Charts and Market Updates November 04, 2019

Charts and Market Updates November 04, 2019

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

EURCHF

Upbeat results from various reports in the Eurozone is backing up the single currency in sessions against the Swiss franc. First, the German manufacturing purchasing manager’s index went above the 0.2 points forecast. Germany’s manufacturing PMI rose up to 42.1 from its previous 41.2 level. Although, it has not soared beyond the 50-point mark, euro traders were given a boost in confidence as the eurozone’s powerhouse is slowly making a comeback. Next, the French manufacturing PMI also went up to 50.7 from its previous reading of 50.1, beating expectations of a 50.5 outcome. And lastly, the Eurozone’s manufacturing PMI went up to 45.9, beating forecasts of retaining its 45.7 reading. However, Switzerland’s SECO consumer climate index, which measures the level of confidence of Swiss consumers, went up from -11 to -17. Luckily for the single currency, the negative Swiss data wasn’t enough to push the euro into losing territories.

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AUDJPY

The Australian dollar is expected to struggle in upcoming sessions against the Japanese yen after the Australian retail sales data weigh on Aussie traders. Today, the Australian retail sales Month-over-Month report showed contraction in the country’s total value of inflation-adjusted sales to 0.2% from its previous record of 0.4%. Aussie traders were disappointed because instead of expanding to 0.5%, the country’s retail sales data tumbled lower. Although more and more forex analysts went away from their expectations of another rate cut this year, there are still 25% of experts who still believe in a rate slash before 2019 ends. The AUD is expected to react immediately tomorrow as the RBA announces its monetary policy decision.  Today’s a holiday for Japanese yen traders as the people celebrate culture day. The recent sessions for the pair have turn out less violently from early October trading.

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GBPNZD

The New Zealand dollar continues to drag the British pound sterling into negative territories as the two currencies appear to be in a slow tug of war in past sessions. The kiwi remains strong against the pound despite the recent decision of News Zealand’s treasury to revise lower their neutral interest rate to 3% by 75 basis points. The neutral interest rate is neither expansionary nor contractionary. Oddly enough, even with the support from the United Kingdom’s construction PMI, the pound sterling still didn’t stand a chance against the New Zealand dollar. The UK construction purchasing manager’s index expanded from 43.3 to 44.2, going above expectations of a 44.0 growth, according to the report released earlier today. However, the data is still below the 50 mark that indicates growth in the construction industry. Pound traders are waiting for the BOE’s meeting on Thursday, where no one is expecting any sudden changes for the bank’s rates.

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USDHUF

At first glance, the greenback appears to be is on its way for a comeback as traders get support from last Friday’s positive nonfarm payroll results in October, but traders are skeptical whether it can stand fight back against the Hungarian forint’s strength. The greenback initially fell on Friday despite US stocks reaching record highs that day. The NFP report showed an increase by 128,000 in US jobs and the unemployment rate slightly moved at 3.6%. But traders are concerned whether the US dollar will really continue to make a comeback considering that the US economy and economic activities are doing fairly well, just “well”. Another factor that causes trouble in the USDHUF is the consistency in Hungary’s economic strength. Recently, Hungarian Central Bank Governor Gyorgy Matolcsy said that the country still has no plans of entering the Eurozone and called the euro a “strategic error.”

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