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The US Dollar is struggling to extend gains after a three-day rally against the Japanese Yen. The pair has been capped at 140.75 on Tuesday, a few pips short of the multi-month highs, at 149.15, as investors turn their view to the BoJ and the Fed monetary policy decisions, due on Wednesday.
The US Dollar (USD) is holding firm on Tuesday after posting its strongest single-day gain since May, rallying 1.0% on Monday. The rally came after the United States (US) and European Union (EU) announced a major trade deal framework on Sunday.
The Japanese Yen (JPY) is entering Tuesday’s NA session unchanged against the US Dollar (USD) as it consolidates its recent decline to the lower end of its multi-month range, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret note.
New Zealand Dollar (NZD) could decline further against US Dollar (USD), but it might not be able to reach 0.5940. In the longer run, upward momentum has faded; tentative increase in downward momentum may lead to NZD declining to 0.5940, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
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US Dollar (USD) could advance further against Japanese Yen (JPY); the major resistance at 149.20 is unlikely to come under threat. In the longer run, price action indicates that USD could rise toward 149.20, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
The USD/CHF pair attracts significant bids and jumps to near the psychological level of 0.8000 on Monday. The Swiss Franc pair trades firmly as the US Dollar (USD) outperforms its peers, following the announcement of a trade framework between the United States (US) and the European Union (EU).
EUR/GBP edges lower by over 0.60% at the time of writting on Monday after breaking out of recent consolidation. Momentum indicators remain supportive, with the pair eyeing 0.8800 and higher levels, while 0.8645–0.8660 serves as near-term support, Société Générale's FX analysts note.
There is a chance for Euro (EUR) to rise above 1.1775 against US Dollar (USD); the major resistance at 1.1795 is likely out of reach for now. In the longer run, price action indicates further EUR strength, likely toward 1.1795, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.