The US dollar is weakening against its major currency competitors to finish the trading week. While the greenback is on track for a weekly boost, the buck fell on the latest worse-than-expected economic data. The dollarâs descent on Friday could also be driven by inflation fears as the federal government approved another massive spending bill. According to the US Census Bureau, new orders for manufactured durable goods cratered 14.4% in March, which is the sharpest … “US Dollar Weakens After Crash in Durable Goods Orders”
Author: admin_mm
Canadian Dollar Posts Gains as Oil Recovers and Trades Sideways
The Canadian dollar today extended its winning streak against the US dollar as the recovery in crude oil prices saw the US crude oil trading sideways in a tight range. The USD/CAD currency pair fell for the third consecutive session as crude oil prices recovered strongly from Monday’s crash despite concerns about global demand for the commodity. The USD/CAD currency pair today fell from a high … “Canadian Dollar Posts Gains as Oil Recovers and Trades Sideways”
Euro Mixed After Collapse of German Business Climate, EU Rescue Package Disagreement
The euro fell against the US dollar and the bigger-than-expected slump of the German business climate and the disagreement between the European Union members about how to tackle financial stimulus to the economy. Against other rivals the euro was mixed. The Ifo Business Climate Index plummeted from 96.0 in February to 86.1 in March, seasonally adjusted. It was the lowest level since June 2009. Furthermore, it was the steepest drop since German unification. The report … “Euro Mixed After Collapse of German Business Climate, EU Rescue Package Disagreement”
Great Britain Pound Soft After Retail Sales, Tries to Hold Ground
The Great Britain pound was soft today, erasing its earlier gains versus commodity currencies. The reason for the currency’s underwhelming performance was a worse-than-expected retail sales report. But the sterling did not perform particularly poorly despite the rather negative data and even managed to hold gains against a number of currencies, including the euro and the Swiss franc. Britain’s Office for National Statistics reported that retail sales slumped by 5.1% in March, … “Great Britain Pound Soft After Retail Sales, Tries to Hold Ground”
USD/JPY Just Under the 108.13 Resistance
The US dollar versus the Japanese yen currency pair sits in a consolidative phase. What may come after it? Long-term perspective The lift form the monthly support of 101.18 managed to extend until the 111.70 high. By doing so, it also reentered into the ascending channel that starts from the low of 104.44. But as the price failed to find support after the correction from the peak of 111.70, it dropped, yet again, under … “USD/JPY Just Under the 108.13 Resistance”
Japanese Yen Flat, Tries to Gain on Commodity Currencies
The Japanese yen was about flat versus major currencies today. The yen was trying to rise against commodity currencies but so far it had limited success. Negative domestic macroeconomic data and the rise of crude oil prices were working against the Japanese yen but the pessimistic mood, which persists among investors, was working in favor of the Japanese currency. The Statistic Bureau of Japan reported that the national core … “Japanese Yen Flat, Tries to Gain on Commodity Currencies”
Pound Rallies Despite Negative UK PMIs and High COVID-19 Cases
The British pound today rallied higher against the US dollar despite the release of disappointing UK PMI data by Markit/CIPS as traders remained bullish on the pound. The GBP/USD currency pair alternated between gains and losses as traders fought for control at a critical resistance level ignoring the fundamentals. The GBP/USD currency pair today rallied … “Pound Rallies Despite Negative UK PMIs and High COVID-19 Cases”
US Dollar Mixed on Worse-Than-Expected Jobless Claims
The US dollar is mixed against its most-traded currency competitors on Thursday after the government released a worse-than-expected jobless claims report. But the job-loss trend may have peaked after three consecutive weeks of falling numbers, leaving markets indifferent to the weekly figures. According to the Department of Labor, initial jobless claims clocked in at 4.427 million for the week ending April 18, worse than the median estimate of 4.2 million. This is … “US Dollar Mixed on Worse-Than-Expected Jobless Claims”
Euro Falls to Fresh Monthly Lows on Negative Euro Area PMIs
The euro today fell to new lows against the US dollar following the release of disappointing PMI data from across the euro area by Markit Economics. The EUR/USD currency pair crashed as traders reacted to the PMI prints that were lower than expected, reflecting the impact of the COVID-19 pandemic. The EUR/USD currency pair today … “Euro Falls to Fresh Monthly Lows on Negative Euro Area PMIs”
AUD/NZD Halfway to the Next Target
The Australian dollar versus the New Zealand dollar currency pair is in reach of the next major resistance level, 1.0689. Should the bulls have any concerns? Long-term perspective From the high of 1.0865, the price extended until the low of 0.9993, a low that confirmed the weekly support level of 1.0037. Being such an important level, it facilitated a rally strong enough to break, and depart from, the descending trendline that starts from the high. … “AUD/NZD Halfway to the Next Target”