The Australian dollar attempted to rally today after the release of monetary policy minutes from the Australian central bank and domestic macroeconomic data but failed and continued its crash to new multi-year lows. The outlook for another interest rate cut was not helping the Aussie either. The Reserve Bank of Australia released minutes of its March 3 monetary policy minutes, at which Australian policymakers decided to cut the main interest rate by 25 … “AUD Extends Drop After RBA Policy Minutes, Poor Economic Data”
Month: March 2020
Support of 1.6986 Still Holds on GBP/CAD
The Great Britain pound versus the Canadian dollar currency pair respects some very important lines. But which are the new perspectives concerning the old lines? Long-term perspective The ascending movement that started after the major support area of 1.5336 was confirmed extended almost to the 1.8103 level, retracing shortly after, thus rendering the piercing of the long-time resistance area of 1.7811 as a false one. The retracement became a plunge that pierced … “Support of 1.6986 Still Holds on GBP/CAD”
Canadian Dollar Crashes As Trudeau Shuts Down Border Over COVID-19
The Canadian dollar is crashing against most currency rivals on Monday after the federal government announced that it would shut down the border to non-Canadian citizens. Anyone who is showing symptoms of Covid-19 will not be permitted to enter the country. This was Prime Minister Justin Trudeauâs first major policy response to the virus outbreak, and he confirmed that more fiscal announcements will be coming this … “Canadian Dollar Crashes As Trudeau Shuts Down Border Over COVID-19”
Chinese Yuan Slumps As Industrial Output, Retail Sales Crash in COVID-19 Fallout
The Chinese yuan is slumping against multiple currencies to kick off the trading week, driven by a crash in key economic metrics. With a myriad of January-to-February reports coming in, global financial markets are gaining insight into just how much the coronavirus damaged the worldâs second-largest economy. Despite Beijing in the beginning stages of rebooting its economy, it is unclear how long it will take for China to return to full … “Chinese Yuan Slumps As Industrial Output, Retail Sales Crash in COVID-19 Fallout”
Can 0.6000 Stop the Decline on AUD/USD?
The Australian dollar versus the US dollar currency dropped sharply, but there are some chances for the bulls. Long-term perspective The depreciation that started after the resistance area of 0.7055 and 0.7013, respectively, was confirmed caused a retracement from the 0.6500 mark. The retracement almost touched the 0.6700 level after a decline that reached the 0.6313 level. However, what followed was a strong depreciation, one that managed to pierce 0.6313. One … “Can 0.6000 Stop the Decline on AUD/USD?”
NZ Dollar Tumbles After Emergency Interest Rate Cut from RBNZ
The US Federal Reserve was not the only central bank to make a surprise interest rate cut at the start of the week. The Reserve Bank of New Zealand also announced an emergency cut overnight. Unsurprisingly, the New Zealand dollar reacted negatively to the announcement, opening sharply lower at the start of trading. While the kiwi has trimmed losses by now, it is still trading below the opening level against other currencies, even the US dollar. … “NZ Dollar Tumbles After Emergency Interest Rate Cut from RBNZ”
US Dollar Opens Sharply Lower After Another Surprise Cut from Fed
The US dollar started Monday’s trading session sharply lower compared with Friday’s close. The reason for that was another surprise interest rate cut from the Federal Reserve. Currently, the greenback tries to recover but still trades below the previous session’s close against most of its major rivals. The Fed in a surprise move announced a cut of the target range for the federal funds rate by a whole percentage point to 0%-0.25%. As one could … “US Dollar Opens Sharply Lower After Another Surprise Cut from Fed”
Canadian Dollar Surges As BoC Announces Surprise 50-Basis-Point Cut
The Canadian dollar is rallying to close out the trading week after the Bank of Canada (BoC) announced a surprise 50-basis-point cut to interest rates. This comes one week after the central bank imposed a 0.5% reduction that mirrored the Federal Reserveâs recent emergency action. The BoC confirmed that it is not done, signaling that it is ready to do more if it is necessary. BoC head … “Canadian Dollar Surges As BoC Announces Surprise 50-Basis-Point Cut”
Chinese Yuan Rebounds As PBoC Unveils Additional Stimulus Measures
The Chinese yuan is rebounding at the end of the trading week, buoyed by the central bankâs recent stimulus measures to stimulate the worldâs second-largest economy as the country tries to return to normal. The yuan had breached the crucial 7 mark against the US dollar this week, but the currency might recover amid encouraging … “Chinese Yuan Rebounds As PBoC Unveils Additional Stimulus Measures”
Euro Sidelined by Coronavirus Despite In-Line German Inflation Data
The euro today traded with a negative bias against the US dollar extending its losing streak for the fourth straight session as the risk-off sentiment dominated markets. The EUR/USD currency pair’s performance was also negatively affected by the rising coronavirus cases globally, which has seen investors buy the safe-haven greenback. The EUR/USD currency pair today … “Euro Sidelined by Coronavirus Despite In-Line German Inflation Data”