Here are the latest market charts and analysis for today. Check them out and know what’s happening in the market today.
The pair is trading lower in the previous sessions, with the price going lower than the 50-day moving average. Prices have recorded steep declines in the recent week, although the overall trend still appears to be biased to the upside. Over in Singapore, local news said that Singapore hasn’t entered recession yet, but the government is keeping close tabs. Meanwhile, Goldman Sachs recently reported that Hong Kong may have lost $4 billion in deposits to Singapore, its greatest financial hub rival. The time these deposits occurred was in line with the government protests and political unrest in the Chinese-ruled city, although the report from Goldman didn’t have any mentions of the protest. However, in the same report, the bank said that HK “still has ample liquidity” in Hong Kong dollar as well as in foreign currencies. That being said, the data is not probably going to alleviate the worries surrounding the outflows from HK, they said.
The pair is trading in very tight ranges in the previous sessions, with the prices reaching weekly lows in consecutive sessions. Price is standing above a solid support line above the 200-day moving average. The euro has been falling to its lowest levels against many currencies amid the worries of recession and global growth slowdown. One factor that keeps the euro weak is the eurozone’s negative rates and the expectations of further easing from the European Central Bank. Over in Denmark, the new Social Democratic government said that it would pour more money into healthcare, education, and the welfare system. This follows through its campaign pledge to undo years of cuts by previous admins. It said that it had some wiggle room to change spending because the country’s public finances were in good shape after austerity years. It would also raise taxes on businesses to aid in the payment of policy shift.
The overall trend for the pair is still down, although the pair appears to be attempting a breakout above the trading channel. Over in Turkey, the government has enshrined an ambitious growth target of 5% into its official plan for next year. This comes against warnings of fresh credit-fueled boom risks that could destabilize the country economy. Treasury and Finance Minister Berat Albayrak announced his annual economic program that had the tagline “change is beginning.” He set a 5% growth goal for the next three years. He also promised to bring down inflation and put a lid on the country’s current account deficit. The country’s economy is still recovering from the effects of 2018’s drastic devaluation in the Turkish lira, which shed nearly 30% of its value. The currency crisis started a short recession. It also brought high inflation and high unemployment. It also mounted pressure on the country’s indebted corporate sector.
The pair is trading lower in the session, poised to pare back most of its gains earlier in the week. It’s hovering above the 200-day moving average, although price movement appears to show that traders are trying to bring back the British pound’s strength. With regards to the Brexit saga, previous opponents of former Prime Minister Theresa May are now backing the new deal that newly elected British Prime Minister Boris Johnson proposes. Markets are now betting on a higher likelihood of a hammered-out Brexit deal soon. Over in Australia, Prime Minister Scott Morrison has labeled the country’s economy as “the safe port in the storm” amid the global trade tensions due to its policy predictability and openness to international investment. Morrison basically said that investors are confident in Australia. At the same time, the prime minister also warned against “negative globalism,” which could restrict his government.