The US dollar is surging to kick off the trading week, buoyed by renewed safe-haven demand as the coronavirus continues to extend outside China. While the situation has relatively stabilized in the worldâs second-largest economy, investors are in a panicky state because of how the outbreak is beginning to intensify all over the world. Despite a slight retreat on Friday, the greenback is looking to test multi-year highs in the coming sessions. The global death toll has surpassed … “US Dollar Rally Sparked by Safe-Haven Demand Amid Coronavirus Crisis”
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Euro Falls on Coronavirus Fears, Ignores Upbeat German IFO Data
The euro today gapped lower against the US dollar to start of the week trading with a bearish bias amid the risk-off market sentiment created by coronavirus headlines. The EUR/USD currency pair oscillated between gains and losses during today’s session as bears fought to control the pair’s price despite the upbeat German macro reports. The EUR/USD currency pair ended up trading … “Euro Falls on Coronavirus Fears, Ignores Upbeat German IFO Data”
NZD Struggles to Bounce After Opening Lower on Coronavirus Panic
The New Zealand dollar opened sharply lower today as markets were in a panic mode as the coronavirus was spreading from China to other parts of the world. While the currency is trying to trim its losses, it is still trading far below Friday’s close. Mixed domestic macroeconomic data was not helping the kiwi. Investors were panicking after the reports that the deadly virus, which originated in the Chinese province of Wuhan, … “NZD Struggles to Bounce After Opening Lower on Coronavirus Panic”
Elliott wave analysis: EURUSD In a Downtrend
EURUSD has ended a big, bearish cycle down from 1.256 area, with an Elliott wave ending diagonal in the final piece of a bigger wave A impulse at the 1.087 low. Price then followed with a correction in a wave B and found resistance at the 1.122 level from where a new sharp drop is … “Elliott wave analysis: EURUSD In a Downtrend”
AUD/USD Heading for 0.6550?
The Australian dollar versus the US dollar currency pair dropped from the 0.6700 multiannual level. Long-term perspective The head and shoulders pattern that confirmed the resistance area made possible by 0.7055 and 0.7013, respectively, and also caused the price to reenter the descending channel (and by doing so the price got beneath the major support of 0.6850), set in motion a strong fall, one that challenged the important 0.6700 psychological level. After the attempts raised by the bulls … “AUD/USD Heading for 0.6550?”
US Dollar Weakens As Economy Softens on Coronavirus, 2020 Election Fears
The US dollar is weakening against many major currency rivals at the end of the trading week, driven by disappointing economic data. Analysts are sounding the alarm that the coronavirus is beginning to impact American growth, which is evident in the recent purchasing managersâ index (PMI) readings. Although the presidential election is less than nine months away, the market is beginning to pay attention to the latest developments â and many are … “US Dollar Weakens As Economy Softens on Coronavirus, 2020 Election Fears”
Euro Rallies on Upbeat PMIs, Quickly Falls on Coronavirus Headlines
The euro today spiked higher against the US dollar in the early European session following the release of upbeat eurozone PMIs by Markit Economics. However, the EUR/USD currency pair’s rally was short-lived since the pair fell shortly afterwards after news of rising coronavirus infections in South Korea damped investor risk appetite. The EUR/USD currency pair … “Euro Rallies on Upbeat PMIs, Quickly Falls on Coronavirus Headlines”
USDJPY in Orbit â At 112.25. What Now?
The US dollar pound versus the Japanese yen currency pair skyrocketed. So, what goes up must come down or it this just the beginning of a new path? Long-term perspective The low at 104.44 was the starting point for an ascending trend that, after extending until 110.29, gave signs of a possible turn around. However, the consolidation that came about after the rally from 108.31 gathered sufficient energy to cause the explosive … “USDJPY in Orbit â At 112.25. What Now?”
Euro Trades at April 2017 Lows Despite Upbeat German Macro Prints
The euro today traded at multi-year lows against the US dollar despite the release of positive German macro reports in the early European session. The EUR/USD currency pair fell to lows last witnessed in April 2017 after the results of the last French election were announced. The EUR/USD currency pair today traded between a high … “Euro Trades at April 2017 Lows Despite Upbeat German Macro Prints”
Chinese Yuan Slides Breaches 7 As PBoC Injects More Stimulus
The Chinese yuan has tumbled past the crucial 7 mark against the US dollar again as the central bank injected additional stimulus to contain the economic fallout from the coronavirus. This is the second time in less than a year that the yuan has fallen to this level, and many experts anticipate further weakening of the currency until Covid-19 has been subsided. On Thursday, the Peopleâs Bank of China (PBoC) reduced the loan prime rate … “Chinese Yuan Slides Breaches 7 As PBoC Injects More Stimulus”