The Swiss franc continues to strengthen against many of its major currency rivals. At the end of the trading week, the franc is looking to touch levels against the US dollar unseen in seven years, despite the Swiss National Bank (SNB)‘s myriad of foreign exchange interventions. How much more can the franc appreciate this year? On Friday, the SNB announced that it recorded a $41.6 billion profit during the second quarter, as well as a $37.6 … “USD/CHF Tests 0.91 As SNB Posts Huge Q2 Profits”
Month: July 2020
Euro Falls on Weak Euro Area Macro Prints, Retail Sales, GDP and CPI
The euro today fell against the US dollar as investors took profits following its blistering rally and the weak euro area GDP data did not help the single currency. The EUR/USD currency pair fell from the early European market as investors took profits on their positions to end a very profitable month for traders who … “Euro Falls on Weak Euro Area Macro Prints, Retail Sales, GDP and CPI”
Canadian Dollar Rallies Against US Peer on Positive GDP Data
The Canadian dollar today posted slights gains against its US peer after the release of upbeat Canadian May GDP data in the American session. The USD/CAD currency pair was trading sideways with minimal losses for most of today’s session as global crude oil prices remained sidelined. The USD/CAD currency pair today traded in a range … “Canadian Dollar Rallies Against US Peer on Positive GDP Data”
Kenya’s collection of crises spell trouble for its currency
While the world tries to somehow take a breath from the biggest crisis it has faced since 2008, Kenya is swatting more and more disasters that just don’t seem to be ending. Authorities are currently dealing with massive floods, displacing thousands of their residents, and causing horrible food insecurity. This is just on top of … “Kenya’s collection of crises spell trouble for its currency”
USD/JPY Beneath the Important Support of 105.09
The US dollar versus the Japanese yen currency pair slipped under the important 105.09 level. Can the bulls deliver a surprise comeback? Long-term perspective After the depreciation from the 109.85 high, the bulls were only able to make ill recoveries, their best efforts printing the 108.16 high. The last high — a lower high — was 107.54 which, given the context, offered the bears the required confidence to push the price lower. As a result, the sellers … “USD/JPY Beneath the Important Support of 105.09”
Euro Rallies to 2-Year Highs Against the Dollar on Weak US GDP
The euro today rallied to new 2-year highs against the US dollar driven by positive releases from across the eurozone combined with weak US GDP data. The EUR/USD currency pair today was boosted by upbeat German unemployment data as opposed to the rising jobless claims in the US, which dragged the greenback lower. The EUR/USD … “Euro Rallies to 2-Year Highs Against the Dollar on Weak US GDP”
US GDP: Could have been worse, but will not improve, winners and losers in markets
The US economy shrank by a historic 32.9%, better than expected. Coronavirus continues raging in America in the third quarter, setting the stage for a prolonged recession. The US dollar has room to resume its falls, while the stock market rally seems vulnerable. Better than expected – the green on the screen masks a devastating … “US GDP: Could have been worse, but will not improve, winners and losers in markets”
US Dollar Strengthens As Economy Enters Recession
The US dollar has snapped its losing streak and is making gains against its G10 currency rivals on Thursday. The greenback is finding support on the US government reporting better-than-expected initial jobless claims and GDP data in the second quarter. The buck, which has been on a downward trend over the last three months, is looking to reverse its losses as traders seek refuge in a safe-haven asset. According to the Department of Labor, the number … “US Dollar Strengthens As Economy Enters Recession”
Bullish Determination Sent GBP/CAD Above 1.7285
The Great Britain pound versus the Canadian dollar currency pair printed a strong rally. Could the bears invalidate it? Long-term perspective After the three failed attempts to conquer the strict 1.7567 resistance level, the bulls let the bears do what they know best. As a result, the price got brought around the 1.6724 major support level, where the first bullish opposition towards the continuation of the fall noted the 1.6750 low. Even if … “Bullish Determination Sent GBP/CAD Above 1.7285”
Sterling Inches Higher Against the Dollar on Sentiment, Fed Decision
The Sterling pound today inched higher against the US dollar for the ninth consecutive session as investors remained worried about the rising coronavirus cases in the US. The GBP/USD currency pair today broke out of an initial trading range during the Asian session and headed higher boosted by positive UK releases. The GBP/USD currency pair … “Sterling Inches Higher Against the Dollar on Sentiment, Fed Decision”