The US dollar and the Japanese yen were the strongest currencies on the Forex market during the last week of October, rallying on the back of risk aversion. The euro was among the weakest. The main theme at the end of the month was the US presidential election at the start of November. With no clear winner and with uncertainty about how the outcome will change the US political landscape, investors were nervous and preferred to stick to safer assets. The second wave of the COVID-19 … “US Dollar Profits from Risk Aversion, Ending October Strong”
Month: October 2020
Swiss Franc Soft After Poor Economic Data
The Swiss franc was either flat or lower against the majority of most-traded currencies today even though markets were under influence of uncertainty and risk aversion. Rather bad domestic macroeconomic data was not helping the currency of Switzerland at all. The KOF Economic Barometer fell from 110.1 in September (revised, 113.8 before the revision) to 106.6 in October, below the median forecast of 107.9. It was the first decline after four consecutive … “Swiss Franc Soft After Poor Economic Data”
Canadian Dollar Flat As Investors Weigh August GDP, Crashing Oil Prices
The Canadian dollar is struggling for direction against a plethora of currencies at the end of the trading week as investors balance a slightly better-than-expected gross domestic product (GDP) in August and cratering crude oil prices. The loonie was impacted earlier this week after the central bank forecast that a recovery would not occur until … “Canadian Dollar Flat As Investors Weigh August GDP, Crashing Oil Prices”
GBP/USD: Trump or Biden? Brexit, central banks, covid all promise explosive week
GBP/USD succumbed to coronavirus concerns and elections uncertainty. The US elections, coronavirus, and two rate decisions promise an explosive week. Early November’s daily chart is showing bears are gaining ground. The FX Poll is pointing to short and long term gains. Coronavirus fears are gripping markets, triggering high volatility – and it will get far … “GBP/USD: Trump or Biden? Brexit, central banks, covid all promise explosive week”
Euro Trades Sideways Despite Upbeat Euro Area GDP Reports
The euro today initially fell against the US dollar despite the release of positive eurozone GDP data and other GDP reports from across the euro area. The EUR/USD currency pair later rallied higher moving into positive territory boosted by the investor sentiment and the weaker greenback as the US markets opened. The EUR/USD currency pair … “Euro Trades Sideways Despite Upbeat Euro Area GDP Reports”
Australian Dollar Rises on Decent Domestic Economic Reports
The Australian dollar was trading flat against major currencies today. While domestic macroeconomic data released in Australia on Friday was decent, worries and uncertainty made investors reluctant to buy riskier commodity-linked currencies, like the Aussie. Yet currently, the Australian currency has managed to regain upward momentum and is trading above the opening level versus majors. The Australian Bureau of Statistics reported that the Producer Price Index rose by 0.4% … “Australian Dollar Rises on Decent Domestic Economic Reports”
Japanese Yen Fails to Keep Gains
The Japanese yen rallied during Friday’s trading session. Market analysts explained the rally by risk aversion ahead of the US presidential election as well as by mostly positive macroeconomic reports released in Japan over the trading session. Currently, though, the currency has trimmed its gains, losing them outright against some of its rivals. Japan’s Ministry of Economy, Health, and Industry reported that industrial production climbed by 4.0% in September from a year … “Japanese Yen Fails to Keep Gains”
Correction or Change from the 104.02 Low on USD/JPY?
The United States dollar versus the Japanese yen currency pair bounced off the 104.00 psychological level. Who will steer the price from here? Long-term perspective The fall from the 109.85 high, which came after the bulls failed to keep their gains above the 109.08 level, extended beyond the next firm support, 107.00. However, from there, the bulls were able to bring it back above 107.00, but only … “Correction or Change from the 104.02 Low on USD/JPY?”
Pound Falls to 10-Day Lows on UK COVID-19 Cases, Risk-Off Mood
The Sterling pound today fell to new 10-day lows against the US dollar driven by the risk-off market sentiment amid rising UK coronavirus cases and the ongoing Brexit talks. The GBP/USD currency pair’s decline was also fueled by the resurgent greenback, which benefitted as a safe-haven asset ahead of next week’s US Presidential election. The … “Pound Falls to 10-Day Lows on UK COVID-19 Cases, Risk-Off Mood”
Euro Falls to 5-Week Lows As ECB’s Lagarde Promises More Stimulus
The euro today fell to 5-week lows against the US dollar after the European Central Bank Governor promised to introduce new stimulus measures next month. The EUR/USD currency pair’s decline was also fueled by the introduction of new lockdown measures in many European countries to curb rising COVID-19 cases. The EUR/USD currency today fell from … “Euro Falls to 5-Week Lows As ECB’s Lagarde Promises More Stimulus”