News – Page 6 – The Plot

November 30
2020

Great Britain Pound Strong on Hopes for Brexit Deal

The Great Britain pound rose today, emerging as the strongest currency on the Forex market on Monday. The most likely reason for the sterling’s amazing performance was hopes for a trade deal between the United Kingdom and the European Union. The deadline of December 31 nears but there is no deal in sight. Just a few sticking points remained but the EU and the UK seem to have a hard time finding a compromise on them. Markets were hopeful, though, […]

November 30
2020

Swiss Franc Soft Despite Better-than-Expected Data

The Swiss franc was soft for the most part today, though it managed to log small gains versus the Australian dollar and the Japanese yen. Better-than-expected domestic macroeconomic data was unable to bolster the Swissie. Switzerland’s Federal Statistical Office reported that retail sales adjusted for sales days and holidays rose by 3.1% in October from the same month of the previous year. That was a massive surprise to analysts, who were expecting just […]

November 30
2020

USD/CNY Pauses Despite Another Surge in November Manufacturing

The Chinese yuan is trading flat against its US peer to kick off the trading week, despite the central government reporting renewed activity in the manufacturing sector this month. The yuan has been one of the top-performing currencies in the fallout of the coronavirus, surging to its best level against the greenback in more than two years. According to the National Bureau of Statistics (NBS), the manufacturing purchasing managers’ index (PMI) came in at 52.1 in November â […]

November 30
2020

Australian Dollar Soft on Mixed Domestic Data, China’s Trade Conflicts

The Australian dollar was soft today, trading either flat or lower versus other most-traded currencies. Domestic macroeconomic data was mixed, giving no help to the currency. Better-than-expected economic releases in China were unable to provide a boost either. The Melbourne Institute Inflation Gauge showed an increase of 0.3% in November after falling by 0.1% in October. The Australian Bureau of Statistics reported that company gross operating profits rose by 3.2% in the September […]

November 30
2020

NZ Dollar Flat-to-Higher After Domestic & Chinese Economic Reports

The New Zealand dollar traded largely flat today, though it managed to gain on some of the majors, including the US dollar. The kiwi got a boost from positive domestic macroeconomic data as well as better-than-expected reports in China. The ANZ business confidence improved from -15.7 in October to -6.9 in November according to the final estimate. The preliminary reading had promised the index to stay about unchanged. The report commented on the result: The New Zealand business sector […]

November 30
2020

Japanese Yen Weak Despite Positive Domestic Reports

The Japanese yen was weak today even though domestic macroeconomic data released on Monday was good. There was no clear theme to drive markets at the start of the week. The week should be eventful, though, with plenty of economic releases basically every single day. Japan’s Ministry of Economy, Trade, and Industry reported that industrial production rose by 3.8% in October on a seasonally adjusted basis. While it was a small […]

November 30
2020

Bulls Still on Course to 0.7587 on AUD/USD?

The Australian versus the US dollar currency pair seems to be escaping the bearish force that rests between the 0.7300 and 0.7400 areas. Did the bears really give up? Long-term perspective After the 0.6386 level was validated as support, the price continued the movement toward the north. After two consolidation phases, the quotation achieved etching the 0.7413 high. However, after reaching it, the bears started pressuring the bulls with enough determination […]

November 27
2020

USD/INR Tops 74.00 As Q3 GDP Contracts, COVID-19 Infections Jump

The Indian rupee is weakening against its US peer at the end of the trading week, driven mostly by the continuing economic contraction and the rising number of coronavirus infections. The rupee has joined the rest of the emerging market currencies by slumping in 2020 amid the financial crisis. But with growing confidence in the broader financial market, the rupee has found support among EM currencies in November. According to the Ministry of Statistics and Programme Implementation (MOSPI), the Indian economy […]

November 27
2020

Euro Rallies to 3-Month Highs on Upbeat Euro Area Data Releases

The euro today rallied to new highs last seen on September 1st against the weak dollar boosted by upbeat macro reports from the euro area. The EUR/USD currency pair today rallied higher boosted by the upbeat French GDP report and other positive data from other EU countries. The EUR/USD currency pair today rallied from a low of 1.1909 in the Australian market to a high of 1.1961 in the early American session and was trading near […]

November 27
2020

Did the Bears Clear the 105.09 Level on USD/JPY?

The US dollar versus the Japanese yen currency pair seems to be set for 103.15. Is this really so? Long-term perspective After it peaked at 109.85, the price fell under the resistance level of 109.08, extending all the way to 106.07 before crafting the next peak at 108.16, slightly above the 108.05 intermediary level. From the 108.05 peak, the price developed the oscillations in such a manner that it formed a descending trend, one […]