Forex News

AUD/USD could Move Lower if Stocks Can’t Bounce Higher

For all the talk we got about month-end buying because of pension fund rebalancing, it turned out to be  a quiet day, comparatively speaking.  The range on the day today in the S&P 500 was only 77.25 handles!  This was not only the smallest daily range of the month, but also since February 21st when …

South African Rand Hits Record Low

The South African Rand fell to 18.05 vs US Dollar as Moodys cut the country’s rating to junk, one level below investment grade, and kept the outlook negative.  This is the first time the USD/ZAR as ever been above 18.00.  Moodys joined S&P and Fitch with ratings below investment grade for South Africa.  The ratings …

USD/CAD Pulled Back from 17-Year Highs Last Week, but Bulls Remain in Control

Amidst the ongoing spread of COVID-19 over the weekend, with global cases reaching 740k+ and poised to eclipse 1,000,000 this week, risk assets are mixed in Monday’s trading. After a slightly bearish close for Asian indices, European and US stock markets are in positive territory. Gold is ticking lower, though Treasury bonds still remain in …

Is China in a Recovery?

In a few hours, China will release their “Official” NBS Manufacturing PMI data for March.  The expectation is for a reading of 45, which is still in contraction territory.  However, a print of 45 is much better than the previous reading of 35.7.  (A reading above 50 means the economy is in expansion and a …

BoC Slashes Rates to 0.25%

Yet another Central Bank holds an emergency meeting and cuts interest rates.  It seems like it was only a matter of time before the Bank of Canada (BoC) made another inter-meeting move and cut rates by 50bps from 0.75% to 0.25%, falling in line with other major central banks around the globe.  This decision followed …

Initial Claims Atrocious, Stimulus Vote Still to Come

Initial Jobless Claims were released earlier today, and the number was not pretty.  Yesterday, we discussed how this number was expected to be larger than any we had ever seen before.  According to Bloomberg, the average estimate by economists was 1,500,000 initial jobless claims filed for the week ending March 21st.  The actual number was …

GBP/USD in 400 Pip Range!

GBP/USD is in a 400-pip range today and up 2.5% as the Bank of England held their scheduled monetary policy meeting earlier today and left rates unchanged at 0.1%, as expected.  This meeting comes only days after the BOE had two emergency rate cuts and slashed rates to its lowest rate ever.  The BOE in …

DXY may be Ready to Resume Move Higher

The US Senate and White House reach FINALLY reached a bi-partisan fiscal stimulus deal worth an estimated $2 trillion.  The deal was reached at roughly 1:00am ET this morning, though traders have been expecting the agreement all day yesterday, as the DJIA rallied over 11% in its largest one day move since 1933. Source: Tradingview, …

USD/JPY 111.60 and the Battle to be King of the FX Safe Havens

With risk assets surging higher for the second straight day, two of the safe haven currencies are getting left in the dust. FX traders piled in to buy the US dollar and Japanese yen aggressively in recent weeks as they unwound carry trades and sought a safe place to store capital, but now that tide …

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