Breaking News
November 11
2020

Turkish Lira Rallies on Easing of Currency Trading Limits, Bets on Orthodox Policy

The Turkish lira is enjoying its best rally in months as the government eased two-year-old currency trading limits, giving the lira a substantial boost. It is also rising against several currency peers as foreign exchange markets bet that the country would embrace a more orthodox monetary policy following a series of noteworthy exits in President Recep Tayyip Erdogan’s government. According to a statement from Ankara’s chief banking regulator, the amount […]

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November 11
2020

AUD/NZD Under 1.0707 and Back into the Descending Channel

The Australian pound versus the New Zealand dollar currency pair seems to have been limited in its attempt to switch to bullish mode. Long-term perspective After crafting the 1.0566 low, the price continued its upward movement that had been part of before the high of 1.0880. As a result, it climbed until the 1.1043 high but failed to sustain the gains above the firm resistance area of 1.0983. As a consequence, the price fell until the previous […]

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November 10
2020

Chinese Yuan Tests 6.5 As PBoC Tightens Liquidity, COVID-19 Vaccine Hopes

The Chinese yuan is extending its months-long rally on Tuesday after breaking the 6.6 threshold against the US dollar. The yuan, which has been one of the best-performing currencies in the aftermath of the coronavirus pandemic, has become an attractive play in foreign exchange markets, especially as policymakers attempt to make the yuan more prominent in international transactions. With former Vice President Joe Biden almost certain to occupy the White House in the next couple of months, […]

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November 10
2020

First Stop at 1.3261 on GBP/USD?

The Great Britain pound versus the United States dollar currency pair seems to aim for 1.3261. But do the bulls still have enough steam? Long-term perspective From the 1.2075 low, after validating the support area of 1.2092, the price started a very convincing ascending trend. In fact, the bulls were so determined that they were able to pierce the triple resistance zone etched by the descending line, the upper one of the ascending channel, […]

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November 9
2020

Euro Weak Despite Risk Appetite, Positive Economic Data

Markets were in a risk-on mode on Monday. Usually, positive market sentiment is good for the euro but that was not the case today. The shared 19-nation currency fell against almost all of its most-traded rivals, managing to gain only on safe currencies, which seemed unattractive for traders amid risk appetite. And even then, the euro failed to beat the US dollar, which is considered to be one of the safe-haven currencies. The news […]

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November 9
2020

Swiss Franc Soft as Markets Relish Biden Victory, Coronavirus Vaccine News

Risk appetite reined over markets at the start of the week, driving investors towards riskier currencies and away from safer ones. Surprisingly, the US dollar did not fare that poorly, but the Swiss franc was clearly a victim of the risk-on market sentiment. The only major currency that performed even worse than the Swissie was the Japanese yen. There were two major reasons for traders’ optimism today. One of them […]

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November 9
2020

US Dollar Drops As Pfizer, BioNTech Announce 90% Effective COVID-19 Vaccine

The US dollar is sliding against many of its currency rivals to kick off the trading week, adding to the global reserve currency’s 2020 woes. The greenback may be in store for some more pain in international financial markets due to rallying equities driven by news that Pfizer’s COVID-19 vaccine is mostly effective. With a lack of data being released and the 2020 presidential election in the rear-view mirror, it is all about […]

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November 9
2020

Bulls Set to Pass 0.7413 on AUD/USD?

The Australian versus the United States dollar currency pair crystalized on the chart a very convincing appreciation. Do the bears still have a say? Long-term perspective The rally that validated 0.5516 as support managed in spawning the 0.7413 high. From there, a deep retracement came into being, one which started with the confirmation of 0.7320 as resistance and ended with rotating at the 0.7010 support area. The rise that followed topped a little above the 0.7191 […]

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November 6
2020

US Dollar Struggles on Better-Than-Expected October Jobs Report

The US dollar is struggling to plug the hemorrhaging to finish the trading week. The greenback has been cratering against many of its major currency peers this week as a bit more certainty over the 2020 election result and a substantial rally in stocks sent the buck lower. With a better-than-expected October jobs report, is the dollar in store for greater losses in November? According to the Bureau of Labor Statistics (BLS), the US economy created 638,000 new […]

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November 6
2020

Bears on USD/JPY Set for 103.15

The United States dollar versus the Japanese yen currency pair seems to have been taken over by the bears. Do the bulls still hold any chances? Long-term perspective The high of 109.85 spawned a depreciation that, besides rendering the piercing of 109.08 as a false one, managed to pierce the next firm support, the psychological level of 107.00. The piercing was limited by the 106.12 intermediary level, which — after printing the 106.07 low — sent the price back […]

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