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News
April 232020
Pound Rallies Despite Negative UK PMIs and High COVID-19 Cases
The British pound today rallied higher against the US dollar despite the release of disappointing UK PMI data by Markit/CIPS as traders remained bullish on the pound. The GBP/USD currency pair alternated between gains and losses as traders fought for control at a critical resistance level ignoring the fundamentals. The GBP/USD currency pair today rallied from a low of 1.2308 in the early London session to a high of 1.2415 in the American session but was off these highs at the time […]
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April 232020
US Dollar Mixed on Worse-Than-Expected Jobless Claims
The US dollar is mixed against its most-traded currency competitors on Thursday after the government released a worse-than-expected jobless claims report. But the job-loss trend may have peaked after three consecutive weeks of falling numbers, leaving markets indifferent to the weekly figures. According to the Department of Labor, initial jobless claims clocked in at 4.427 million for the week ending April 18, worse than the median estimate of 4.2 million. This is […]
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April 232020
Euro Falls to Fresh Monthly Lows on Negative Euro Area PMIs
The euro today fell to new lows against the US dollar following the release of disappointing PMI data from across the euro area by Markit Economics. The EUR/USD currency pair crashed as traders reacted to the PMI prints that were lower than expected, reflecting the impact of the COVID-19 pandemic. The EUR/USD currency pair today fell from a high of 1.0835 in the late Asian session to a low of 1.0776 after the PMI releases and was heading lower […]
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April 232020
AUD/NZD Halfway to the Next Target
The Australian dollar versus the New Zealand dollar currency pair is in reach of the next major resistance level, 1.0689. Should the bulls have any concerns? Long-term perspective From the high of 1.0865, the price extended until the low of 0.9993, a low that confirmed the weekly support level of 1.0037. Being such an important level, it facilitated a rally strong enough to break, and depart from, the descending trendline that starts from the high. […]
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April 222020
Japanese Yen Mixed As BoJ Warns of Risks to Financial Stability
The Japanese yen is trading mixed against its most-traded currency rivals as the central bank is sounding the alarm on risks to financial stability in the wake of the coronavirus. This comes as the federal government has unleashed a massive stimulus package that extends a lifeline to consumers and the private sector, which is expected to weigh on Tokyoâs budget. With the country under a state of emergency and policymakers trying everything to stave off a recession, what else could […]
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April 222020
Bears at Their Posts on GBP/CAD from 1.7499
The Great Britain pound versus the Canadian dollar currency pair looks like it is not able to stay above the 1.7499 level. Long-term perspective After confirming the major area of 1.6620, the price appreciated until the important resistance area of 1.7811. On its way, it validated the zone defined by the level of 1.7160, the descending trendline, and the ascending trendline, respectively, as a triple support. However, this was not enough for the buyers, which, after […]
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April 222020
Aussie Climbs After Jump in Retail Sales, Struggles to Maintain Gains
The Australian dollar rallied today, though currently, it has trimmed its gains. While the rally happened after a surprisingly positive retail sales report came out, the currency did not rally immediately following the release, therefore it cannot be said with certainty that the report directly contributed to the strength of the Aussie. Whatever the case may be, the Australian currency will have a hard time maintaining gains as the market […]
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April 212020
Pound Falls on Bearish Sentiment as UK to Test COVID-19 Vaccine
The Sterling pound today fell against the US dollar as investor sentiment remained decidedly bearish amid news that the UK was developing a COVID-19 vaccine. The GBP/USD currency pair fell despite the release of upbeat UK jobs data as investor risk appetite evaporated pushing the pair lower into negative territory. The GBP/USD currency pair today fell from an opening high of 1.2442 in the Asian session to a low of 1.2247 in the American session […]
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April 212020
Mexican Peso Falls 1% on Surprise Interest Rate Cut, Bearish Outlook
The Mexican peso is falling against the US dollar and other G10 currency competitors on Tuesday after the central bank surprised financial markets and cut interest rates. The peso weakened even further as officials are sounding the alarm about a significant crash in Latin Americaâs second-largest economy. On Tuesday, Banxico slashed the overnight rate by 50 basis points to 6% in response to a widely anticipated recession this year. This is the third rate […]
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April 212020
South Korean Won Weakens on Kim Jong-un âGrave Dangerâ Reports
The South Korean won has been weakening against multiple currency rivals since it was first reported that North Korean Supreme Leader Kim Jong-unâs health is in âgrave danger.â The won has slightly recovered, but investors appear to be waiting for confirmation that the dictator is in good shape. Since rising to power, Kim has been engaging with South Korea, and analysts fear that relations […]
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