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News
November 242020
Australian Dollar Joins Rally in Risk-On Environment
The Australian dollar joined the rally of its New Zealand counterpart amid the risk-on market sentiment. There were no macroeconomic reports released in Australia today, while yesterday’s data was positive. Yesterday, a report from Markit showed that both manufacturing and services sectors accelerated their growth. The Flash Manufacturing Purchasing Managers’ Index climbed from 54.2 in October to 56.1 in November. The Flash Services PMI rose from 53.7 […]
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November 242020
NZ Dollar Strongest After Letter from Finance Minister to RBNZ
The New Zealand dollar was the strongest among the most-traded currencies on the Forex market today. The most likely reason for such a great performance was the request made to the central bank’s chief by the finance minister. New Zealand Finance Minister Grant Robertson wrote to Adrian Orr, Governor of the Reserve Bank of New Zealand, suggesting that the central bank should include house prices in its mandate: One proposal I am seeking advice from […]
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November 242020
Bulls Still Untouched on GBP/USD After 1.3398 High?
The Great Britain pound versus the US dollar currency pair may fall in bearish hands. But will the bulls allow this? Long-term perspective After the low of 1.2075 validated the firm support of 1.2092, the price started an ascending trend that extended nearby the 1.3502 intermediary level. However, as the 1.3502 high was well above a triple resistance area — defined by the descending trendline, the upper line of the rising channel, and the 1.3261 level — validating […]
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November 232020
Pound Rallies to 12-Week Highs on AstraZeneca Vaccine, UK PMIs
The sterling pound today surged to 12-week highs against the dollar boosted by news of AstraZeneca’s COVID-19 vaccine given that its a British/Swedish company. The GBP/USD currency pair later trimmed its gains after the dollar surged to new multi-month highs on upbeat US Flash PMIs released by Markit Economics. The GBP/USD currency pair today rallied to a high of 1.3397 in the mid-London session before falling to a low of 1.3264 in the American market but had […]
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November 232020
Euro Rallies on Coronavirus Vaccine News, Later Falls on Upbeat US PMI
The euro today rallied higher against the US dollar in the first half of today’s session boosted by investor optimism about a potential coronavirus vaccine. The EUR/USD currency pair later reversed course during the American session and turned negative for the day on the upbeat US PMI data, which boosted the dollar. The EUR/USD currency pair today rallied to a high of 1.1905 in the mid-European session before reversing course and falling to a low of 1.1800 during the American market. […]
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November 232020
US Dollar Extends Weakness on Optimism Over Oxford-AstraZeneca COVID-19 Vaccine
The US dollar is extending its weakness to start the trading week, driven mostly by optimism in the broader financial market amid the latest coronavirus vaccine from Oxford-AstraZeneca. This comes soon after Pfizer and Moderna announced their own two-dose inoculations in preventing COVID-19. With economic data being mostly quiet on Monday, traders will be looking for the latest hints regarding US fiscal stimulus and relief packages. AstraZeneca, the British […]
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November 232020
Bulls in Shape for 0.7587 on AUD/USD?
The Australian versus the US dollar currency pair seems to be under bullish dominance. Are the bears going to do something? Long-term perspective After validating the 0.6386 level as support, the price continued to climb, eventually reaching the 0.7413 high. From there, it slipped under 0.7320 but was rejected by the next support area, 0.7191. However, the new impulsive swing proved to be a throwback, one that validated 0.7320 as resistance […]
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November 202020
Russian Ruble Flat As October GDP, Retail Sales Disappoint
The Russian ruble is trading relatively flat against several currency peers to close out the trading week. The ruble has witnessed a resurgence this week as foreign exchange traders poured into the currency amid a significant rally in Brent crude oil prices. But the gains may have been capped by disappointing economic data. With tighter lockdown restrictions in Europe, could the ruble come under pressure in the home stretch of 2020? […]
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November 202020
Canadian Dollar Rallies on Surging Oil Prices and Retail Sales Data
The Canadian dollar today rallied against its US peer boosted by the global crude oil prices kept rising and were on track to close higher for the week. The USD/CAD currency pair fell for the third consecutive session as the loonie rallied following the release of upbeat Canadian retail sales data for September. The USD/CAD currency pair today fell from a high of 1.3087 in the early Australian session to a low of 1.3043 in the American market and was headed lower […]
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November 202020
Pound Rallies on Upbeat UK Retail Sales Data, Brexit Talks Progress
The British pound today surged higher against the US dollar boosted by the upbeat UK retail sales data, which beat analysts expectations by a wide margin. The GBP/USD currency pair’s rally was also fueled by investor optimism regarding the post-Brexit trade talks ahead of the rapidly approaching December 31st deadline. The GBP/USD currency pair today rallied from an opening low of 1.3247 to a high of 1.3292 in the early London session after a major […]
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