Cryptocurrency

Forex: The dollar is strong

The dollar and the yen are the currencies you winning in the session of the Forex market today. The green ticket touch the euro until the 1.1220. On the other hand the currency japan is approaching the key support of 106.55.

On the other hand, the dollar pierced the key support of the Pound Sterling in 1.25, to trade at the time of writing at 1.2427. This comes after the Uk to maintain its price of money unchanged at 0.1%.

With respect to the assets shelters, the Gold yields a 0.14% against the dollar to US$ 1.724, while the Bitcoin is traded on 9.393 USD, with a low of 0.53%.

Market analysis Forex: Dollar, yen and the Norwegian krone as the winners

The us dollar and the japanese yen maintained their positions today, because of the concern for an increase in new cases of coronavirus that have supported the demand for coins as a safe haven. In this scenario the Norwegian krone is the star.

The crown was the most moved among the major currencies, rising after the central bank of Norway said that the economic prospects of the country had improved more than expected in the last few weeks, and that your interest rate will remain unchanged for the moment, reports Reuters.

The crown “seems to be ticking almost all the boxes in this moment,” said Adrian Owens, portfolio manager of foreign exchange and fixed income in the hedge fund GAM. In addition, he noted that the “numbers are coming out better in Norway and the central bank becomes more aggressive.”

Norway is one of the few countries in the world where it is expected that inflation remains around the target, supporting the currency, Owens said.

The Norwegian crown climbed 0.6% against the dollar to 9,4560 NOK and 0.5% against the euro to 10,6430.

Graph of the last month of the Norwegian Crown

The Coronavirus does not give truce

“The currency markets have a moderate risk of the night to the morning, with a light flow of news. Beyond the ongoing concerns of a second wave of COVID-19, under-performance of AUD and NZD is exacerbated by the weak to internal data,” said Adam Cole, strategist, head of foreign exchange RBC Capital Markets.

It has been reported that more than 8.36 million people are infected by the novel coronavirus at the global level and 447,985 have died, according to a count by Reuters.

An increase in new infections by coronaviruses in several states of the united. UU. and the imposition of travel restrictions on Beijing to stop a new outbreak there, have served as a reminder of the risks of reopening the economic activity before the development of a vaccine.

The australian dollar fell after data showed that the economy eliminated the double jobs than expected in may, highlighting the damage caused by the lock-up restrictions.

To take into account

The dollar maintained a certain strength in the short term before the coins is hard, however its index is weak until the 97.30 points. While trading below 100 points, the weakness of the dollar is still latent.Tomorrow at 14:00 (GMT -3) will speak to the chairman of the FED. Without a doubt, will be of great relevance to close the week in the Forex market.

Reliable sources

The information of this content has been taken from reliable sources which are detailed below:
1 – Editorial author’s own content.
2 – external Source: Reuters.
3 – Source of the graphical NOK: Yahoo Finance

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About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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