Forex Market

The headline seasonally adjusted IHS Markit/CIPS UK services purchasing managers’ index (PMI) for business activity posted 47.1 in June, up from its level in May at 29, reaching its highest level in four months. The index survey showed that around 33% of participants reported a drop in business activity during …

The Eurozone purchasing managers’ composite output index (PMI) maintained its recovery for the second consecutive month, recording 48.5 in June, rising by 17 points compared to its level in May at 31.9. This is the best level for the Eurozone index in four months, since the beginning of the coronavirus …

The risk aversion provides some strength to Yen, safe-haven currency, which maintains the bullish trend for EUR/JPY in 121.00 regions. EUR/JPY fell for a second consecutive session with low trading volume due to the Independence Day holiday in the United States. Investors continue to evaluate the latest data besides Covid-19 …

Pound continued its losses against a basket of currencies for the second day in a row and fell against the US dollar on the corrective movments of and profit-taking, though, the Pound is about to make its first weekly gain in a month with Boris Johnson’s statement to expand spending …

Gold recorded stability and remained in a narrow trading range of five dollars on Friday, influenced by fears of a high number of Covid 19 cases and continued trade tensions between the United States and China as well as a higher-than-expected payroll report (NFP). There was little change in gold …

The US dollar index traded on the positive side around the 97.30 regions by the end of the week. The index had risen for the second straight session on Friday, gaining some momentum and overcoming Covid-19 concerns. The demand for the dollar increased as risk aversion among traders returned despite …

German Chancellor Angela Merkel said that members of the European Union (EU) must agree on a deal to help fund the recovery of the bloc’s economies from the effects of the coronavirus disease (COVID-19) pandemic. A deal must be reached before the end of summer, Merkel stressed in her remarks …

New factory orders in the United States increased during May on a monthly basis by 8%, according to data by the US Commerce Department. This shows a sign of recovery, after orders for US-manufactured goods decreased by 13.5% in April, despite coming below the market expectations consensus of an 8.9% …

The USD/CAD pair fell to 1.3573 during the European session, but then succeeded in making a slight bounce and gained 0.04% at the time of writing, reaching 1.3590 Good market sentiment that was seen in risk appetite and the rise of the leading European indicators, all made it difficult for …

The EUR/USD pair continues to trade with better sentiment for the second consecutive session, touching weekly highs near 1.13 levels The combination of hopes for a Covid 19 vaccine and headlines about Europe’s economic reopening has pushed traders toward riskier assets. In terms of data in the euro area, Spanish …