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News
March 202020
USD/JPY Back into Ascending Channel and Above 108.00
The US dollar versus the Japanese yen currency pair recovered almost the entire depreciation. Will the appreciation continue? Long-term perspective The ascending trend that started after the price confirmed the 105.55 support level — and that printed the low at 104.44 — ended after the support line of the channel that limited it got pieced. The fall was able to reach the level of 101.18, from where a rally commenced, one that recovered almost the entire […]
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March 192020
Pound Remains Under Pressure Despite Bank of England Rate Cut
The Sterling pound today had a muted reaction to an emergency rate cut by the Bank of England after the close of the London markets. The GBP/USD spiked higher briefly before heading lower as the greenback posted gains due to high demand. The GBP/USD currency pair today fell to a low of 1.1471 before rallying to a high of 1.1793 after the BoE rate cut, then giving up most of its gains to trade sideways at the time of writing. The currency pair […]
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March 192020
US Dollar Weakens As Weekly Jobless Claims Surge Amid COVID-19 Market Rout
The US dollar is weakening against a few currencies on Thursday as new labor data confirms that the Covid-19 pandemic is beginning to have a negative effect on the strong labor market. But the decline was capped by the Federal Reserve announcing temporary dollar swap lines with nine central banks for several months. Despite the dramatic impact the coronavirus has had on the worldâs largest economy, the US dollar has been the lone bright […]
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March 192020
NZ Dollar Sinks to New Multi-Year Lows Even After Decent GDP Report
The New Zealand dollar dropped to new multi-year lows against other most-traded currencies today. Losses were across the board as the kiwi was falling even against other vulnerable commodity currencies. Even the GDP report that came out in line with expectations was unable to help the New Zealand currency. Statistics New Zealand reported that gross domestic product rose by 0.5% in the December 2019 quarter from the previous […]
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March 192020
Aussie Attempts to Recover After Plunging to Lowest in Decade
The Australian dollar plunged to the lowest level in more than a decade against a range of currencies today but now is trying to recover. As was expected, the Reserve Bank of Australia announced additional monetary stimulus. Meanwhile, employment data showed surprisingly good results. The RBA announced another 25 basis point interest rate cut to 0.25%. Such a move was widely expected by market participants. Furthermore, the central bank pledged to keep […]
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March 192020
AUD/NZD at the Weekly Support of 1.0000
The Australian dollar versus the New Zealand dollar currency pair reached a very important support area. Is possible to see a bullish comeback from here? Long-term perspective After the confirmation as a resistance of the 1.0837 level, which left behind the peak of 1.0865, the price declined until the next support area, 1.0361 — a weekly level. After a consolidative phase, the price resumed the fall, piercing the support and reaching the next important support area, the weekly […]
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March 182020
US Dollar Rallies Despite Mixed Data As Investors Pour Into Safe-Haven Asset
The US dollar is rallying against many major currencies midweek as investors continue to pour into the traditional safe-haven asset. Despite mixed economic data, the greenback is trading at its best level in three years throughout the Covid-19 pandemic that has crippled the global economy and paralyzed global financial markets. Last month, retail sales tumbled 0.5%, down from the 0.6% jump in January. The market had penciled in a 0.2% […]
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March 182020
Canadian Dollar Crashes Against US Peer on Falling Crude Oil Prices
The Canadian dollar today fell against its US peer as global crude oil prices fell to new lows as Saudi Arabia plans to up production as the oil price war heats up. The USD/CAD currency pair rallied to the 1.4400 high that was last seen in 2016 as demand for the greenback soared driven by the dominant risk-off market sentiment. The USD/CAD currency pair today rallied from a low of 1.4166 in the Asian session to a high […]
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March 182020
Pound Crashes as Investors Prepare for Worsening UK Conditions
The British pound today crashed to new lows against the US dollar as investors fled the pound amid widespread coronavirus fear in the United Kingdom. The GBP/USD currency pair’s woes were associated with investors’ adverse reaction to the British government’s delayed response to the coronavirus pandemic. The GBP/USD currency pair today fell from an opening high of 1.2129 to a low of 1.1828 in the early North American session and was headed lower at the time of writing. The currency […]
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March 182020
NZ Dollar Retreats After Short-Lived Rally
The New Zealand dollar fell today against other most-traded currencies, logging the fifth consecutive session of decline against its US counterpart. While the kiwi rose a bit yesterday after the government announced a stimulus package, the rally was short-lived as risk aversion dragged the currency down. Yesterday, the New Zealand government unveiled a massive NZ$12.1 billion stimulus package, which equals 4% of the country’s GDP. Finance Minister Grant Robertson […]
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