FX Scorecard: Winners and Losers of 2020 so far

30 June, 2020

So much has happened since the start of 2020. The shocking events across the globe sparked explosive movements across currency, commodity and stock markets with investors thrown on an emotional roller-coaster ride. As the first half of 2020 slowly comes to an end, it will be remembered as one of the most volatile periods across markets since 2008 thanks coronavirus and growth-related concerns.

In the FX universe, there were many victims of the pandemic but some currencies were able to exploit the chaos to appreciate!

One of the biggest winners from COVID-19 was the mighty Dollar which has appreciated against almost every single G10 currency excluding the Swiss Franc, Japanese Yen and Danish Krone.

The Dollar Index (DXY) remains supported by fundamentals while technical are aligning in favour of bulls. A solid breakout above 97.80 may trigger an incline towards 98.50 and 99.00. If fears intensify around a second wave of coronavirus outbreaks, the risk-off sentiment may push the Dollar Index towards 100.00 during Q3.

Yen remains a contender for throne 

Another winner in the FX arena was the Japanese Yen. The Yen has appreciated against most G10 currencies since the start of 2020 thanks to its safe-haven status.

Looking at the USDJPY, the currency pair remains a battleground for bulls and bears but 108.00 could change this narrative. A breakout above this point may open a path towards 109.40 and 110.20.

If the 108.00 proves to be a tough nut to crack, then prices may sink back towards 107.00.

Euro growing tired by the day

Shaky fundamentals from Europe continue to haunt investor attraction towards the Euro.

The EURUSD is coming under increasing pressure on the daily charts with prices struggling to keep above 1.1200. A solid close below the point may trigger a drop towards 1.1100 and potentially lower.

Pound sulks in the corner

The Pound has practically weakened against almost every major currency year-to-date thanks to Brexit related drama and concerns over the impacts of coronavirus to the UK economy.

The GBPUSD is on a slippery decline on the daily charts with prices sinking towards 1.2250. A breakdown below this level may open the doors towards 1.2200 and 1.2160. Jitters around the United Kingdom leaving the European Union with no-deal at the end of 2020 pull prices lower towards 1.2000 and 1.1190.

US earnings season awaits10 Jul, 2020  

Most Asian assets are set to end the week on a risk-off note, with regional currencies now weaker against the US Dollar, while major stock indices..

Stocks flat, gold shining10 Jul, 2020  

Having broken the $1800 level, the yellow metal continues to push higher this afternoon. The Dollar has recovered from hitting near one-month...

King Dollar rolling over in quiet trade9 Jul, 2020  

The market mood remains mixed as US stocks open in positive territory while European indices and the dollar are in the red. The Shanghai index...

Record US Covid-19 cases can't halt the equity rally9 Jul, 2020  

Equity markets have pushed higher in Asia following an impressive last hour rally on Wall Street yesterday. The record daily increase in US COVID-19...

All eyes on US jobless claims9 Jul, 2020  

The US jobless claims data release is set to hog the limelight later today, as investors assess whether the recovery in the jobs market has sufficient momentum to trigger...

Euro takes warning signs in stride for now8 Jul, 2020  

The Euro has refused to buckle under the weight of lacklustre economic data and dire warnings of late. Germany's factory orders and industrial...

Webinar: Risk Management, Make or Break8 Jul, 2020  

Join FXTM's accomplished Trading Educator Theunis Kruger for his fascinating "Risk Management - Make or Break" webinar in English...

Yen under fire as risk appetite improves7 Jul, 2020  

G10 currencies may bully the Japanese Yen this week as growing optimism over a swift economic recovery from the pandemic boost appetite for riskier...

What's next after Q2 rally?1 Jul, 2020  

Risk appetite is stepping hesitantly into the second half of the year, with Asian stocks edging higher while US futures slipped into the red...