Here are the latest market charts and analysis for today. Check them out and know what’s happening in the market today.
The pair failed to break above the down-trending trading channel in recent trading sessions. It ended the previous session in the green, although the price reached multi-week lows in the same trading day. The price still stays below the 200-day moving average and above the 50-day counterpart, indicating cautious trading for among bulls and bears. Israel recently expressed some concerns over the US’s decision to remove nearly all of its troops from Syria. Israelis worry that the decision could result in the resurgence of Islamic State and give Iran more freedom of movement. Using a broader perspective, it also puts doubt over Uncle Sam’s commitment to its allies, which include Israel. Tensions are becoming increasingly high as the US continually pulling out forces in the Middle East. The tensions exist between Israel and Iran, following the Turkish invasion of northern Syria.
The pair is trading sideways, fluctuating above and below the 200-day moving average. The relation between the two currencies’ countries can be muddled in the near future. Vladimir Putin and Donald Trump could lock horns again as tensions simmer over in Africa, with Russia-ally Egypt escalating war talk amid the key meeting in Russia. At the same time, Russia and Turkey agreed this week on a plan to push Syrian Kurdish fighters from south of Turkey’s border. This solidifies Putin’s preeminent role in Syria as US troops pull out from the Middle East. This agreement will leave Turkey and Russia in control of the territory formerly held by the Kurdish forces once allied with the United States. Elsewhere, markets are pricing in a likely rate cut by the Russian central bank following the cuts imposed by other emerging market central banks this week. The markets expect the bank to slash the borrowing cost and lowering its key rate to 7%.
The pair is slowly creeping up the daily charts with small gain in recent trading session. It recently managed to break above a key resistance line and will likely continue slowly traversing upwards. Over in Swiss elections, climate change-concerned won more than 20% of the votes. The Green Party (GPS) surged into the fourth place and secured 28 seats in the lower house, which has 200 seats. The Green Liberals (GLP) obtained 16 seats. The gains reflected Swiss voter’s concerns over climate change, which was considered to be a dominant issue in the elections. Still, Switzerland is Switzerland, so no single party secured a majority. For decades now, the seat of seven in the Federal Council has been dominated by the main parties SVP, the Social Democrats, the FDP liberals, and the CVP. The SVP has campaigned for more than a decade on immigration restrictions and EU relationship limits, but the were barely discussed in the elections.
The pair has experienced a lot of volatility in the previous sessions, plummeting to monthly lows and experiencing extremely cautious trading in the recent sessions. The British pound has had a wild round in the previous week, as Brexit negotiations and voting go back and forth. Most recently, Britain will have to propose a candidate for a commissioner in the next European Commission if it still remains a member of the European Union after October 31, according to incoming commissioner head Ursula von der Leyen. This comes after the British parliament held voting on the Brexit deal proposed by British Prime Minister Boris Johnson. This compelled the PM to ask EU for extension. Should the extension be granted, there is a chance for another Brexit referendum, in which case Brexit will likely never happen anymore. Meanwhile, EU officials have said that an extension until the end of January next year could still be possible.
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