Charts and Market Updates November 05, 2019

Charts and Market Updates November 05, 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!

USDCAD

Traders believe that the US dollar will push the Canadian loonie on the losing end after traders finally digest the improved reading from the US Markit purchasing managers’ index. The US Markit PMI report for the month of October delivered promising figures as the sector ticked up from 51.1 to 51.5 last month, beating forecasts of a 50.7 contraction. The US report also indicated growth in the US services PMI and the Composite PMI. According to the report, the Services sector’s PMI went up from 50.9 to 51. Meanwhile, the US composite PMI rose to 51.2 from 51 in October. However, those readings fell short of the markets’ expectations, showing only gradual growth in the sectors. Interestingly enough, the Canadian dollar’s strength came as the Bank of Canada recently decided to turn dovish, getting more influence and following in the steps of other major central banks across the globe.

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AUDCHF

The recent decision from the Reserve Bank of Australia boosted the Australian dollar against the Swiss franc in today’s trading session. The AUD is expected to continue its strong uphill climb as the Aussie traders are still on cloud nine following the RBA’s decision, housing, and unemployment data. The marginal improvements in Australia’s economic activities pushed the Reserve Bank of Australia to hold on to its current interest rate of 0.75% on its November meeting. The favorable outcome of the housing and unemployment reports lifted the pressure off the RBA to cut rates. However, traders still believe that the Australian central bank will slash its quarterly GBP growth forecasts later this week, leaving traders with some room for speculation over whether the Australian dollar is in trouble for the long run or not. Meanwhile, world stock markets rallied recently, putting more pressure on safe-haven assets such as the Swiss franc.

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USDJPY

The USDJPY trading pair is once again climbing up in sessions, meaning the US dollar gets to continue its winning streak against the Japanese yen. The greenback got its much-needed boost from last Friday’s positive data from the US jobs report that brought back traders’ confidence paired with the hopes that come along the US-China trade war progress, not to mention that global stocks are also climbing higher, placing highly volatile safe-haven assets such as the Japanese yen on the edge on trading sessions. It looks like the pair won’t go down anytime soon as the softer trade stance for both sides keeps pushing equities higher. USD traders are now waiting for the US FOMC Member Thomas Barkin to give his speech later the day. The Federal Open Market Committee official is expected to drop subtle hints about the future of the US dollar and the Federal Reserve’s monetary policy.

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EURBRL

The question regarding is the EURBRL pair is not which currency is the dominating, rather, which pair still has more fuel in its tank. Both the single currency and the Brazilian real are showing signs of fatigue as both are suffering from their economies. For the moment, the Brazilian real appears stronger than the bloc’s single currency in sessions. However, Brazil’s Markit services purchasing managers’ index report released today showed a drop from 51.8 to 51.2, although it is worth noting that the reading is still above the 50-point mark and is still indicating expansion in the sector. The Brazilian central bank also slashed its key interest rate for the third consecutive time during its last meeting following the key reforms to support the recovery of the country’s economy. Meanwhile, the single currency continues to receive pressure from upsetting eurozone data such as Spain’s consumer confidence contracting from 80.7 to 73.3.

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