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News
April 62020
Chinese Yuan Flat As PBoC Pumps $56 Billion Liquidity for SMEs
The Chinese yuan is trading relatively flat to kick off the holiday-shortened trading week. China continued to employ monetary policy measures to resuscitate the worldâs second-largest economy in the coronavirus fallout. One mechanism Beijing is utilizing to spur business activity is bank lending, offering credit to businesses â large and small. Will it be enough for companies to borrow and restart operations? The Peopleâs Bank of China (PBoC) recently announced it […]
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April 62020
Wedge Chart Pattern on AUD/USD Played Out?
The Australian dollar versus the United States dollar currency pair seems to have failed in any further appreciation attempts. Is this the entire story? Long-term perspective After confirming the resistance area defined by the 0.7055 and 0.7013 levels, the price began a depreciation that unleashed until the 0.5511 support level. From there, the price retraced above the 0.6015 level and extended two thirds away from the possible double resistance area made […]
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April 62020
Australian Dollar Forecast for April 6-10, 2020
The Australian dollar has experienced strong volatile moves lately. The currency tanked in the first half of March, recovered a bit in the second half only to move down again in April. While it is hard to predict price movements during such volatile time, let’s see what factors will be affecting the Aussie this week and how the currency can react to them. The week will start with somewhat less important […]
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April 32020
US Dollar Mixed As Coronavirus Slaughters 701k Jobs in March
The US dollar is mixed against several major currency competitors at the end of the trading week, driven by a grim portrait of the American labor market last month. Although it was a devastating jobs report, experts say that the worst is still to come as more states institute stay-at-home orders. Will the buck remain the top currency in todayâs chaotic financial market? According to the Bureau of Labor Statistics (BLS), the US economy lost […]
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April 32020
Canadian Dollar Rallies on Higher Oil Prices and Weak US Jobs Data
The Canadian dollar today rallied against its US counterpart as oil prices pressed higher for the third consecutive session boosting the commodity-linked loonie. The USD/CAD currency pair fell from its intra-day highs as the loonie strengthened amid rumours that OPEC and its allies would agree to drastic oil supply cuts to boost oil prices. The USD/CAD currency pair today fell from a high of 1.4224 in the early European session to a low […]
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April 32020
Bulls Back on USD/JPY from 107.06
The United States dollar versus the Japanese yen currency pair seems to be delaying further advancement towards the south. Is this really a delay or the bulls took control? Long-term perspective The depreciation that started from the high of 111.70 almost touched the technical support level of 106.79, stopping in the psychological 107.00. Although the fact that the price got under the area defined by the levels of 108.85 and 108.13, respectively, was welcomed by the bears, the bulls […]
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April 32020
Pound Falls on Weak UK Services PMI Report as Dollar Surges
The Sterling pound today fell against the US dollar as investors reacted to weak service PMI released by Markit Economics in the early London session. The GBP/USD came under intense selling pressure as the greenback pressed higher despite yesterday’s record high US initial jobless claims numbers. The GBP/USD currency pair today fell from a high of 1.2395 during the late Asian session to a low of 1.2262 in the early European session and was headed […]
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April 22020
Euro Falls to New 5-Day Lows on Record Spanish COVID-19 Deaths
The euro today fell against the US dollar as deaths from the coronavirus in Spain reached new highs even as other European countries battle the disease. The EUR/USD currency pair today fell amid high demand for the dollar and the rising tensions in the European Union as Germany and Holland refuse to support Southern states. The EUR/USD currency pair today fell from a high of 1.0964 in the late Asian session to a low of 1.0823 in the American session and was near […]
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April 22020
US Dollar Holds Steady As Initial Jobless Claims Surge 6.6 Million
The US dollar is holding steady on Thursday after the federal government reported that initial jobless claims doubled week’s total and topped 6.6 million. The coronavirus pandemic continues to take a toll on a once robust and resilient labor market, and it is unclear as to when Americans will return to the workforce. Despite the federal government’s $2.2 trillion stimulus package that includes direct income support, how much longer can the world’s […]
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April 22020
Could GBP/CAD Retest the 1.7811 Resistance?
The Great Britain pound versus the Canadian dollar currency pair may establish above the 1.7500 mark. Is this a bullish profile, or are the bears waiting for even better prices? Long-term perspective After the price was not able to maintain the gains above 1.7811, it strongly depreciated, reaching the important support area of 1.6620. However, this area, being packed with bulls, favored a strong appreciation, one that reached […]
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