The Greenback rallied against the leading currencies in the world on Wednesday. This comes as risk aversion in the forex market intensifies as investors fear the rising Coronavirus infections in Europe, the United States, and other parts of the world. Another major reason for the US Dollar rally was the poor global PMI data that shows that business activity across several advanced economies is declining.
EUR/USD has recovered a little which is normal after the short-term sell-off. The rate could retest the broken support levels before resuming the corrective phase. The greenback has slipped lower only because the US Unemployment Claims have increased unexpectedly in the previous week to 870K, above the market expectations of 845K jobs.
There is now a change of market sentiment after strong sell rally with a text book perfect Inverted head and shoulder pattern formation as viewed on the daily chart and confirmed the pattern as we see market participants rally past up the angling neckline and a retest. The upward momentum did not find quite a resistance as sellers offered little or no push back as buyers easily breached past the 0.925 price level handle which could have offered to some sellers ceiling level block to place their sell limit orders.
Image copyrightGetty ImagesImage caption One of the main drivers of plant extinction is clearance of
Britain faces a surge in insolvencies unless the government extends measures designed to shield firms struggling amid the coronavirus crisis, a business lobby warned Wednesday.
Image copyrightReutersImage caption The IATA downgraded its forecasts after "a dismal end to the sum
Offshore wind power in Japan will be able to replace more than half of the nations generation capacity forecast to retire by mid-century, according to an industry group promoting its developments.
Central banks were likely one of the actors behind a selloff in U.S. Treasuries during the height of the Covid-19 financial strains in the spring, according to the Federal Reserves top official for supervision.
Boris Johnson will try to regain control of his coronavirus strategy as a rebellion from his own Conservative colleagues and a series of government gaffes knocked his plans off course.
Micron Technology Inc. shares fell after the largest U.S. chipmaker said it recently halted shipments to Chinas Huawei Technologies Co.
Irish Foreign Minister Simon Coveney said he saw a “good chance” of a trade deal between the European Union and the U.K., striking his most upbeat note over the prospects for an accord since a controversy erupted over Prime Minister Boris Johnsons plan to to re-write the Brexit withdrawal agreement.
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Bank of England Governor Andrew Bailey urged the U.K. government and the European Union to reach a trade deal or risk seeing their economies suffer.
SHARE THIS ARTICLE ShareTweetPostEmailBank of England Governor Andrew Bailey pushed back against sp
The European Union rebuffed Britains latest effort to unblock their deadlocked trade talks, a sign that the eight-month long negotiations will struggle to hit a key milestone this week.
Canadas population growth came to a near halt in the first three months of the pandemic as travel bans and closed borders slowed immigration and kept temporary workers and students out.
Kenyas central bank held its key interest rate for the fourth straight meeting as policy measures including 150 basis points of cuts are having the intended impact on the economy.
Consumer confidence rebounded in September by the most in more than 17 years as Americans grew more upbeat about the outlook for the economy and job market, though sentiment remained below pre-pandemic levels.
Federal Reserve Bank of Dallas President Robert Kaplan said he dissented at the central bank‘s September meeting so that future policy makers wouldn’t be forced to keep rates near zero.
The U.S. merchandise-trade deficit widened in August by more than expected to a fresh record as companies raced to replenish depleted stockpiles with imports in the face of firmer demand.
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