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”
Category: Forex news
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”
ECB: Gloomy Lagarde lays ground for stimulus, next euro moves depend on covid
ECB President Lagarde has laid down a gloomy picture of the economy under the second covid wave. She committed to providing additional stimulus measures in the December meeting. EUR/USD is set to remain under pressure and focused on coronavirus statistics. “We are not going to stand still” – the words of Christine Lagarde, President of … “ECB: Gloomy Lagarde lays ground for stimulus, next euro moves depend on covid”
US Dollar Gets Direction on Better-Than-Expected GDP, Initial Jobless Claims
The US dollar is looking to extend its gains against several major currency rivals on Thursday after a plethora of data pointed to a strengthening economy for the world’s second-largest market. The greenback, which has come under pressure this month, is benefiting from both safe-haven demand and positive macroeconomic economic developments, including first-time jobless claims and the gross domestic product. According to the Bureau of Economic Analysis (BEA), the US economy expanded … “US Dollar Gets Direction on Better-Than-Expected GDP, Initial Jobless Claims”