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The Single Currency to Polish zloty trading pair is on the road to recovering some of the late September and October losses, gradually climbing up from surprising rebound in the Eurozone economy. With a 0.2% growth on its quarter-over-quarter reading, the third quarter or Q3 GDP growth of the bloc, fortunately, came in better than anticipated. That news raised the single currency in sessions, reviving traders and investors’ confidence. The climb won’t be easy though, as a new resistance line forms as local Polish traders’ trust in the currency and economy remains unfazed. According to Poland’s Minister of Finance, Investment, and Economic Development, Jerzy Kwiecinski, the Polish economy is likely to expand by at least 4% to 4.5% this year. Kwiecinski said that the good industrial production growth of the country, which rose by 5.6% in September, is a good indicator that the country’s economy is doing well.
The Australian dollar is in trouble against the US dollar in coming sessions after the pair slipped last Friday, some traders were convinced that the buck would eventually drag the Aussie. The strong Aussie put on a tough fight for the greenback as it takes advantage of trade war uncertainties. However, the USD is not backing down as it gains support from last week’s progress and is looking for ways to outrun the AUD after upsetting news about the Australian economy. The US economy is expected to continue its expansion for the 12th consecutive year by next year, but only at a slow and steady pace of 2%, slowed down by political factors and international trade tensions. Not to mention, the RBA unsurprisingly waved the white flag on its hopes to increase the country’s wage growth. The Reserve Bank of Australia’s best bet on the unemployment rate is going down from 5.1% to just 5% by the year 2021 ends.
The recent weeks have been rather stagnant for the British pound to Japanese yen trading pair, but the pair will soon pick up its pace as Japan takes a blow from its faltering economic performance and trade war news. The surprise drop in Japan’s machinery orders raised doubts about business spending in the country. The country’s core manufacturing orders fell for the third consecutive month last September according to recent reports. Then, the British pound and the UK economy was saved by the unexpected boom in the kingdom’s entertainment industry. Britain’s economy largely benefited from the sudden expansion of UK’s film and TV production industry in the last quarter by 0.8%, almost three times better than the overall economy. And with that boost, the British economy avoided falling into a recession. Experts now forecast a 0.4% growth in the economy, partly due to the temporary lift of businesses from stockpiling goods ahead of Brexit.
Both the Canadian dollar and the New Zealand dollar have weakened in the previous session due to concerns about both of their economies. The Canadian loonie fell hard after the surprise drop in domestic jobs, loosing 1,800 workers in October. However, the question that stands is which will stand stronger, and it appears that the kiwi will outrun the loonie. Last week, the widely known dovish Bank of Canada left its doors open for a possible rate cut in the further as its officials express concerns about the uncertainties brought by the constant trade disputes. The chances of the BoC to slash rates rose from 15% to 25% after the Canadian jobs data was released. Meanwhile, it is expected that the Reserve Bank of New Zealand will deliver a pre-Christmas rate cut to record lows. The suspected rate cut will set the country’s key interest rates to record lows, this is after the central bank hinted that it was willing to level up its stimulus game if necessary.
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