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News
April 212020
Australian Dollar Trades Lower After RBA Minutes, Drop of Crude Oil Below $0
The Australian dollar fell against almost all of the most-traded currencies today with the exception of the New Zealand dollar. The main reasons for the decline were the negative market sentiment and the dovish outlook for the monetary policy of Australia’s central bank. Markets were rattled by the unprecedented move of prices for North American crude oil below $0. Analysts were quick to point out that the move was in the May contract that expires today, making traders […]
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April 212020
Bears on AUD/USD May Start Pushing from 0.6313
The Australian dollar versus the US dollar currency pair seems to offer conflicting signals, but how can some light be shed upon the situation? Long-term perspective The advancement that started from the level of 0.5517 extended to as high as 0.6446, almost reaching the major area just beneath the 0.6500 psychological level. After peaking at 0.6446, the price went under the 0.6313 support level only to peak again at 0.6397. The fact that […]
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April 202020
Chinese Yuan Flat As PBoC Slashes Benchmark Loan Rate
The Chinese yuan is barely budging against its G10 currency competitors on Monday, despite the central bank showing its willingness to get serious about monetary easing. Investors may be trying to see if China can successfully hit the reboot button after last weekâs worse-than-expected gross domestic product (GDP) reading for the first quarter. It is evident that Beijing will employ every fiscal and monetary […]
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April 202020
Euro Recovers After Mixed Economic Data, Supported by Plans for Easing Lockdown
The euro opened sharply higher today but has erased losses against the majority of its most-traded peers by now. The traders’ cautious mood was weighing on the currency, but hopes about an end to lockdown in the foreseeable future were supporting the euro. Eurozone macroeconomic data released over Monday’s trading session was mixed. Destatis reported that the German Producer Price Index fell by 0.8% in March, both on a monthly and annual basis. Analysts […]
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April 202020
Japanese Yen Moves Lower After Exports Collapse
The Japanese yen opened sharply higher against its most-traded rivals today but immediately started to move lower and continued its decline after the release of a poor report on the Japanese trade balance. Japan’s Ministry of Finance reported that the trade balance logged a deficit of Â¥0.19 trillion in March after logging a surplus of Â¥0.48 trillion in February. Economists were expecting a smaller deficit of Â¥0.11 trillion. Exports dropped by 4.1% — the steepest decline […]
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April 202020
NZ Dollar Flat-to-Higher on CPI, Easing Lockdown Restrictions
The New Zealand dollar traded flat or higher against its most-traded counterparts today. There were two reasons for the currency’s good performance: the government’s plans to ease the lockdown restrictions and positive inflation data released today. New Zealand Prime Minister Jacinda Ardern announced that the government will reduce the threat level one notch to three next week, allowing some businesses to open. That should benefit the nation’s economy […]
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April 172020
Euro Rallies on Reports of COVID-19 Cure and In-Line Eurozone CPI
The euro today rallied higher against the US dollar driven by bullish investor sentiment amid hopes that a cure for the coronavirus was on the horizon. The EUR/USD currency pair initially fell as the greenback rallied before changing course and surging higher as risk-appetite improved. The EUR/USD currency pair today fell to a low of 1.0812 in the early European session before rallying to a high of 1.0892 in the American session but was off these highs at the time of writing. […]
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April 172020
Chinese Yuan Mixed As Economy Contracts 6.8% in Q1, Retail Sales Crash
The Chinese yuan is mixed against its currency competitors to finish the trading week as investors weigh Chinaâs near-term economic recovery. With the latest bearish numbers suggesting Beijingâs COVID-19 devastation, analysts are hoping that the worst is over and that the nationâs reboot will lead to better results. According to the National Bureau of Statistics (NBS), the gross domestic product (GDP) plummeted 6.8% in the first quarter, worse than the market […]
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April 162020
Loonie Sinks As Crude Oil Trades at 18-Year Lows Despite Supply Cuts
The Canadian dollar today extended its losing streak against the US dollar for the second day in a row despite yesterday’s hawkish rate decision by the Bank of Canada. The USD/CAD currency pair surged higher as the loonie remained under pressure due to falling crude oil prices despite recent output cust by OPEC+ and some US producers. The USD/CAD currency pair today rallied from a low of 1.4063 in the early American session to a high of 1.4182 […]
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April 162020
Euro Extends Decline Amid Fears of a Looming Recession in the EU
The euro today fell against the US dollar as market sentiment remained decisively risk-averse amid fears that the eurozone was facing an imminent recession. The EUR/USD currency pair fell for the second consecutive session despite the release of upbeat data from Germany and the euro area, which did little for the pair. The EUR/USD currency pair today fell from an opening high of 1.0907 to a low of 1.0817 in the American session and was near these lows […]
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