The US dollar is maintaining its downward trend from late last week as the greenback slumped on new economic data and a bearish Federal Reserve. Despite being one of the bright spots in chaotic global financial markets, the central bank has tried to pour cold water on the greenback, and it is finding success in suppressing its ascent in the international economy. On Wednesday, the Federal Open Market Committee (FOMC) agreed to leave the target range … “US Dollar Plunges As Federal Reserve Warns of More Economic Pain in Q2”
Month: April 2020
Euro Hits Daily Highs on Fed Rate Decision and Mixed Eurozone Data
The euro today rallied to new daily highs against the US dollar following the FOMC rate decision, which was in line with analysts consensus estimates. The EUR/USD currency pair today alternated between gains and losses driven by mixed fundamental releases from across the eurozone. The EUR/USD currency pair today rallied from an opening low of … “Euro Hits Daily Highs on Fed Rate Decision and Mixed Eurozone Data”
Canadian Dollar Continues April Comeback As Crude Rally Lifts Loonie
The Canadian dollar is staging its late-April comeback against several of its G10 currency rivals. The loonie, which has been battered throughout much of the year, continued its rally midweek as the double-digit gains in crude oil prices lifted the currency. Could the Canadian dollar continue its upward trend next month? Canada has endured a two-pronged financial crisis that has paralyzed the Great White North: the coronavirus pandemic … “Canadian Dollar Continues April Comeback As Crude Rally Lifts Loonie”
Australian Dollar Rallies on CPI, Trims Gains Later
The Australian dollar rallied today on a positive inflation report but has trimmed its gains by now, erasing them outright against some rivals. The New Zealand dollar managed to rise against its Australian counterpart but has erased its gains by now as well. The Australian Bureau of Statistics reported that the Consumer Price Index rose in the March quarter from the previous three months. That was a slowdown from the previous … “Australian Dollar Rallies on CPI, Trims Gains Later”
AUD/NZD May Have Conquered the 1.0689 Level
The Australian dollar versus the New Zealand dollar currency pair managed to get above the important old weekly support of 1.0689. Could the bears have anything prepared? Long-term perspective The rally that started from the low of 0.9993, after the weekly support of 1.0037 was confirmed, managed to evolve to an extent that brought the price above the trendline that starts from the 1.0865 high and also above the 1.0689 old weekly support. Because … “AUD/NZD May Have Conquered the 1.0689 Level”
Euro Rallies Then Falls Against the Dollar at Critical Support Level
The euro today rallied to new daily highs against the US dollar early in the European session driven by positive investor sentiment before giving up its gains later. The EUR/USD fell back at a critical resistance level as sellers stepped in, and the greenback staged a comeback clawing back its losses. The EUR/USD currency pair today rallied from a low of 1.0809 to a high of 1.0888 before … “Euro Rallies Then Falls Against the Dollar at Critical Support Level”
Bulls Not Willing to Let Go on GBP/CAD
The Great Britain pound versus the Canadian dollar currency pair seems to try, yet again, to confirm the 1.7500? Long-term perspective The rise that started from the area of the major support of 1.6620, towards the end of March, touched the long-time 1.7811 resistance level. The decline that followed was stopped by the triple support zone made possible by both the ascending and descending trendlines, and the 1.7160 level, respectively. The appreciation that resulted etched the peak of 1.7700, … “Bulls Not Willing to Let Go on GBP/CAD”
Swedish Krona Rallies As Riksbank Leaves Rates Unchanged at 0%
The Swedish krona rallied against many of its major currency counterparts on Tuesday after the central bank left interest rates unchanged and maintained stimulus measures to reverse its worst economic slump since the Second World War. But policymakers assured markets that they would act if the financial crisis intensifies and additional monetary easing is needed to mitigate a severe downturn. Before this weekâs policy meetings by the Federal … “Swedish Krona Rallies As Riksbank Leaves Rates Unchanged at 0%”
Japanese Yen Flat-to Higher After Economic Data
The Japanese yen was trading flat against some of its major rivals today but managed to gain on others. Hopes of a lift of the lockdown measures in various countries across the world and underwhelming domestic macroeconomic data were weighing on Japan’s currency but fears of a global economic recession that is going to follow the coronavirus pandemic and falling crude oil prices were boosting the yen. The Statistics Bureau of Japan reported that the unemployment … “Japanese Yen Flat-to Higher After Economic Data”
Brazilian Real Continues Testing Record Lows, Fueling Rate Cut Expectations
The Brazilian real continues to test record lows against a myriad of G10 currencies, including the US dollar. With disappointing economic data, a decline in financial markets, and a political crisis unfolding, the real has become the worst-performing emerging market currency this year. Is more pain ahead for Brazil amid the coronavirus pandemic? The March numbers are only now beginning to pour in, and they are not providing an optimistic view of the Latin … “Brazilian Real Continues Testing Record Lows, Fueling Rate Cut Expectations”