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Daily Market Charts and Analysis August 5, 2019


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



The USDJPY plummeted steeply as risk aversion dominated the forex markets on Monday after China let the Chinese yuan fall below the psychologically important 7 levels. Consequently, the dollar weakened against the Japanese yen as seen on the daily charts after investors flocked safe haven assets such as the yen and gold. The USDJPY pair now trades below the 50-day moving average and the 200-day counterpart on the daily chart, retracing back much of the perking up it established in the previous month. The most recent escalation in the US-China trade war comes a few days after US President Donald Trump announced plans for additional 10% tariff on $300 billion worth of Chinese imports. The People’s Bank of China said that the yuan’s push north of the 7.00 mark reflects “tariff expectations and protectionism.” The Japanese yen strengthened alongside other safe havens like gold.



The New Zealand dollar has also been affected adversely by the yuan move, with investors shorting the kiwi as liquid proxy to the renminbi. Speculations rage that Beijing could use the Chinese currency as weapon in the US-China trade spat. The kiwi has also spilled on safe-haven assets since the US threatened to impose more tariffs. The Reserve Bank of New Zealand will hold its policy meeting on Wednesday, with the markets widely anticipating it to cut rates a quarter point, ending at 1.25%, mainly to prevent the kiwi from rising as other major central banks ease. We can also expect the bank to adopt a more dovish tone outlook because of the domestic and international risks. The RBNZ has also provided lower forecasts for its rates in the future. Last May, the bank predicted rates would bottom out at 1.4% by early next year. This means there is still enough room to lower the path.



The pair is experiencing a pullback as the US dollar apparently weakened against the British pound in light of the escalated tensions between the US and China. The UK’s Construction Purchasing Managers’ Index was released on Friday, coming in at 45.3 for July. This was better than the previous 43.1, although it missed the market’s expectations of 46.0. However, the upwards potential of the British pound is capped by the higher chances of a no-deal Brexit after Boris John won as the new UK Prime Minister. The British pound will continue to suffer limited strength as news over the weekend should keep investors worried. News said that Dominic Cummings said that MPC will not be able to prevent the UK from leaving the EU bloc on October 31. Because of the ongoing recess, it will not be possible to call for a no-confidence vote until September.



The euro strengthened against the Canadian dollar, carrying the pair above a strong resistance level and towards the 50-day moving average as seen on the daily charts. Last month saw the European Central Bank nearly promising to ease policy further as the bloc’s growth outlook stumbled. Now, euro zone business growth slumped as demand declined, based on a survey that showed a deepening downturn in manufacturing that is increasingly disrupting the bloc’s dominant services industry. IHS Eurozone Composite Final PMI, which is generally used as a measure of the economic health, fell to 51.5 in July from June’s 52.2, nearing the 50-mark, which tells between growth and contraction. However, markets ignored the data and instead shifted their attention to the worsening US-China trade war. The dispute is the biggest threat posed to the global economic growth.




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