Forex market is witnessing another phase of trading. The value of Dollar is facing severe ups and downs as well. The COVID and news regarding its vaccine still manages to disturb the smooth flow of currencies. Recently Forex market has a cautious atmosphere of trading. Traders are pretty much disturb and hesitant to invest due to uncertainty. The cautious state of traders is introducing another mood of trading. Traders are interested in playing safe. After all they have understood that it is not that much easy to earn money.
AUD/USD and NZD/USD:
In the changing scenario of trading, some certain currencies have attracted the traders. Australian and New Zealand Dollars are among those preferred currencies. Both of them are enjoying significant rise recently. This week is further going to extend the enjoying period of both of these currencies in forex market.
The price of USD/JPY was stable but then Japanese yen started to face a downward trend. Recently the state of JPY is not desirable yet all is not loss. The last two days of this week have crucial significance in the turning the tables. According to economists, this week the performance of equities will strengthen the state of JPY. We can expect that the value of USD will further stabilize with the fall of Euro. Therefore it seems that both of these currencies are going to be preferred by traders in the coming weeks as well.
Outbreak of COVID and USD:
Another wave of COVID and lockdown continues to haunt the traders. The lockdown measures are not proving to be sufficient. The concern of traders may result in provoking the traders to trade slowly. In such hustle and bustle, Dollar continues to be the most favorite currency all over the world. We can expect that the value of Dollar will soar further high in such a state.