News – Page 66 – The Plot

April 1
2020

Pound Sidelined As UK COVID-19 Deaths Rise and Boris Self-Isolates

The pound today traded sideways against the US dollar extending its sideways trading range for the third day in a row as investors took a break following its recent massive rally. The GBP/USD currency pair rangebound trading action was also affected by the surge in UK coronavirus deaths as deaths jumped 31% to 563, hitting a cumulative total of 2,352. The GBP/USD currency pair today traded with a range marked by a low of 1.2331 and a high […]

April 1
2020

Japanese Yen Strengthens on Better-Than-Expected Data, BoJ Stimulus

The Japanese yen is strengthening against different currency competitors midweek, buoyed by a plethora of economic data and outlooks that came in much better than initially anticipated. With the federal government set to unveil a comprehensive stimulus package to rescue the worldâs third-largest economy from the fallout of the coronavirus pandemic, the yenâs safe-haven appeal may stay intact. According to official state statistics, retail sales jumped 0.6% in February, down from the 1.5% […]

April 1
2020

Canadian Dollar Slips As Manufacturing PMI Contracts, GDP Slows

The Canadian dollar is slipping against its currency rivals midweek as new data is beginning to highlight how much damage the coronavirus is impacting the Great White North. Manufacturing contracted, the economy already showed signs of slowing down before the COVID-19 crisis, and producer prices slumped â this could be the start of even more negative economic readings in the weeks to come. The IHS Markit manufacturing purchasing managersâ index […]

April 1
2020

AUDNZD Heading Towards 1.0361

The Australian dollar versus the New Zealand dollar currency pair is approaching the important weekly level of 1.0361. Long-term perspective After confirming the level of 1.0837, the price started to decline. The first strong pullback occurred around the weekly support of 1.0037. But until here, the pierce passed important areas, such as the weekly support of 1.0361. The reconfirmation of the 1.0037 support — which printed the low of 0.9993 — brought about a rally that conquered the first […]

March 31
2020

Euro Falls Against US Dollar Due to Quarterly/End-Month Outflows

The euro today fell against the US dollar earlier in the session and was on track to book a loss for the second straight session as the greenback rebounded. The EUR/USD currency pair sold off amid end of month/quarter outflows in favour of the dollar, which could see the pair close lower for the month. The EUR/USD currency pair today fell from an opening high of 1.1043 to a low of 1.0926 but had recovered most of its losses at the time of writing. Most […]

March 31
2020

Chinese Yuan Jumps on Surprising Manufacturing Growth in March

The Chinese yuan is rallying against many currency competitors on Tuesday as the worldâs second-largest economy surprised global financial markets by reporting manufacturing growth in March. The yuan is also benefiting from additional easing efforts by the Peopleâs Bank of China (PBoC). According to the National Bureau of Statistics (NBS), the manufacturing purchasing managersâ index (PMI) surged from 35.7 in February to 52 in March. This beat market expectations of a 45 reading and is […]

March 31
2020

AUD/JPY at the 67.03 Resistance

The Australian dollar versus the Japanese Yen currency pair is being given a test by the 67.03 level. Long-term perspective The confirmation of the 76.01 level by the bears started a downwards movement that extended to as low as 59.87. But as the bears overextended, by departing too much and too fast from the important support of 64.12, the bulls saw the opportunity and sent the price back above it. After that, the buyers managed to bring the price to the next resistance area, […]

March 30
2020

Japanese Yen Gains As Abe Prepares for âBoldest-Everâ Stimulus

The Japanese yen is gaining against its biggest currency competitors to kick off the trading week as the nation braces for details surrounding the governmentâs âboldest-everâ stimulus package. Japanâs economic situation had been bearish prior to the coronavirus pandemic, but the outbreak has negatively affected the worldâs third-largest economy. With the Tokyo Olympic Games postponed until the end of July, it is unclear how Japan can avoid slipping into […]

March 30
2020

Can AUD/USD Recover 0.6313?

The Australian dollar versus the US dollar currency pair seems to be in bullish hands. Are the bears just around the corner? Long-term perspective After the Head and Shoulders with the neckline at the 0.6851 major support level played out, the price depreciated in a very pronounced manner, extending until the level of 0.5511. From there, a retracement equally as strong as the depreciation manifested itself, leading the price above the 0.6015 level. In one scenario, the price could […]

March 27
2020

Canadian Dollar Weakens As BoC Imposes Emergency Interest Rate Cut

The Canadian dollar is weakening against many currency rivals to finish out the trading week. Following a week of modest gains, the loonie is falling on the central bank announcing an emergency cut to interest rates as the economy gets battered by coronavirus outbreak and tumbling energy prices. For the second time in less than a month, the Bank of Canada (BoC) made an unscheduled reduction to its benchmark interest rate in response to the COVID-19 pandemic. The central bank lowered […]