Charts and Market Updates February 24, 2021

Charts and Market Updates February 24, 2021

Good day traders! Check now the most recent charts and market updates for today’s session. Learn more about analysis and be up to date on the current happenings in the market!

EURTRY

The euro currency will advance against the Turkish lira in the coming session towards the 9.10000 resistance area. German is set is set to publish its GDP growth for Q4 2020 quarter-over-quarter. Analysts are looking for a 0.1% increase from the third quarter’s 8.5% data on Wednesday’s report, February 24. While the forecast will save the EU’s largest economy from contraction, a potential drawdown towards the negative territory added worrisome among traders and investors. In addition to this, the majority of the PMI reports from the EU and economic powerhouses Germany and France were lower against their previous data. The disappointing numbers from this week’s reports will add attractiveness to the single currency as a haven asset. On the other hand, manufacturing confidence in Turkey soared to its highest level since May 2018 with 109.3 points. The reported figure will boost Turkey’s equities and pressure the local currency.

Charts, Charts and Market Updates February 24, 2021

GBPAUD

Australia’s wage price index increased by 0.6% QoQ. Meanwhile, the report advanced by 1.4% on a year-over-year basis. These figures were higher compared to readings of 0.3% and 1.1%, respectively. Meanwhile, the report published by the credit rating agency Fitch Ratings added optimism among investors. Fitch maintained an AAA rating with Australia citing the country’s impressive GDP figure in fiscal 2020 of -2.8%. This number is lower than the 3.8% average given to countries with an AAA rating. Hence, a decline in the Australian dollar and increase in Australian equities should be expected. On Wednesday, February 24, investors should also look at the Private New Capital Expenditure QoQ report. Forecast for the report is a 0.4% growth for the fourth quarter of 2020. If the actual result came out positive, it will be the first positive growth in the past two (2) years. This will add conviction to a decline in the Aussie dollar.

Charts, Charts and Market Updates February 24, 2021

GBPCAD

The GBPCAD pair recently broke out of the “Rising Widening Wedge” pattern resistance line and is expected to continue trading higher. The United Kingdom’s unemployment rate in December jumped to 5.1% amid the discovery of the UK COVID-19 variant. Analysts are anticipating the report to post higher data for the month of January when infections by the mutated virus hit its peak. In addition to this, Britain recorded -114K job loss on a 3-month moving average. Following the labor statistics, Finance Minister Rishi Sunak issued a statement saying that the government will provide billions of dollars in creating new jobs within the next four (4) months. However, this might only lead to lower credit rating with the United Kingdom as debt level soars. These figures will shrug off a positive result for Claimant Count Change of -20.0K against 35.0K expectations. In fiscal 2020, the UK’s economy shrank by 9.9%, the biggest annual decline since 1709.

Charts, Charts and Market Updates February 24, 2021

USDDKK

The US dollar regained its strength in 2021, but is now starting to fade away. The greenback will revisit its 2021 low at 6.02321 as the month comes to an end. Following the disappointing labor data, House Speaker Nancy Pelosi committed to passing President Joe Biden’s $1.9 trillion stimulus before March. In addition to this, the US equities have suffered in the recent days and a recovery is expected in the days to come. Also, crude oil might retreat from its 12-month high as Texas energy sources began to resume their operation. These information are leading to an eventual fall of the USD. Meanwhile, investors should expect the Danish krone to decline in the near-term. Denmark’s government received recommendations from different parties to gradually reopen its economy. If the authorities lifted several restrictions, the country’s index will advance while DKK will shrink as investors will begin to shift to riskier and rewarding equities.

Charts, Charts and Market Updates February 24, 2021

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