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The Canadian dollar will trade lower against the British pound in coming sessions. This was amid the disappointing figures for March on Ivey Purchasing Managers Index (PMI) report. The 26.0 points figure is a half lower from February’s figure of 54.1 points. The numbers posted yesterday, March 07, is also the lowest point level in the country’s history. Despite having a resilient economy, analysts believe the report will hit Canada’s economic growth. Meanwhile, the United Kingdom was able to maintain its figure for labour productivity in yesterday’s report. This was despite the country having the fourth-largest coronavirus cases in Europe. The 10,000 confirmed cases in the country include UK Prime Minister Boris Johnson who was earlier rushed to the hospital. He is currently in the Intensive Care Unit (ICU). Foreign Minister Dominic Raab will temporarily replace Johnson in leading the UK.
The strength of the US dollar might finally come to an end. This was amid the recovery in the US indices. In the last week of March, investors placed their bets on the greenback as American economy plummeted due to the coronavirus outbreak. The $2 trillion stimulus package by the US government further added optimism among currency traders on the future of the US dollar. The added liquidity in the market made the value of the dollar to drop, making it attractive among traders and investors. However, as the coronavirus cases and unemployment in the country continue to soar, the US might be forced to add another liquidity in the market. The Federal Reserve will be having their meeting today, April 08, to discuss the current economic health of the US economy. Meanwhile, Denmark was taking advantage of the pandemic. The country’s trade balance rose to $11.3 billion from the $10.6 billion previously recorded.
The optimism in the NZD will help the currency to trade higher against the British pound in coming sessions. The Global Dairy Trade Price Index grew by 1.2% from the slump of 3.9% in February. Dairy products are one of the main exports of New Zealand. Thus, the result from its recent report will help the kiwi to trade higher against a basket of major currencies. The result was published after an analyst said the country is facing the biggest decline in its history. An economics and finance expert in Massey University, on the other hand, expressed his support for the NZ government. He argued that despite weakness in the global economy, the government has a countless monetary tool to weigh down a recession. An economist in the UK also expressed his pessimism in the country. He said Britain is facing the biggest financial crash in the past 100 years. Analysts are worried about the UK’s future as its head, Boris Johnson, is currently in the ICU.
Turkey’s treasury cash balance for March went down by $40.45 billion. This is the second-largest drop in the country’s cash balance history. The reason for the decline was due to the deadly coronavirus. Major economies around the world are trying to offset the economic impact of COVID-19 by introducing fiscal and monetary stimulus. With the added liquidity in the market, the value of their currency will plummet. The opposite is true for the US dollar. As the primary mode of international payment, the cheap dollar only attracts investors. This was evident in the recent weeks when the US dollar saw its value increase against the basket of major currencies. This was despite the US indices plummeting in the past few weeks. The $2 trillion dollar recently passed by the US government will also add to the attractiveness of the greenback in coming sessions. Analysts further see the government adding more liquidity in the market.
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