News – Page 7 – The Plot

November 26
2020

Euro Plunges on Weak German GfK Survey and Dovish ECB Minutes

The euro today fell against the dollar following the release of the weak Germany GfK survey early in the European session combined with the risk-off market sentiment. The EUR/USD currency pair today fell even though US markets were closed for the Thanksgiving Day celebrations as investors bought the safe-haven greenback. The EUR/USD currency pair today rallied to a high of 1.1940 in the early Frankfurt session before falling to a low of 1.1885 in the early American market then […]

November 26
2020

Chinese Yuan Firms As PBoC Signals Flexible, Targeted Monetary Policy

The Chinese yuan is firming against multiple currency peers during the quiet holiday Thanksgiving trading session. The yuan has been strengthening since peaking at around 7.1 against the US dollar. It is likely to extend its winning streak to the end of the year after the central bank signaled that it would adjust its monetary policy directives. But how much longer will officials allow the yuan to appreciate, […]

November 26
2020

Aussie Flat, Ignores Negative Domestic Macroeconomic Data

Macroeconomic data released in Australia on Thursday was not good but that hardly affected the Australian currency. The Aussie was trading flat against all of its most-traded peers as trading was very quiet due to a holiday in the United States. The Australian Bureau of Statistics reported that private capital expenditure dropped by 3.0% in the September quarter from the previous three months. The actual drop was two times bigger than the forecast […]

November 26
2020

NZ Dollar Stable During Thursday’s Quiet Trading

The New Zealand dollar was stable today. While it moved a little lower against some of its rivals, the kiwi for the most part did not go far from the opening level. Trading is going to be quieter than usual on Thursday and Friday due to the Thanksgiving holiday in the United States. Statistics New Zealand reported that the trade balance logged a deficit of NZ$501 million in October, matching market expectations. The previous […]

November 26
2020

GBP/CAD Closing In on the 1.7567 Resistance

The Great Britain pound versus the Canadian dollar currency pair seems to be on its way to the main objective of 1.7567. Long-term perspective After the false piercing of the 1.7567 resistance, noted by the 1.7674 high, the price dropped until the 1.6810 low. From there, an ascending movement took shape, as the series of higher lows and highs point out. The fact that the bulls are willing to — and apparently accomplishing — wipe out the sharp decline that […]

November 25
2020

US Dollar Quiet Ahead of Thanksgiving As Investors Assess Data, FOMC Minutes

The US dollar is trading relatively flat against multiple major currency peers, mainly due to the plethora of mixed economic data that were released ahead of the American Thanksgiving holiday. In focus in the middle of the holiday-shortened trading were jobs and personal income and spending. With a subdued greenback on Wednesday, what comes next on the other side of annual festivities and in the home stretch of 2020? According to the Department of Labor, the number of Americans filing for first-time unemployment […]

November 25
2020

Bears Pausing or Preparing Sharp Resume on AUZ/NZD?

The Australian versus the New Zealand dollar currency pair seems to be under decisive bearish dominance. Can the bulls make their way to 1.0707? Long-term perspective After the 1.0566 low validated the 1.0551 firm support area, the price climbed until the 1.1043 peak, just above the equally durable 1.0903 resistance area. Once there, the bulls had no choice but to retreat, as the bears were set to defend the area. As a result, […]

November 24
2020

Euro Rallies on Upbeat German GDP and IFO Business Climate Data

The euro today surged against the dollar boosted by the upbeat German Q3 GDP report released early in the European session and positive investor sentiment. The EUR/USD currency pair later fell as the dollar recovered and printed new daily highs before recouping most of its losses during the American session. The EUR/USD currency pair today rallied from an initial low of 1.1838 in the Asian market to a high of 1.1894 in the early Frankfurt session before falling […]

November 24
2020

Canadian Dollar Strengthens as US Crude Tops $45, Biden Transition Formally Approved

The Canadian dollar is strengthening against its US peer on Tuesday as crude oil prices rallied to above $45. The loonie has surged by more than 1% this month, making the currency on track to erase its 2020 loss after stabilizing in the second half of the year. With soaring energy prices and a national economy recovering in the aftermath of the coronavirus pandemic, is the Canadian dollar setting itself up as the next top currency in 2021? […]

November 24
2020

Yen Falls vs. Commodity Currencies, Holds Ground vs. Majors

The Japanese yen fell versus commodity currencies but managed to hold its ground against other most-traded currencies today. Markets remained under the impact of the positive coronavirus vaccine news, which limited demand for safer currencies, including the yen. Markets started the trading week in an optimistic mood due to the news that a COVID-19 vaccine from yet another drug producer is close to completion. Of course, it will take time […]