Charts and Market Updates November 16, 2020

Charts and Market Updates November 16, 2020

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!

EURBRL

Hungary is planning to veto the budget allocated to help its economy from recovery from the coronavirus. A senior EU diplomat said that if the decision pushes through, the whole bloc will suffer an economic crisis because of it. Hungary is expected to vote against the package to be discussed on Monday afternoon with Poland following suit, raising the stakes for the economic recovery of the European Union – or lack of it, thereof. The challenge will drive the market away from the euro currency, consequently, as the risk of losing access to tens of billions of euros in the EU funds continues to take over. Meanwhile, economists are becoming more optimistic about the economic recovery of Brazil with sentiment projected to boost thanks to projections that its economy will be on track to growth once again by the end of the year. The seasonally adjusted increase of 1.3 percent in the recent quarter was above expectations of a 1.0 percent increase.

GBPBRL

The possibility of a no-deal Brexit is looming over the UK’s overall fragile economy. Economists and reports believe that even another wide sweep of stimulus measures wouldn’t be enough to help lift its economy, which could lead the Bank of England to resort to negative rates in the longer term. The threat is likely to push Sterling pound as it suffers further below its pre-crisis levels than any other Group-of-Seven economy. Meanwhile, investors are getting optimistic about the largest economy in Latin America. Brazil’s central bank’s seasonally adjusted economic activity came in at 1.3 percent in the third quarter showed great optimism for its economy in the near-term, which is also thanks to investors that boosted their stocks to their highest levels since March 5. Now that the Brazilian economy is on track to growth by the end of the year, the real could see its currency rise over its uncertain sterling counterpart for weeks on end.

RUBNOK 

Russia confirmed a new high of Covid-19 cases today, having counted 22,778 more people over the last 24 hours. The total infections are now above 460,000 with the overall count surging above 1.9 million with 303 people dying of the virus today alone. Despite the refusal to close down its borders, Russia is projected to suffer the consequences in its currency in the near-term over fears of it overcoming the US, India, and Brazil over the highest number of coronavirus case tally. Establishments have been converted into hospitals over the past week, raising concerns that ignoring the need for a lockdown could more of a toll on its economic activity in the long run. Meanwhile, economists believe that Norway’s gross domestic product may have recovered strongly in the third quarter by 5 percent in the July to September period. The krone is projected to move higher in the near-term because of this.

USDBRL 

Brazil’s central bank claimed that September had seen a surge in economic activity, which is projected to continue its recovery since its worst impacted quarter in the months ending the month prior. The seasonally adjusted increase of 1.3 percent was above the market’s consensus of a 1.0 percent uptick is projected to boost optimism for its economy as in the near-term. Moreover, sentiment for Brazil is projected to boost thanks to investors that boosted their stocks at its highest levels since March 5. A central bank survey also confirmed that its economy will be on track to improve within the year. Meanwhile, the largest economy in the world is averaging 150,000 new coronavirus cases a day with a grand total of 11 million total cases. The Federal Reserve is under pressure to initiate another fiscal stimulus as their condition worsens, raising the possibility that it could pump up its asset purchase programs, a strategy the central bank has hinted at in the past.