The euro today rallied higher against the US dollar on news of a possible cure for the novel coronavirus, which saw investors bid up riskier assets such as the single currency. The EUR/USD currency pair was also boosted by investor optimism regarding the outcome of the ongoing recovery talks between finance ministers from the European Union‘s member countries.
The Chinese yuan is holding steady at the end of the trading week, despite President Donald Trump revealing that the second phase of a US-China trade agreement is no longer a top priority. The president told reporters aboard the Air Force One that the relationship between the world’s two largest economies is “severely damaged” after the coronavirus pandemic. The yuan climbed back above the key 7 threshold after his comments, but […]
The Turkish lira is slumping to its lowest level against the US dollar in two months as investors fear that it is poised for another currency crisis. The lira has been steadily rebounding since falling to an all-time low against the greenback, but analysts warn that the fundamentals, from inflation to foreign exchange reserves, do not support its gains. Is another crash going to happen soon?
The Canadian dollar is strengthening on Tuesday after the economy’s April contraction was better than what the market had initially forecast. The loonie is also finding support in housing data, as well as investors exiting its American counterpart. The Canadian dollar will finish the month higher against the greenback.
The euro today fell against the US dollar for the fourth straight session after the American open where investor sentiment shifted decisively in favour of the dollar. The EUR/USD currency pair was also weighed down by weak data from Germany and the euro area as investors waited for European leaders to decide on the 750 billion euro fund.
The Sterling pound today fell against the US dollar as investors bought the safe-haven greenback in anticipation of further stimulus spending by the government. The GBP/USD currency pair got a brief respite from the optimism about a potential Brexit deal, but this was not enough to push the cable into positive territory.
The Chinese yuan is weakening at the end of the trading week, driven primarily by reports that government officials will rein in financial risks and push cheap funding into the real economy. The yuan has had a relatively flat week against the US dollar amid chaos in global financial markets. Where is the currency headed in the second half of 2020? And will the world’s second-largest economy succeed in its reset over the next six months?
The US dollar is strengthening against its G10 currency rivals on Thursday as investors pour into the safe-haven asset amid a huge plunge in financial markets. With fears over a second wave of the coronavirus and a gloomy Federal Reserve, the bears were out in full force, helping the greenback retrace some of its 2020 gains. Jobs were not nearly as in focus as in previous weeks.
The Japanese yen rallied intraday during Wednesday’s trading session but has lost gains against the majority of its most-traded peers. The currency did not fall against all of them, though, most notably keeping gains versus the US dollar ahead of the monetary policy announcement from the Federal Open Market Committee later today.
The Australian dollar was weak intraday on Wednesday but has currently recovered and is one of the strongest currencies on the Forex market for the day, rising against most of its major rivals and trading about flat against the rest of them. Domestic macroeconomic data was supportive of the currency while reports in China, Australia’s biggest trading partner, were negative.
