Thu, March 28, 2024

Daily Market Charts and Analysis October 01, 2020

wibest-banner-4

Here are the latest market charts and analysis for today. Check them out and know what’s happening in the market today.

EURTRY

Manufacturing PMIs are in focus in the eurozone today. Spain, Italy, and France are all expected to report improving activity for the corresponding sector during the month of September even as its economies experienced a surge in coronavirus cases. More importantly, Germany might meet a 4-point increase for the figure, as well. The announcement will come soon after the European Central Bank Christine Lagarde hinted at a strategy overhaul for its economic aid, which helped bullish investors lift the euro up. Moreover, the pair’s 50-day moving average is still moving diagonally upwards, which is way above its 200-day average. On the other hand, Turkey is looking at more long-term growth, but it anticipates that its inflation rate will drop by more than 10 percent by the end of the year, and then 8 percent in 2021. Worries over its end-year government budget deficit to GDP will also benefit risk aversion near-term.

Charts

GBPAUD

Australia enjoyed a record rally on its stock market yesterday. The 5872.9-point rally was its strongest advance since the fourth quarter in 2015. The increase is projected to bleed into the market’s preference for the Aussie dollar. Investors also seem to be optimistic over the Morrison government’s call to focus on its manufacturing sector and pump up the gas on its businesses that were affected by its coronavirus outbreak. The pair’s 50-day moving average just touched its current levels, which means that the exchange is preparing to break through its near-term support or resistance level. Even as its 200-day moving average arches low into its counterpart, it looks like Pound-Aussie could still move down to levels last seen in early September. The UK had just reported its lowest gross domestic product in 65 years for the previous quarter, which is receiving mixed reactions from the market. In the meantime, markets await Brexit-EU results.

Charts

GBPCAD

It turns out that the market has been more pessimistic over its gross domestic product figures than it should be. Not only did the City report a lower economic contraction held in the second quarter than they anticipated both on an annual and quarterly basis, but the Bank of England also expects the same figure to erase the losses in the third quarter as well. If this persists, it means that its economy would contract by 3-4 percent below its pre-coronavirus levels instead of 18 percent projected earlier this year. Both the pair’s 50-day moving average and 200-day moving average have touched the pair’s recent levels, which could mean that the pair’s trend will change soon. It’s more likely that it would repeat its August to September rally soon as Canada scrambles to flatten its recent coronavirus resurgence, which had spiked in populous cities. Recently implemented restrictions are projected to slow down its economy and leave investors rooting for the pound.

Charts

USDDKK

The United States is in its final month before its Presidential election. The dollar is projected to benefit over the market’s expectations of better employment figures as a result of the Federal Reserve’s effort to shift its focus on inflation over business aid. Initial jobless claims are projected to fall to 850 thousand for this week, which would be a decrease from last week’s surprising increase to 870 thousand. Moreover, its ISM Manufacturing PMI is projected to lift from 56.0 to 56.4, signaling growth in the respective sector and the overall economy with it. The pair’s 50-day moving average is creeping upwards at the dollar recovers in the forex market with risk aversion, which is also why the 200-day moving average has been creeping further downwards as of late. The pair is projected to test an increase that meets June’s support levels, resulting in the bulls locking into the greenback’s increase against the Danish krone.

Charts

YOU MAY ALSO LIKE

Ford

Quick Look: CVA Family Office LLC snaps up 4,559 shares of Ford

The government aspires to make Portugal Europe's top producer of prime lithium for electric car batteries.

Quick Look: Atlas Lithium signs investment and offtake agreements with Mitsui. Mitsui

Stocks and various factors, Baltimore

Quick Look: The Francis Scott Key Bridge in Baltimore collapsed after a

COMMENTS

Leave a Comment

Your email address will not be published. Required fields are marked *

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spreads
    Sending
  • Trading Instument
    Sending

BROKER NEWS

Plus500 Expands Office Space in Haifa and Boosts Hiring

Plus500 has significantly expanded its Haifa office space and increased recruitment efforts across various departments. Local news source Walla reports the brokerage has leased an additional 5,800 square meters in the Gev-Yam complex

BROKER NEWS

Stock Report – stock exchange background – WibestBroker

Plus500 Expands Office Space in Haifa and Boosts Hiring

Plus500 has significantly expanded its Haifa office space and increased recruitment efforts across various departments. Local news source Walla reports the brokerage has leased an additional 5,800 square meters in the Gev-Yam complex in