Daily Market Charts and Analysis September 11, 2020

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

GBPUSD

More and more investors are concerned that corporate layoffs are still elevated despite the new focus on employment records for the months ending December 31. Even with the US Congress and Federal Reserve’s $300-a-week stimulus, weekly jobless claims came in worse than expected as 884 thousand people continued to file for new unemployment insurance. This was worse than the 850 thousand count expected by the business sector and was the same number seen from last week. Because of this, risk sentiment is still projected to assist the British pound. The pair’s 50-day moving average has been moving consistently upwards since it crossed up against the 200-day moving average in mid-August. The bulls are projected to tighten their grip on the British pound even as they await the City’s announcement for its GDP outcome for the month of August.

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EURCAD

ECB chief Christine Lagarde was confident in the bank’s recently implemented bond-buying program. The emergency policy remained unchanged at €1.35 trillion, while its deposit rate is still at negative rates of -0.5%. She also confirmed that the bank wouldn’t intervene in the recent euro surge, which had witnessed a massive skyrocket against the Canadian loonie over widespread uncertainty for global markets, particularly in Canada’s oil export figures. It was also around the time when its Pandemic Emergency Purchasing Program had been proven effective, and the rest of the world’s central banks had followed suit with their own fiscal policies. The pair’s 50-day moving average has also been trading consistently above its 200-day moving average, indicating that its path might not go away soon. For now, Canada is still dealing with its immigration crisis since it began recovering from the domestic outbreak of Covid-19.

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NZDJPY

Shinzo Abe finalized his resignation, and his successor is due for an election next week. It looks like the markets are turning to the NZD in the meantime. Although markets are relatively optimistic about Chief Cabinet Secretary Yoshihide Suga as the top choice, others are becoming increasingly worried. The now-former prime minister Shinzo Abe had retired due to health concerns in the middle of a pandemic that caused its worst economic contractions in history, which now stands at an annualized -28.1%. It looks like its currency is still experiencing the effects of this GDP announcement held three days ago with high uncertainty. The pair’s 50-day moving average is still peaking upwards against its 200-day moving average, which has been moving sideways for the past few months. Since New Zealand has also proven that it has been rising better than expected with the help of business outlook, the bulls are likely to take control.

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USDSGD

In partnership with Japan, Singapore is projected to launch a “green lane” for essential businesses starting September 18. Both countries promised that this would increase employment counts in their country and help restore connectivity between them, which could support economic recovery in the long run. The news came days after markets began to worry about a possible slump in employment in the country for the last quarter of the year. The news is projected to promote optimism towards the Singaporean dollar near-term, thanks to risk sentiment, which also brought the pair’s 50-day moving average further below its 200-day moving average. Meanwhile, the US is still struggling to offset mass layoffs in the nation with a new focus on employment for the rest of the year. New jobless claims remained at 884 thousand for the week ending Sunday as per their announcement yesterday, the same level as what was recorded prior. 

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