Charts and Market Updates October 28, 2019

Charts and Market Updates October 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!

USDZAR

The U.S. Dollar is losing its strength as America is losing its influence in Africa. The US pulling out of Syria gave leverage to Russia. Turkey bought Russia’s S-400 missile defense system. And recently, Russian President Vladimir Putin met with Saudi crown prince, Muhammed bin Salman. The meeting is seen as a way for Russia to broker a deal between Saudi Arabia and Iran. Putin backs Iran and Turkey in the Syrian war, while the U.S. supports Israel and Saudi Arabia. Russia had also recently hosted the first Russia-Africa Summit. Fifty-four African nations attended the Summit. South Africa, the leader of the African Union, is shifting alliance from the U.S. to China and now with Russia. This will further affect U.S. influence as a global leader. The U.S. withdrawal from the Indo-Pacific (Trans-Pacific Partnership), Europe (Germano-Franco), the Middle East (Turkey, Iran, Saudi Arabia), and Africa.

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USDRUB

The U.S. Dollar backs out while the Russian Ruble advanced. This was amid the recent withdrawal of America in the Syrian civil war. For years, the U.S. backed the opposition in the war, together with Israel and Saudi Arabia. Russia, on the other hand, have Turkey and Iran as its proxy in supporting the Assad government. America’s retreat was seen by political analysts as the decline of the U.S. military.

In line with this, Russia is leveraging its win in Syria at the expense of the United States. The country successfully lobbied the U.S. allies in the region – Turkey, Saudi Arabia, and Iran. Vladimir Putin has also hosted the first Russia-Africa summit as he aimed to bring Russia as a power broker in the Middle East and Africa. Russia also created an economic union with neighboring countries as its answer with the European Union. Moreover, Russia is building its military following the country’s withdrawal from the 1987 nuclear pact.

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USDCHF

The world is moving forward without the United States. Swiss President Ueli Maurer will tour in the Gulf region today, October 28. He is seeking to expand Switzerland’s influence and trading deals around the world. Among the countries that he will visit is the Kingdom of Saudi Arabia. His visit followed the recent visit made by Russian President Vladimir Putin in the country. The visit by Putin marks the fallout of the U.S. influence in the region after its withdrawal from Syria. A deal with the largest economy in the Middle East will further strengthen the Swiss economy.

Switzerland has the most neutral and stable economy, making it an ideal investment alternative to the U.S. and the EU. This was amid the recession with the EU’s largest economy, Germany, and the threat of a looming U.S. recession. The imminent US interest rate cuts create a prediction of a weakening U.S. dollar.

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GBPUSD

Investors are optimistic that PM Johnson will take his promise to take the UK out of the EU. This was amid the British parliament forcing Boris Johnson to send a letter to ask for a Brexit extension. Johnson sent a three (3) page letter to European Council president Donald Tusk. The first two were unsigned, which are the letters asking the EU leaders to extend the Brexit. On the third one was a signed letter, expressing his reasons why he doesn’t want a Brexit extension.

The contradicting letter sparked concerns that the prime minister could face fresh court action. If the UK managed to crash out of the EU, it will be its first time signing a trade agreement prior to its accession to the EU. The United Kingdom is looking forward to signing a trade deal with the United States. This will be the country’s largest deal in a post-Brexit United Kingdom. This optimism is expected to reflect in the rise of the British Pound.

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