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Michael Moran is an experienced global markets professional who currently writes a daily markets commentary. Moran has traded currencies for over 30 years, having worked in dealing rooms of major banks all over the globe. He lives in Sydney with his wife, 5 children, 2 grandsons and another coming. He still loves trading and talking about the currency markets. All of them! Michael began his career as an assistant dealer in money markets and foreign exchange with Lloyds Bank. He has worked in Hongkong, Manila, Tokyo, Singapore and Sydney. He’s traded through the 1985 Plaza Accord, Paul Keating’s 1986 “banana republic” statement, the Asian Currency Crisis in 1997, and the 9/11 New York Twin Tower terrorist strike. He took the task of speaking to sales team of the banks he worked at (Lloyds, NAB, CBA) during the daily morning meetings. Other traders hated this job. But he developed a liking for commentating and putting forward his views on currencies, in the process helping others. Which he still does today. Moran wrote briefly for Invast Global before taking the position as senior analyst for Royal Financial Trading. He currently is a Responsible Manager in Compliance for Transferwise Ltd, Pty, a global money transfer firm where he advises the Treasury team. Having spent the last 10 years of his trading career managing the Emerging Markets and Asian currency desks of NAB and CBA, he formulates much of his market analysis from their movements. His favourite description for global markets today comes a 1968 hit tune from the group Blood, Sweat and Tears – “What goes up, must come down, spinning wheel got to go round.”

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Trump Election Delay Tweet, US GDP Record Plunge Slam Dollar

Summary: The Dollar extended its slide after US Q2 GDP plunged a record 32.9% annualized rate, slightly better than expected (-34.5%). It was still the deepest drop since the government began records in 1947. A…

Fed Satisfies the Doves, Dollar Extends Losses, Euro Outperforms

Summary: The Dollar extended its broad-based losses after US Federal Reserve repeated its pledge to use “it’s full range of tools” to support the economy and warned that virus poses considerable risks to the outlook.…

Dollar Bounces Off Lows, Steadies; Spotlight on a Dovish Leaning Fed

Summary: The Dollar Index (USD/DXY), a useful gauge of the Greenback’s value against a basket of foreign currencies bounced off two-year lows to 93.762 (93.654 yesterday) after falling to 93.493. The Euro, which takes roughly…

European Equities

Euro Soars Ahead, Yen Joins In, Ongoing US Virus Spread Sinks Dollar

Summary: The Euro outperformed, hitting fresh 2-year highs (1.17813) and leading a broad-based FX rally against the US Dollar. Gold soared to a record high (USD 1,945.63), as safe-haven flows continued to divert away from…

Dollar Weakness Extends, Spreads to Yen; Covid-19 Wave 2 Cases Rise

Summary: Total Coronavirus cases in the US soared to above the 4 million mark with deaths climbing to 149,771. Preliminary factory and services output underwhelmed in the US while those of Australia, Europe and the…

EUR, CHF Extend Climb; AUD, NZD, EMS, Stocks Slump, Yen Up, Risk-Off

Summary: Risk aversion intensified as the coronavirus spread spiralled higher amidst rising US-China tensions and signs of stalling economic progress. FX responded by purchasing European (EUR, CHF) currencies while selling those associated with risk (AUD,…

Down, But Not Out, Dollar Settles as Risk Sours on China-US Tension Build

Summary: The battered US Dollar settled after falling to multi-month lows against some currencies (EUR, AUD, NZD, CAD). The seemingly out-of-control resurgence of the Covid-19 outbreak in the United States and improving economic prospects overseas…

Dollar Sell-Off Intensifies, AUD, EUR, NZD Surge Lead Currencies Up

Summary: The US Dollar sell-off intensified as bearish sentiment toward the Greenback grew with no specific catalyst for the slide. European Union leaders agreed unanimously on a EUR 750 billion coronavirus recovery fund that had…

Promising Vaccine Trials, Stimulus Hopes Boost Risk, Stocks, Dollar Declines

Summary: More promising Covid-19 vaccine trials and hopes for further government stimulus measures sparked optimism and boosted risk. Wall Street stocks rallied after drugs from AstraZenica, and a partnership between Pfizer Inc and German biotech…

EU Meet Extends Over Recovery Plan, EUR Could Gap Lower, Lift the Soft US Dollar

Summary: The Dollar finished the week lower against its rivals in dull trading on Friday even as the total death toll in the US topped 140,000. Daily new cases continued to rise in 43 out…