The Australian dollar versus the US dollar currency pair dropped from the 0.6700 multiannual level. Long-term perspective The head and shoulders pattern that confirmed the resistance area made possible by 0.7055 and 0.7013, respectively, and also caused the price to reenter the descending channel (and by doing so the price got beneath the major support of 0.6850), set in motion a strong fall, one that challenged the important 0.6700 psychological level. After the attempts raised by the bulls … “AUD/USD Heading for 0.6550?”
Month: February 2020
US Dollar Weakens As Economy Softens on Coronavirus, 2020 Election Fears
The US dollar is weakening against many major currency rivals at the end of the trading week, driven by disappointing economic data. Analysts are sounding the alarm that the coronavirus is beginning to impact American growth, which is evident in the recent purchasing managersâ index (PMI) readings. Although the presidential election is less than nine months away, the market is beginning to pay attention to the latest developments â and many are … “US Dollar Weakens As Economy Softens on Coronavirus, 2020 Election Fears”
Euro Rallies on Upbeat PMIs, Quickly Falls on Coronavirus Headlines
The euro today spiked higher against the US dollar in the early European session following the release of upbeat eurozone PMIs by Markit Economics. However, the EUR/USD currency pair’s rally was short-lived since the pair fell shortly afterwards after news of rising coronavirus infections in South Korea damped investor risk appetite. The EUR/USD currency pair … “Euro Rallies on Upbeat PMIs, Quickly Falls on Coronavirus Headlines”
USDJPY in Orbit â At 112.25. What Now?
The US dollar pound versus the Japanese yen currency pair skyrocketed. So, what goes up must come down or it this just the beginning of a new path? Long-term perspective The low at 104.44 was the starting point for an ascending trend that, after extending until 110.29, gave signs of a possible turn around. However, the consolidation that came about after the rally from 108.31 gathered sufficient energy to cause the explosive … “USDJPY in Orbit â At 112.25. What Now?”
Euro Trades at April 2017 Lows Despite Upbeat German Macro Prints
The euro today traded at multi-year lows against the US dollar despite the release of positive German macro reports in the early European session. The EUR/USD currency pair fell to lows last witnessed in April 2017 after the results of the last French election were announced. The EUR/USD currency pair today traded between a high … “Euro Trades at April 2017 Lows Despite Upbeat German Macro Prints”
Chinese Yuan Slides Breaches 7 As PBoC Injects More Stimulus
The Chinese yuan has tumbled past the crucial 7 mark against the US dollar again as the central bank injected additional stimulus to contain the economic fallout from the coronavirus. This is the second time in less than a year that the yuan has fallen to this level, and many experts anticipate further weakening of the currency until Covid-19 has been subsided. On Thursday, the Peopleâs Bank of China (PBoC) reduced the loan prime rate … “Chinese Yuan Slides Breaches 7 As PBoC Injects More Stimulus”
Australian Dollar Drops After Unemployment Rate Rises
The Australian dollar fell against almost all most-traded currencies today (with the exception of the New Zealand dollar) after the release of an employment report. While the employment figures were not that bad, the bigger-than-expected increase of unemployment made the currency unappealing to traders. The Australian Bureau of Statistics reported that the seasonally adjusted number of employed Australians increased by 13,500 in January. That was a bigger increase than 10,000 predicted by experts. The increase was … “Australian Dollar Drops After Unemployment Rate Rises”
Three things to watch in the ECB Meeting Minutes – EUR/USD vulnerable
The ECB’s meeting minutes may reveal the bank’s thinking amid worsening conditions. The hawk-dove divide may also be exposed as it faces new challenges. EUR/USD is at a critical spot and may move in both directions. Is the European Central Bank ready to get off the fence and act to stimulate the economy? That is the question that … “Three things to watch in the ECB Meeting Minutes – EUR/USD vulnerable”
Head and Shoulders Look-Alike on NZD/CAD: Complete
The Great Britain pound versus the Canadian dollar currency pair set the depreciation into motion. Do the bulls still have any chances? Long-term perspective The confirmation of the 1.5936 support level started a strong bullish movement, one that extended until the level of 1.7811. After almost reaching the level, the price retraced under 1.7499 and confirmed it, at the start of February, as resistance. This confirmation, alongside with the highs of 1.7305 and 1.7323, respectively, … “Head and Shoulders Look-Alike on NZD/CAD: Complete”
Canadian Dollar Rallies on Chinese Stimulus, Higher Crude Prices
The Canadian dollar is rallying midweek on Chinaâs latest announcements of fiscal and monetary stimulus to combat the negative economic effects of the Wuhan coronavirus, also officially known as Covid-19. The loonie also benefited from soaring crude oil prices on Wednesday, but gains were capped on warnings that the rail blockade by protesters will affect the national economy. This week, Beijing unveiled a series of measures to shield the worldâs second-largest economy from the coronavirus’ … “Canadian Dollar Rallies on Chinese Stimulus, Higher Crude Prices”