A rally is a rise in a currency’s value compared to another currency or a basket of currencies. Rally is often used to sum up the intraday performance of currencies at the market close. For example, the dollar rallied against the yen, but fell against the euro. Rallies can last for a long time or simply reverse the following day.
A rally is caused by buyers entering the market and bidding up a currency against others, so the length and magnitude of the rally depends on how many buyers there are compared to sellers. If the buyers drastically outnumber the sellers, there will be a large rally that will continue until the sellers and buyers equal out. If buyers and sellers are nearly equal in number, then it will be a short rally.
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