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The United States is projected to report improvement for its employment record, just as its Federal Reserve promised weeks ago. After the unprecedented decline in initial jobless claims last week, the figure is yet again expected to fall from 870 thousand to 850 thousand in the current week thanks to reopening businesses and millions of people going back to work. If the figure would increase, it means that the ISM Manufacturing PMI could also get the chance to grow with it. Since the figure began to grow in March, September would mark its seventh consecutive month of growth. Despite the announcement that US Treasury Secretary Steven Mnuchin and House Speaker Pelosi will continue their talks for another pandemic relief package for households, it looks like today’s economic indicators will be the leader of the greenback’s near-term trend. The dry day in the Romanian economy is projected to keep the dollar up.
The pair is now projected to go through a correction, heading back to levels last seen in May. This will be brought by positivity in the manufacturing sector across major economies in the eurozone, which mostly reported good news earlier today. In fact, participating countries like Spain and France reported better-than-expected manufacturing PMIs for the month of September, which came in at 50.8 and 51.2, respectively. The markets expected Spain to inch up to 50.7 from 49.9 while it expected France to grow from 49.8 to 50.9. Both figures concluded that the bloc is finally experiencing growth in the sector. Although Italy’s increase to 53.2 figure was less than expected, it was still an improvement from the 53.1 seen prior. As a result, the whole bloc saw an increase for the sector at 53.7, up from 51.7 seen in August. Optimism is projected to benefit the euro against the crown, more uncertain currencies, like the crown.
The Hungarian government is struggling to keep its economy afloat. As a result, its finance minister Mihaly Varga extended a moratorium on loan payments for selected households and companies until June 2021. Varga also warned that the economy will struggle to grow until a coronavirus vaccine is found. Hungarian companies have seen their revenue drop by 25%. Meanwhile, the eurozone looks like it’s having a field day. Several manufacturing figures in the bloc have seen their manufacturing output grow in September even as the coronavirus started to take over several economies again. Although its manufacturing capital, Germany, saw a less-than-expected growth due to resurging cases, its 56.4 growth was still better than the 52.2 seen prior. Spain, France, and Italy all reported growth in the same month, bringing its overall bloc to see growth at 53.7 points, up from 51.7 seen the month prior.
The euro will quickly stabilize its footing and tease its resistance level once again thanks to more markets anticipating long-term consequences for the Russian economy. Although Russia managed to fare better than the market anticipated so far this year, several sanctions from other countries, as well as its sluggish inflation and employment figures, are slowing down its government budget. Declining oil prices and the global recession is projected to pull the ruble down against safer currencies like the euro, especially as markets become increasingly optimistic over economic growth in the European region, especially in its manufacturing sector. The largest countries in the bloc saw higher growth in September despite the recent resurgence in coronavirus cases, a sign that the economy remains one of the most resilient as investors await the hinted “strategy overhaul” from the European Central Bank hinted by its president Christine Lagarde earlier.
- Trading Instrument