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 in tight ranges above the 50-day moving average. This comes after the price broke away from a downtrend that trapped it coming after recent multi-month highs. Over in Great Britain, British Prime Minister Boris Johnson decided to suspend the British parliament in the runup to the next Brexit deadline. Opposition leaders released a joint statement via Twitter, saying that they will work together to stop the prime minister’s tactic which they called a “smash and grab on democracy.” The statement came from the Labour Party, the Scottish National Party, Liberal Democrats, the Independent Group for Change, Plaid Cymru, and the Green Party. Meanwhile, in Australia, economic growth has fallen to the lowest level since the global financial crisis. However, Prime Minister Scott Morrison claims that he “can’t see” the country slipping into recession territory. Australian Bureau of Statistics data showed that gross domestic product grew by 0.5% in the quarter ended in June.
The pair is trying to turn around and break above a resistance level at 1.6400 level, converging with the 50-day moving average that acts as a solid resistance to prices. Over in Canada, Prime Minister Justin Trudeau is facing tight competition as the election campaign kicks off. Trudeau rose to power in November 2015 as he promised “sunny ways” while also approving progressive policies such as the emphasis on gender equality, gay rights, and the environment. Now, the Canadian PM is facing an electorate that’s more concerned with economy and affordability ahead of the October 21st election. The country’s economy grew more than expected during the second quarter, and this provides a boost for Trudeau’s campaign as he tries to court voters for re-election. Data showed that the country’s economy expanded at an annualized sate of 3.7% in the second quarter, which is 2.3% higher than the Bank of Canada’s estimates in July. This serves as the fastest pace of growth since the 4.4% in 2017 Q2.
The USDDKK pair is trading above the both the 50-day and 200-day moving average and this indicates a bullish roar for this pair’s traders. The 50-day MA also hold higher ground than the 200-day MA, further solidifying a bullish trend in the future. The dollar was stronger as investors are gaining more appetite for risk although they were still generally cautiously trading. This appears indicative of traders being only half-willing to commit to the dollar after taking a trade war boost last week, which has probably spilled over this week. Markets overall will probably take a cautious pause. Over in Denmark, the Danish gross domestic product gained 2.3% during the second quarter compared to the same quarter from a year earlier, according to Statistics Denmark. From the first quarter, the Danish GDP grew 0.8%. First quarter GDP growth was revised up to 0.2% from the fourth quarter last year. That’s higher than the previous figure of 0.1% in early predictions.
The pair managed to climb back from recent lows and broke both the 50-day and 200-day moving averages, with the strength of the British pound primarily coming from the prospect of avoiding a hard, no-deal Brexit. Even so, the 200-day MA is still above the 50-day MA, indicative of traders’ bearish bias on the pair, driven by the uncertainty from BPM Johnson’s actions and the future of Brexit. Over in New Zealand, markets are predicting the country’s GDP to rise by 0.6% for the quarter ended in June. This matches the pace showed in the previous two quarters. The service sector is predicted to have revved up after a tough time in the March quarter. The markets’ GDP estimations come slightly above the Reserve Bank of New Zealand’s predictions. The current account deficit has likely growth to a 3.4% of GDP but can be changed depending on the revision on annual data revision. Exports likely picked up while imports probably remained flat.