currency counterparts at the end of the trading week. All eyes were focused on the April jobs report as the national economy lost more than 20 million jobs last month. Is the worst over, or is the US bracing for the real economic storm? According to the Bureau of Labor Statistics (BLS), the US lost 20.5 million jobs, which was lower than the median estimate […]
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