Daily Market Charts and Analysis September 29, 2020


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


Most economists are waiting for how the dollar would react to the United States’ presidential debate on Wednesday. The greenback is more likely to increase if the republican party takes the lead. In the meantime, the currency is projected to be bought as opposed to the euro over high expectations for the biggest economy’s economic data today, such as consumer confidence, manufacturing, and consumer data on Thursday. The pair‘s 200-day moving average is fast approaching its rising 50-day moving average equivalent, which had stagnated quickly in recent trading over rising coronavirus cases in the bloc. The European Central Bank is also preparing for an announcement from its president Christine Lagarde, which is also projected to shed light on the real consequences of how the euro’s rally had affected inflation. EU policymakers would then have to keep an eye on the currency to muffle its increase and help its economy combat the pandemic.



Weary markets are likely to buoy the Japanese yen thanks to positive indicators in China’s recovery even as the coronavirus pandemic reaches its one million-mark worldwide. Asia’s manufacturing capital is expected to report improvements in manufacturing PMIs for September, both for its overall activity and surveys across 700 Chinese enterprises. This will help keep the market engaged in Asian safe havens like the yen, which is evident in its stooping 50-day moving average. It has already been way below its 200-day moving average since late April. But keep note that most investors are also waiting for the results of the upcoming US presidential election later this week. Economic analysts claim that it would be better for the dollar if the republican party takes the lead on Wednesday, even after its economy absorbs the effects of the unveiling of a new $2.2 trillion coronavirus relief bill that reduces the costs of economic aid.



Investors are still reeling over a possible nationwide lockdown in Canada after reporting more than 1,700 new daily coronavirus cases in two of its biggest states. Organizations have been calling for a stage two lockdown in the states, which would close indoor businesses such as gyms, restaurants, and movie theaters. Worries are projected to push the market away from the loonie’s counterparts, including the relatively safer currency kiwi. The pair’s 50-day moving average just touched its current levels, but risk aversion is projected to keep its track above the 200-day moving average. This could be further proven by the fact that contrary to Canada, the Kiwi economy began easing its lockdown measures and is even considering a wider gate for its travel industry. Notably, the greenback’s blanketed stagnancy is also projected to help the kiwi dollar increase driven by recent positivity from the Chinese economic indicators.



Investors are expecting the UK Prime Minister Boris Johnson to give into a last-minute deal with the European Union regarding their trade relationship, which would then benefit the united bloc much more in the long run. The EU warned Britain that it could be flooded with cheaply produced food if it pushes through its plan to lower its regulatory standards post-Brexit. Emerging campaigns claim that shops and restaurants wouldn’t serve the so-called standard meat because it would be harmful to their farming sector and their place in global competition. Across the pond, investors are bracing themselves for a game-changing presidential election in the US and key economic indicators that would determine the pace which the largest economy in the world has been recovering from the pandemic. Even as the pair’s 50-day moving average moves further up from the 200-day moving average, risk aversion is likely to prop up sterling’s dollar opposite.


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