Forex News

The US dollar versus the Japanese yen currency pair lost part of the gains made last week. Is this a bearish win or the bulls are preparing their new march towards 110.29 from better prices?

The euro today inched higher against the US dollar driven by the latest eurozone GDP data, which met expectations, and positive market sentiment. The weaker greenback also fueled the EUR/USD currency pair’s gains as investors remained sceptical about the possibility of a US-China trade deal.

The Japanese yen is trading mixed against major currency rivals on Thursday as reports suggest Tokyo is going to spend billions in stimulating the economy. Various purchasing managers’ index (PMI) readings improved last month, helping the yen this week. But bond investments held by citizens abroad fell for the second week in a row, though this was offset by another increase in stock holdings by foreign investors in Tokyo.

The Australian dollar versus the US dollar currency pair reached an important resistance area. Both the bulls and bears could use this it for good alignment in the market, but the question is which of them will take control?

The US dollar is falling against multiple currencies midweek amid disappointing private payroll numbers and a weak services sector. The bullish US-China developments appeared to have stopped the bleeding as investors have renewed their optimism (again) over an upcoming deal. But the buck may need to limit its losses if it wishes to keep its year-to-date gain.

The euro today fell amid conflicting trade headlines as investors continued to wonder whether the US and China would seal a phase one deal any time soon. However, the EUR/USD currency pair rallied higher in the early American session after the latest US jobs data released by the ADP missed expectations by a wide margin.

The Japanese yen was flat against most of its major rivals amid conflicting reports about the probability of reaching a phase-one trade deal between the United States and China before the new US tariffs, scheduled to take effect on December 15, will kick in. Domestic macroeconomic data was relatively good but slightly worse than expected.

The Australian dollar was weak today due to uncertainty surrounding the US-China trade deal as well as the slower-than-expected economic growth in Australia. Losses were limited, though, thanks to the positive report from China, Australia’s biggest trading partner.

The New Zealand dollar was trading lower for the most part today, though it was attempting to rise against few rivals. The market sentiment was torn between risk aversion and risk appetite due to conflicting reports about chances for a trade deal between the United States and China. New Zealand’s macroeconomic reports were neither bad nor good enough to drive the kiwi in any particular direction.

The New Zealand dollar versus the Canadian dollar currency pair, as expected, appreciated and reached the 0.8692 old support.