The Chinese economy most likely rebounded in the second quarter, yet government support is still needed. Factories have been keeping up, yet external demand is questionable. Consumers have been shy but their confidence has been rising, adding to the uncertainty. Comeback from coronavirus – but how much? China has surely bounced back in the second … “Chinese GDP: Three uncertainties open door to surprises, volatile marketreaction”
Author: admin_mm
Chinese Yuan Strengthens After Bullish Goldman Sachs Forecast, Trade Data
The Chinese yuan is strengthening against multiple currency counterparts midweek following a bullish forecast by a Wall Street titan. Trade data also came in better than expected on Wednesday, leaving analysts to surmise that the economic rebound is running full steam ahead. The real test, however, will be later this week when several crucial numbers come out, including the gross domestic product. The Chinese yuan captured … “Chinese Yuan Strengthens After Bullish Goldman Sachs Forecast, Trade Data”
Progress in COVID-19 Vaccine Development Drives Yen Higher vs. Safe Peers, BoJ Stands Pat
The Japanese yen traded flat or little lower versus the majority of other most-traded currencies today but gained on other safe currencies, like the US dollar and the Swiss franc. The main event in Japan today was the monetary policy announcement from the Bank of Japan. One of the major pieces of news today was the promising results from the COVID-19 vaccine developed by the biotechnology company Moderna together with the US National Institutes of Health. The vaccine … “Progress in COVID-19 Vaccine Development Drives Yen Higher vs. Safe Peers, BoJ Stands Pat”
GBP/CAD Still Going for 1.7285
The Great Britain pound versus the Canadian dollar currency pair looks to be determined to go to higher prices. Does it have a chance or the bears are preparing their next movement? Long-term perspective The depreciation that started after the three failed attempts to conquer the solid resistance level of 1.7567 extended a hair away from the 1.6724 firm support area. In the process, a descending trend — highlighted by the descending line — took shape, which … “GBP/CAD Still Going for 1.7285”
US Dollar Flat As Inflation, Business Optimism Jump in June
The US dollar is trading flat against multiple G10 currency rivals on Tuesday, as the government reported that inflation accelerated last month. The greenback has been struggling as of late due to greater confidence in the broader financial market. But with the four-month rally seemingly fading, can the buck take advantage and regain its momentum? It all depends on the coronavirus pandemic. According to the Bureau of Labor Statistics (BLS), the consumer price index … “US Dollar Flat As Inflation, Business Optimism Jump in June”
Bears Catching Up on GBP/USD from 1.2666?
The Great Britain pound versus the US dollar currency pair seems to be having trouble continuing the impulsive swing of the ascending trend. Is this just a minor correction, or it is the bears pressuring the market? Long-term perspective The strong rally that came into being after the confirmation of 1.1476 as support extended to as high as 1.2647. What followed was a retracement that validated the strong support level of 1.2092, the price continuing to rise … “Bears Catching Up on GBP/USD from 1.2666?”
British Pound Falls on Profit-Taking After Massive Rally Last Week
The Sterling pound today fell to fresh lows against the US dollar as investors took profits after last week’s dizzying rally where the pound outperformed all G10 currencies. The GBP/USD currency pair today fell despite the upbeat investor risk appetite that saw global equities rally amid hopes of an economic recovery post-COVID-19. The GBP/USD currency … “British Pound Falls on Profit-Taking After Massive Rally Last Week”
Swiss Franc Mixed As SNB Boosts Liquidity Measures, Fitch Maintains âAAAâ Rating
The Swiss franc is trading mixed to kick off the trading week as Switzerlandâs economy attempts to be resuscitated in the aftermath of the COVID-19 pandemic. The Swiss franc is struggling for consistent direction against a myriad of currency rivals, with the central bank launching additional liquidity measures and Fitch maintaining its AAA rating of the Swiss economy. The Swiss National Bank (SNB) recently announced that it is stepping up its liquidity efforts, … “Swiss Franc Mixed As SNB Boosts Liquidity Measures, Fitch Maintains âAAAâ Rating”
Japanese Yen Weak Despite Record Surge of Coronavirus Cases
The Japanese yen was weak today amid a relatively positive market sentiment, which was limiting the appeal of the currency considered to be a safe haven during times of trouble. The traders’ mood remained optimistic despite the threat of the second wave of the coronavirus pandemic. The World Health Organization reported that the number of new coronavirus cases rose by 230,370 as of July 12. It was the biggest increase on record. The previous record was registered just … “Japanese Yen Weak Despite Record Surge of Coronavirus Cases”
Australian Dollar Rises amid Generally Positive Market Sentiment
The Australian dollar rose against almost all major currencies today amid generally positive market sentiment. It looks like hopes for a coronavirus vaccine outweighed concerns about the surge of new coronavirus cases. Australian Treasurer Josh Frydenberg said that Australia’s effective unemployment rate stands at 13.3%, almost two times the official rate. He stated: The official unemployment rate is 7.1 per cent, and the market is … “Australian Dollar Rises amid Generally Positive Market Sentiment”