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December 1
2020

Euro Surges to Multi-Year Highs Against Dollar as US PMI Misses

The euro today rallied to multi-year highs against the dollar boosted by the positive investor risk sentiment amid heightened optimism about the global economic recovery. The EUR/USD currency pair’s rallied to highs last seen in Apil 2018 boosted by the dollar’s weakness and mixed eurozone macro releases. The EUR/USD currency pair today rallied from an opening low of 1.1937 in the Australian market to a high of 1.2053 in the American session and was trading near these highs […]

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December 1
2020

Sterling Mixed on Hopes for Brexit Deal, Rising Manufacturing PMI

The Great Britain pound was mixed today, rising against some rivals but falling versus others, despite positive fundamentals. Hopes for the Brexit deal and a better-than-expected manufacturing report were providing support to the currency of the United Kingdom. Markets remained hopeful that the UK and the European Union will be able to reach a trade deal before the year’s end. Indeed, Irish Prime Minister Micheal Martin said that he thinks […]

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December 1
2020

Yen Weakest Despite Better-than-Expected Domestic Reports

The Japanese yen was the weakest major currency on the Forex market today, falling against all other most-traded rivals. Domestic macroeconomic data could not be the catalysts for the decline: it was not particularly good but not extremely terrible either. In fact, most of the reports beat expectations. The Statistics Bureau of Japan reported that the unemployment rate was at 3.1% in October — a nominal increase from September’s value of 3.0%. Markets […]

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December 1
2020

Swiss Franc Gains After Positive GDP & Manufacturing PMI Reports

The Swiss franc logged gains versus a basket of currencies today, getting help from positive domestic macroeconomic reports. Economists do not expect tomorrow’s data to be good, though. Switzerland’s Federal Statistical Office reported that gross domestic product grew by 7.2% in the third quarter of 2020 after falling 7.3% in the previous three months (revised positively from an 8.2% drop). Over the first half of the year, the economy contracted […]

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December 1
2020

Australian Dollar Mixed After RBA Meeting, China’s Manufacturing PMI

The Australian dollar did not show a clear trend today. The Reserve Bank of Australia left its monetary policy unchanged at its last policy meeting this year, as was widely expected. China’s macroeconomic data was helpful to the Australian currency. Surprising no one, the RBA left its monetary policy without change, keeping the key interest rate at 0.1%. The central bank noted that domestic economic indicators were […]

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December 1
2020

Consolidation Phase Above 1.3261 on GBP/USD?

The Great Britain pound versus the US dollar currency pair seems to have already started a consolidation. But is this really a consolidation, or are the bears preparing a new fall? Long-term perspective After the formation of the 1.2075 low, which validated the solid area of 1.2092 as support, the price started an ascending trend. The movement extended until very close to the 1.3502 intermediate level. From there, it printed a sharp retracement that, upon […]

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November 30
2020

Great Britain Pound Strong on Hopes for Brexit Deal

The Great Britain pound rose today, emerging as the strongest currency on the Forex market on Monday. The most likely reason for the sterling’s amazing performance was hopes for a trade deal between the United Kingdom and the European Union. The deadline of December 31 nears but there is no deal in sight. Just a few sticking points remained but the EU and the UK seem to have a hard time finding a compromise on them. Markets were hopeful, though, […]

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November 30
2020

Swiss Franc Soft Despite Better-than-Expected Data

The Swiss franc was soft for the most part today, though it managed to log small gains versus the Australian dollar and the Japanese yen. Better-than-expected domestic macroeconomic data was unable to bolster the Swissie. Switzerland’s Federal Statistical Office reported that retail sales adjusted for sales days and holidays rose by 3.1% in October from the same month of the previous year. That was a massive surprise to analysts, who were expecting just […]

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November 30
2020

USD/CNY Pauses Despite Another Surge in November Manufacturing

The Chinese yuan is trading flat against its US peer to kick off the trading week, despite the central government reporting renewed activity in the manufacturing sector this month. The yuan has been one of the top-performing currencies in the fallout of the coronavirus, surging to its best level against the greenback in more than two years. According to the National Bureau of Statistics (NBS), the manufacturing purchasing managers’ index (PMI) came in at 52.1 in November – […]

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November 30
2020

Australian Dollar Soft on Mixed Domestic Data, China’s Trade Conflicts

The Australian dollar was soft today, trading either flat or lower versus other most-traded currencies. Domestic macroeconomic data was mixed, giving no help to the currency. Better-than-expected economic releases in China were unable to provide a boost either. The Melbourne Institute Inflation Gauge showed an increase of 0.3% in November after falling by 0.1% in October. The Australian Bureau of Statistics reported that company gross operating profits rose by 3.2% in the September […]

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