The euro today rallied to new daily highs against the US dollar after the release of weak US data, but the single currency later gave up its gains. The EUR/USD currency pair fell after the release of upbeat US consumer sentiment data, which surprised investors causing the pair to sell-off. The EUR/USD currency pair today … “Euro Spikes Then Falls Against Dollar on Day Full of Macro Releases”
Month: May 2020
NZ Dollar Weakest Among Brewing US-China Trade War
The New Zealand dollar was the weakest among the most-traded currencies on the Forex market today. While domestic macroeconomic data could have played a part in the decline, market analysts speculated that the major reason for the drop was the brewing trade war between the United States and China. The Trump administration made a move to block shipments of semiconductors to China’s tech giant and the world’s second biggest smartphone maker Huawei Technologies. It will likely … “NZ Dollar Weakest Among Brewing US-China Trade War”
US Dollar Holds Steady As Retail Sales Crash Worse Than Expected in April
The US dollar is holding steady to finish the trading week as investors comb through the worse-than-expected retail sales report for April. The greenbackâs endurance was further tested on bleak industrial and manufacturing numbers, lending credence to the Federal Reserveâs gloomy assessment that the US economyâs road to recovery will be a long and slow one. So, why is the buck not plummeting on Friday? According to the US Census Bureau, April retail sales … “US Dollar Holds Steady As Retail Sales Crash Worse Than Expected in April”
Aussie Soft Despite Rebound in Chinese Industrial Production
The Australian dollar was soft today despite a rebound of industrial production in China — Australia’s biggest trading partner. Other indicators released in China today were not good, though. There were no economic releases in Australia today, and yesterday’s employment data was mixed. The National Bureau of Statistics of China released a report containing a bunch of important macroeconomic indicators for April. The report started with a very optimistic preamble: In April, under … “Aussie Soft Despite Rebound in Chinese Industrial Production”
Bulls on USD/JPY Regrouping from the 107.00 Handle?
The US dollar versus the Japanese yen currency pair oscillates around the 107.09 level. Is there a lack of direction? Long-term perspective The depreciation that started from 111.07, and which came after the strong rally that begun after the price touched the monthly support of 101.18, seemed to have found support at the 107.09 level. But the 107.09 support was breached on April 28, allowing the price to fall until the low of 106.35. From … “Bulls on USD/JPY Regrouping from the 107.00 Handle?”
Canadian Dollar Drops Against US Peer, Recovers on Polozâs Speech
The Canadian dollar today lost ground against its US peer as the greenback posted gains boosted by President Donald Trump’s comments about a strong dollar. The USD/CAD rallied higher earlier today before giving up all its gains later in the session as the loonie recovered on hawkish comments from the Bank of Canada Governor. The … “Canadian Dollar Drops Against US Peer, Recovers on Polozâs Speech”
US Dollar Jumps on Initial Jobless Claims Hitting Two-Month Low
The US dollar is strengthening on Thursday after the US government reported its lowest number of Americans filing for unemployment benefits since the COVID-19 crisis started two months ago. The news elevated the greenback, which also surged on weakening equities that have prompted global investors to pour into the traditional safe-haven asset this week. According … “US Dollar Jumps on Initial Jobless Claims Hitting Two-Month Low”
Euro Falls on Risk-Off Market Sentiment Amid Global Recession Fears
The euro today fell against the US dollar driven by the risk-off market sentiment dominated by fears of a looming global recession in the aftermath of the COVID-19 pandemic. The EUR/USD currency pair extended yesterday’s decline that was triggered by the Fed Chair Jerome Powell’s dismissal of negative interest rates in the US. The EUR/USD currency pair today fell from an opening high of 1.0824 in the Asian session to a low of 1.0789 in the early European session and was near these … “Euro Falls on Risk-Off Market Sentiment Amid Global Recession Fears”
AUD/NZD Again Above 1.0689
The Australian dollar versus the New Zealand dollar currency pair climbed above an important support level. Will it be able to take this chance to further appreciate? Long-term perspective The surge that started from the weekly support of 1.0037 managed to cross the double resistance crafted by the descending trendline starting from the 1.0865 high and the old weekly support of 1.0361. After that, the price searched further for a support level to continue … “AUD/NZD Again Above 1.0689”
Japanese Yen Strengthens on BoJâs âWhatever We Canâ Approach to Rescue Economy
The Japanese yen is strengthening against its G10 currency counterparts midweek, driven by the central bankâs signal that it would impose additional monetary stimulus to save the worldâs third-largest economy. Investors were also bullish on new data showing banks are increasing their lending programs. With Tokyo planning to top up its $1 trillion stimulus efforts, … “Japanese Yen Strengthens on BoJâs âWhatever We Canâ Approach to Rescue Economy”