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December 4
2020

US Dollar Adds to Weekly Loss Amid Slowest Employment Growth Since May

The US dollar maintained its downward trend to finish the trading week after the US government reported the slowest employment growth rate since May. The disappointing November jobs report coincided with a resurgence in coronavirus cases, as well as jurisdictions imposing new lockdown measures. The lackluster labor snapshot did not hit the financial markets, adding to the traditional safe-haven asset’s 2020 woes. According to the Bureau of Labor Statistics (BLS), the US labor […]

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December 4
2020

Pound Firm Despite Fresh Bump in UK/EU Trade Negotiations

The Great Britain pound was firm today, rising against most of its major rivals, despite a fresh bump on the road to a post-Brexit trade deal between the United Kingdom and the European Union. The sterling was getting support this week from hopes that the UK and the EU will be able to reach a trade deal before the deadline on December 31. But there are also doubts as some of the EU politicians think Britain […]

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December 4
2020

Good Retail Sales Report Fails to Boost Aussie

The Australian dollar was weak today, falling against all other most-traded currencies. That is despite domestic macroeconomic data that beat expectations. The Australian Bureau of Statistics reported that retails sales rose by 1.4% in October from September on a seasonally adjusted basis. While the reading was slightly lower compared with the preliminary estimate of a 1.6% increase, it was substantially better than the median forecast that has […]

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December 4
2020

Bears Marching Towards 103.15 on USD/JPY?

The United States dollar versus the Japanese yen currency pair seems to be under undeterred bearish dominance. Are the bulls just around the corner? Long-term perspective The fall that started at 109.85 sent the price — in the first instance — to the 106.07 low, which is under the firm support level of 107.00 — a psychological level. Because of this, the point that the price returned above 107.00 was of little importance for the bears. This is because, […]

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December 3
2020

Turkish Lira Extends Rebound Despite Higher Inflation, Bearish Locals

The Turkish lira is rallying against some of its major currency peers on Thursday, despite concerning macro data that could further force locals to scoop up more US dollars. The lira has staged a significant rebound over the last month as financial markets showcase their confidence in the nation’s push to a more orthodox monetary policy. But the resurgence in the lira has enabled the locals to scoop up dollars, highlighting that […]

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December 3
2020

USD/CAD Struggles for Direction As Initial Jobless Claims Fall to Pandemic-Era Low

The US dollar maintained its bearish pattern on Thursday after the US government reported a new coronavirus pandemic-era low for the number of Americans filing for first-time unemployment benefits. The greenback has had a roller coaster ride throughout the public health crisis, hitting a multi-year pique of 103.00 before cratering 15% to its lowest level since early 2018. Has the greenback hit bottom, or is there still room for hemorrhaging? According to the Department […]

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December 3
2020

Australian Dollar Stable After Economic Releases in Australia & China

The Australian dollar remained stable after macroeconomic releases in Australia as well as Australia’s biggest trading partner — China. The Aussie did not move far even though the data was very good and the general market sentiment was optimistic. The Australian Bureau of Statistics reported that the seasonally adjusted trade balance logged a surplus of A$7,456 million in October — an increase from September’s value of A$5,815. Economists were not expecting any significant […]

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December 3
2020

Euro Rallies to New 32-Month Highs Against Dollar, Later Falls

The euro today briefly rallied higher against the dollar touching 32-month highs before reversing course and heading lower as the greenback inched higher. The EUR/USD currency pair fell despite the release of mixed data from across the euro area as Hungary continues to oppose the European Union budget. The  EUR/USD currency pair rallied to a high of 1.2139 in the early Frankfurt session before giving up its gains and dropping to a low of 1.2101 shortly […]

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December 3
2020

NZ Dollar Soft Despite Positive Reports in New Zealand & China

The New Zealand dollar was soft today, falling against many of its most-traded rivals. That is despite positive macroeconomic reports released during Thursday’s trading session in New Zealand and China, New Zealand’s biggest trading partner. The seasonally adjusted Markit/Caixin General Services PMI climbed from 56.8 in October to 57.8 in November. That is instead of a decline to 56.5 predicted by analysts. The report noted that the index indicated […]

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December 3
2020

Bulls Saving the Day on GBP/CAD from 1.7285?

The Great Britain pound versus the Canadian dollar currency pair seems to be underpinned by the bulls. Can they reach 1.7445? Long-term perspective The fall from the 1.7674 high extended until the 1.7216 low and then following the second failed attempt — on September the 1st — to conquer the firm level of 1.7567, prolonged to the 1.6810 dip. However, the bulls pulled themselves together and started an ascending movement that — as of writing — has only one barrier to overcome […]

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