The Japanese yen was one of the weakest currencies on the Forex market today, second only to the US dollar. But currently, it has managed to recover, trading either flat of higher against most other currencies, remaining weak only against commodity ones. The relatively robust market sentiment made traders not interested in safety provided by the Japanese currency, preferring to seek riskier assets that can provide a higher yield. Domestic … “Japanese Economic Data Mixed, Yen Recovers from Weakness”
Month: August 2020
New Zealand Dollar Strongest Today, Halting Long Stretch of Losses
The New Zealand dollar was the strongest currency on the Forex market today but the rally was nowhere near enough to mitigate the sharp decline that the kiwi has started a month ago. The major event today is the release of the monetary policy meeting minutes by the Federal Open Market Committee, but most market participants do not expect them to reveal anything particularly new and interesting. Statistics New Zealand released a report … “New Zealand Dollar Strongest Today, Halting Long Stretch of Losses”
Pound Rallies to 8-Month Highs on Upbeat UK Inflation Report
The Sterling pound today rallied to new multi-month highs against the US dollar following the release of the upbeat UK inflation data earlier today. The GBP/USD currency pair today rallied to new 8-month highs against the much weaker greenback on the news. The GBP/USD currency pair today rallied to a high of 1.3266 based on the inflation report, but quickly gave … “Pound Rallies to 8-Month Highs on Upbeat UK Inflation Report”
AUD/NZD: Where to After Reaching the 1.1043 High?
The Australian versus the New Zealand dollar currency pair extended all the way to the firm 1.0983 resistance level and started correcting from there. Is this a sustainable bearish sign? Long-term perspective The rally that started from the 0.9991 low, after validating the 1.0013 support level, extended all the way to the 1.0880 high. From there, a correction phase began, one that found support a hair away from 1.0551, etching … “AUD/NZD: Where to After Reaching the 1.1043 High?”
USD/HUF Falls After Sharp Q2 GDP Decline Amid COVID-19 Pandemic
The Hungarian forint is looking to rebound against a plethora of currencies on Tuesday after the Central European country recorded disappointing economic data that showed how hard it was hit by the coronavirus pandemic. The drop in economic activity has forced foreign exchange traders to reevaluate their positions in the forint as analysts anticipate further contraction. According to the Hungarian Central Statistical Office, the gross domestic product (GDP) contracted 14.5% in the second quarter, … “USD/HUF Falls After Sharp Q2 GDP Decline Amid COVID-19 Pandemic”
Euro Surges to 2-Year Highs Against the US Dollar, Later Retreats
The euro today rallied to new 2-year highs against the US dollar mainly driven by the latter’s overall weakness as tracked by the US Dollar Index. The EUR/USD currency pair today hit a high of 1.1966, which was last seen in March 2018 driven by the bullish investor sentiment. The EUR/USD currency pair today rallied … “Euro Surges to 2-Year Highs Against the US Dollar, Later Retreats”
Turkish Lira Rebounds Ahead of Key Central Bank Meeting
The Turkish lira is rebounding against the US dollar on Tuesday ahead of a crucial central bank policy meeting. The lira had slumped to a new record low over the governmentâs response to volatile foreign exchange rates that the private sector warn is destroying commerce in the fragile economy. The lira has been further decimated on dwindling foreign reserves, also supporting Wall Streetâs bearish sentiment over the currency. For more nearly two … “Turkish Lira Rebounds Ahead of Key Central Bank Meeting”
Australian Dollar Mixed After RBA Monetary Policy Meeting Minutes
The Australian dollar was mixed against its most-traded counterpart during today’s trading session but was generally holding ground. The session was very light in terms of macroeconomic releases, with only notable ones being the minutes of the latest monetary policy meeting released by the Reserve Bank of Australia and US housing data. The RBA released today the minutes of the meeting that happened on August 4. At the meeting, the Board decided to keep the stimulus … “Australian Dollar Mixed After RBA Monetary Policy Meeting Minutes”
Bulls Attempting to Pass the 1.3185 High on GBP/USD?
The Great Britain pound versus the United States dollar currency pair seems to be dominated by the bulls, but are they still capable of pushing the price higher? Long-term perspective After the pause that followed the rally from the 1.1409 low, the bulls searched for a support level to start a new movement from. They found it at 1.2092. From there, a new ascending trend commenced, one that extended until the 1.3185 high. … “Bulls Attempting to Pass the 1.3185 High on GBP/USD?”
Chinese Yuan Gains As PBoC Pumps More Liquidity Into System
The Chinese yuan is continuing its gains against the US dollar to kick off the trading week. The yuanâs strength was buoyed by the central bank pumping more liquidity into the system and leaving interest rates unchanged for the fourth consecutive month. After breaking below the seven against the greenback, the yuan has been steadily testing 6.9. How much better … “Chinese Yuan Gains As PBoC Pumps More Liquidity Into System”