Here are the latest market charts and analysis for today. Check them out and know what’s happening in the market today.
The pair has been trading sideways in recent weeks on the daily chart, but the price is trading at multi-month highs reached last June. Moving averages recently confirmed the golden cross, which means that traders are becoming more bullish on the euro than the Danish krone. Over in Denmark, new figures reveal Danish gross domestic product was 1.5% higher in 2018 than previously estimate. The main reason was the significant revision of the trade surplus. But at the same time, productivity growth has been significantly stronger than estimated so far and is based on a broadly stronger development across industries. This is important because the stronger productivity implies a higher growth potential for the economy. The current economic recovery was largely boosted by a strong labor market. At the same time, several sectors contribute to the higher productivity growth. The pharmaceutical industry has also been strong driver of industrial production.
The pair is trading sideways, converging with the 50-day and 200-day moving average which are nearly on the same levels. This means that traders aren’t sure where to side with, so the trade is going sideways. From the euro side, outgoing European Central Bank (ECB) executive board member Benoit Coeure will head a new unit at the Bank of International Settlement (BIS) focused on financial technology like digital currencies. In relation with Turkey, European Union foreign ministers have given the go signal on economic sanctions over Turkey’s drilling off the coast of Cyprus. This set up the legal framework for travel bans and asset freezes but leaving names until a later date. This decision is seen by the market as a sign of further deterioration in EU ties with Turkey. It aims to punish Turkey for violating Cyprus’ maritime economic zone by drilling off the divided island.
The pair is still trading near multi-month highs, affirming the sustained strength of the British pound. The 50-day moving average indicates that the sentiment for GBP is still bullish against many major currencies. For fundamentals, Australia’s former top diplomat in the United Kingdom, Alexander Downer, says that the Morrison government would need to “substantially reduce” intelligence sharing with London if Jeremy Corbin wins the UK general election on December 12. According to Downer, a Corbyn victory would imperil substantial Australian investments in Britain. It would then start a reassessment of the “very intimate” security relationship between Canberra and London. Also, he said he believed Boris Johnson could has about 70% of winning, but if the Conservatives failed to win outright, the world can expect Corbyn to be the United Kingdom’s prime minister.
The pair is trading within tight ranges, with the price using the 200-day moving average as a solid support line. The Canadian dollar weakened since last week as the Statistics Canada released jobs report for October. In October, the economy lost 1,800 jobs, coming after the gains of 54,000 jobs in September and 81,000 in August. Full-time jobs declined by 16,100, offset in part by a gain of 14,300 part-time jobs. Unemployment rate was steady at 5.5%. As for Brexit, an explosive concession has recently been made. Nigel Farage, a key Brexit person, has declared that his Brexit Party will not field candidates at the UK’s forthcoming election in seats currently held by British Prime Minister Boris Johnson’s Conservatives. The announcement came after some weeks of pressure from prominent supporters, who feared that putting candidates in every seat could divide the pro-Brexit vote and work to the advantage of sides who want the UK to remain in the EU.