The New Zealand dollar dropped to new multi-year lows against other most-traded currencies today. Losses were across the board as the kiwi was falling even against other vulnerable commodity currencies. Even the GDP report that came out in line with expectations was unable to help the New Zealand currency. Statistics New Zealand reported that gross domestic product rose by 0.5% in the December 2019 quarter from the previous … “NZ Dollar Sinks to New Multi-Year Lows Even After Decent GDP Report”
Month: March 2020
Aussie Attempts to Recover After Plunging to Lowest in Decade
The Australian dollar plunged to the lowest level in more than a decade against a range of currencies today but now is trying to recover. As was expected, the Reserve Bank of Australia announced additional monetary stimulus. Meanwhile, employment data showed surprisingly good results. The RBA announced another 25 basis point interest rate cut to 0.25%. Such a move was widely expected by market participants. Furthermore, the central bank pledged to keep … “Aussie Attempts to Recover After Plunging to Lowest in Decade”
AUD/NZD at the Weekly Support of 1.0000
The Australian dollar versus the New Zealand dollar currency pair reached a very important support area. Is possible to see a bullish comeback from here? Long-term perspective After the confirmation as a resistance of the 1.0837 level, which left behind the peak of 1.0865, the price declined until the next support area, 1.0361 — a weekly level. After a consolidative phase, the price resumed the fall, piercing the support and reaching the next important support area, the weekly … “AUD/NZD at the Weekly Support of 1.0000”
US Dollar Rallies Despite Mixed Data As Investors Pour Into Safe-Haven Asset
The US dollar is rallying against many major currencies midweek as investors continue to pour into the traditional safe-haven asset. Despite mixed economic data, the greenback is trading at its best level in three years throughout the Covid-19 pandemic that has crippled the global economy and paralyzed global financial markets. Last month, retail sales tumbled 0.5%, down from the 0.6% jump in January. The market had penciled in a 0.2% … “US Dollar Rallies Despite Mixed Data As Investors Pour Into Safe-Haven Asset”
Canadian Dollar Crashes Against US Peer on Falling Crude Oil Prices
The Canadian dollar today fell against its US peer as global crude oil prices fell to new lows as Saudi Arabia plans to up production as the oil price war heats up. The USD/CAD currency pair rallied to the 1.4400 high that was last seen in 2016 as demand for the greenback soared driven by … “Canadian Dollar Crashes Against US Peer on Falling Crude Oil Prices”
Pound Crashes as Investors Prepare for Worsening UK Conditions
The British pound today crashed to new lows against the US dollar as investors fled the pound amid widespread coronavirus fear in the United Kingdom. The GBP/USD currency pair’s woes were associated with investors’ adverse reaction to the British government’s delayed response to the coronavirus pandemic. The GBP/USD currency pair today fell from an opening … “Pound Crashes as Investors Prepare for Worsening UK Conditions”
NZ Dollar Retreats After Short-Lived Rally
The New Zealand dollar fell today against other most-traded currencies, logging the fifth consecutive session of decline against its US counterpart. While the kiwi rose a bit yesterday after the government announced a stimulus package, the rally was short-lived as risk aversion dragged the currency down. Yesterday, the New Zealand government unveiled a massive NZ$12.1 billion stimulus package, which equals 4% of the country’s GDP. Finance Minister Grant Robertson … “NZ Dollar Retreats After Short-Lived Rally”
Can AUD/JPY Fall More from 64.12?
The Australian dollar versus the Japanese yen currency pair continued declining. But the bulls might be just around the corner. Long-term perspective After confirming the support of 71.09, the price entered an appreciation phase that extended to as high as 76.54. After that, the price confirmed 76.02 as resistance, pierced 73.93 and confirmed it as resistance, and then continued declining, puncturing 71.09. After 71.09 was confirmed as resistance, the price further depreciated and then … “Can AUD/JPY Fall More from 64.12?”
Euro Falls to New Lows as Foreign Demand for US Dollars Skyrockets
The euro today fell against the much stronger US dollar amid a global rush for the world’s sole reserve currency as the world grapples with the coronavirus pandemic. The EUR/USD currency pair’s decline was further fueled by weak data from Germany and the euro area as European countries fight to contain rising coronavirus cases. The EUR/USD currency pair today fell from an initial high of 1.1189 to a low of 1.0955 in the American session and was trading … “Euro Falls to New Lows as Foreign Demand for US Dollars Skyrockets”
Japanese Yen Mixed on Tepid Data, Bearish Business Confidence
The Japanese yen is trading mixed on foreign exchange markets on Tuesday as recent economic data pointed to tepid conditions, diminishing overall business confidence. With the coronavirus crippling the worldâs third-largest economy, policymakers are discussing a lot of ways to spur growth, including targeting the national sales tax. According to the Cabinet Office, machinery orders rose 2.6% in January, up from the 11.9% decline in December. Analysts had projected a decrease of 1.6%. … “Japanese Yen Mixed on Tepid Data, Bearish Business Confidence”