Breaking News
December 2
2020

Chinese Yuan Shrugs Off Report Joe Biden Will Not Remove Tariffs on China

The Chinese yuan is shrugging off a report that President-Elect Joe Biden would not immediately remove the higher tariffs placed on the world’s second-largest economy. The yuan, which has been one of the top-performing currencies in foreign exchange markets, maintained its upward trajectory as it looks to test 6.5 against its US peer. Speaking in an interview with The New York Times, Biden revealed that he would not immediately […]

Read more
December 2
2020

EUR/USD Falls Despite Positive Eurozone Macro Releases

EUR/USD fell today despite all macroeconomic reports released in the eurozone during Wednesday’s trading session were good, and the vast majority of them beat expectations. Against other rivals, the euro did not show a unified performance, rising against some but falling against others. Eurostat reported that the unemployment rate in the eurozone was at 8.4% in October, down from 8.5% in September, in line with forecasts. Industrial producer prices […]

Read more
December 2
2020

Swiss Franc Strong, Defying Fundamentals

The Swiss franc was the strongest currency on the Forex market today, rising against all other most-traded rivals. That was a very puzzling performance, considering that news neither from Switzerland nor from abroad was positive for the currency. Switzerland Federal Statistical Office reported that the consumer price index fell by 0.2% in November compared with the previous month after showing no change in October. Market participants were ready […]

Read more
December 2
2020

Pound Sinks After Comments from EU Chief Brexit Negotiator

The Great Britain pound dropped today, falling against all other most-traded currencies. It dropped even versus the Japanese yen, which previously was the weakest currency during Wednesday’s trading. The reason for that was comments from the European Union chief Brexit negotiator. The sterling was getting support yesterday from hopes that a trade deal between the United Kingdom and the European Union can be reached before the year’s […]

Read more
December 2
2020

NZ Dollar Stable Despite Drop in Overseas Trade Index

The New Zealand dollar was stable today, staying flat against most of its rivals and even gaining on some of them. That is despite the worse-than-expected trade report released on Wednesday. Statistics New Zealand reported that the Overseas Trade Index dropped by 4.7% in the September quarter compared with the June quarter after rising by 2.4% in the previous three months. The drop was bigger than 3.7% predicted by economists. Furthermore, that […]

Read more
December 2
2020

Yen Soft After Economic Data, BoJ Deputy Governor’s Comments

The Japanese yen was very weak today. In fact, it logged losses against all other most-traded currencies. Domestic macroeconomic data was decent, therefore it could not be the reason for the weakness. Dovish comments of the central bank’s deputy governor, on the other hand, could. The Bank of Japan reported that the monetary base expanded by 16.5% in November from the same month of the previous year after rising by 16.3% in October. Economists […]

Read more
December 2
2020

Australian Dollar Flat Despite Better-than-Expected GDP

The Australian dollar was trading flat today even though Australia’s gross domestic product rose more than was expected and the central bank’s chief delivered a rather optimistic speech. The Australian Bureau of Statistics reported that GDP rose by 3.3% on a seasonally adjusted basis in the third quarter of 2020 from the previous three months. The consensus forecast had promised a slower growth of 2.5%. The increase followed the record 7.0% drop in the previous […]

Read more
December 2
2020

AUD/NZD in Freefall After 1.0474 Gave Way

The Australian versus the New Zealand dollar currency pair is under heavy bearish pressure. Could the bulls still do something to rectify the situation? Long-term perspective After the 1.0551 firm support area was validated by the formation of the 1.0566 low just above it, the price extended the rise until the 1.1043 high. However, from that point onwards, the bears were not content with letting the bulls see further gains. […]

Read more
December 1
2020

Canadian Dollar Strengthens on Q3 GDP, Manufacturing PMI Growth

The Canadian dollar is strengthening against its US counterpart on Tuesday, buoyed by third-quarter economic growth and rebounding manufacturing activity. But the loonie’s rally was capped by sliding crude oil prices amid uncertainty over the Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+, regarding output in 2021. According to Statistics Canada, the Canadian economy expanded 8.9% in the third quarter, up from the second quarter’s 11.3% slide. The gross […]

Read more
December 1
2020

US Dollar Drops amid Risk Appetite, Outlook for Stimulus

The US dollar fell against a basket of currencies today as risk appetite on the market limited demand for safety provided by the greenback, while the outlook for stimulus in the United States further damaged the appeal of the US currency. Macroeconomic indicators were suggesting lately that the economy recovers across the world, be it Asia, Europe, or America. They showed that the global economy remained stable despite the second wave of the COVID-19 pandemic. Coupled with positive […]

Read more