Charts and Market Updates November 28, 2019

Charts and Market Updates November 28, 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!

EURGBP

The British pound is on track to gain against the euro and pull the EURGBP pair lower in early December. As of today, the pair remains stagnant as both receive support from their respective economies’ performance. The Spanish Consumer Price Index went up from 0.1% to 0.4% on a Year-over-Year basis, according to the Spanish National Institute of Statistics today. The Spanish CPI YoY results exceeded expectations of 0.2% growth prior. Also, the country’s Harmonized Index of Consumer Prices met projections of 0.5% from 0.2% YoY. Still, those figures won’t prevent the British pound from further going down as the GBP gains power from the Nationwide HPI MoM and YoY results for November. The UK Nationwide HPI YoY unexpectedly rose from 0.4% to 0.8%, the figures surpassed economists’ expectation of 0.2% contraction. Meanwhile, the UK HPI MoM hiked 0.5% from 0.2%, exceeding expectations 0.1% decline.

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AUDUSD

The Australian dollar is bound to gradually decline against the US dollar despite mixed sentiments about the US-China trade war. The latest report of the Australian Bureau of Statistics about the country’s total expenditure also added unwanted pressure on the Australian dollar, signaling bears to take advantage of the setting. Australia’s private new capital expenditure failed to meet expectations of -0.1% as it records -0.2% from -0.6% on a Quarter-over-Quarter basis. It is expected that the AUDUSD pair would continue its downward direction as investors show little concerns about the slightly gloomy core personal consumption expenditure (PCE) results of the United States. Besides, the promising figures from the US gross domestics product (GDP) growth and durable goods orders are making up for the PCE’s loss. Still, a one-day plummet isn’t expected as USD traders are moving cautiously following President Trump’s recent signing of the HK law.

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USDCHF

The US dollar to Swiss franc exchange rate formed a pattern wherein as it’s just about to hit resistance it sharply falls. With that, it is expected that the pair will sharply fall again as the US dollar moves cautiously and the Swiss franc gains support from the country’s economic activity. The greenback received pressure after the United States President Donald Trump signed the HK Human Rights and Democracy Act, raising tensions between Washington and Beijing and sending a wave of woes to trade war hopefuls. Meanwhile, the Swiss franc is projected to pull the pair lower as Switzerland’s gross domestic product (GDP) growth empowers it. The Swiss GDP went up from 0.2% to 1.1% on a Year-over-Year basis according to the States Secretariat for Economic Affairs, beating forecasts of 0.8% growth. Meanwhile the Swiss GDP growth for QoQ went up from 0.3% to 0.4%, topping expectations of a 0.2% decline.

Charts

GBPBRL

As of the moment, the Brazilian real is trying to hold back and halt the GBPBRL pair from reaching support levels. However, with Johnson’s December Brexit promise and UK’s upbeat economic performance, the pair is bound to go up. A recent survey buoyed hopes as it suggested that the British Prime Minister Boris Johnson and the Conservative Party were on track to lead the December 12 general election in Britain. On the poll, it was projected that the Conservative would snatch 359 seats and the Labour party with 211, the Scottish National Party with 43, and the Liberal Democrats with just 13. Of course, the election will have a significant impact on the British pound. Still, many believe that the UK elections haven’t priced much into the value of the pound sterling yet. If that wasn’t enough, traders are concerned that the unrests across Latin America will result in sluggish figures from Brazil’s economic activity and a much weaker Brazilian real.

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