Charts and Market Updates September 22, 2020

Charts and Market Updates September 22, 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!

USDCAD

The greenback, after breaching its previous resistance levels, is on a six-week high. The increase extended gains as markets slowly turned away from risk markets over a new wave of coronavirus cases in the Eurozone. The US Federal Reserve’s Jerome Powell is projected to meet the US congress in a series of meetings this week with hopes that its house spending and housing market have both increased in August. Meanwhile, fears about Canada’s recovery are coming into fruition: its immigration numbers, or the lack of it, has taken a toll on its economy. ADP Canada National Employment recently reported a 205,000 decline in employment in August in comparison to July, and economists fear that the lost jobs wouldn’t come back for the rest of the year. July had seen an additional 523,000 jobs in comparison to the 1.15 million jobs the month prior. The slowing figure is projected to benefit the safer greenback in upcoming sessions.

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NZDUSD

The Reserve Bank of New Zealand is projected to meet on Wednesday to review its monetary policies. On its latest meeting, held on August 12, the central bank had announced that it expanded its Large Scale Asset Purchase program. Since then, its government had posted a deeper economic decline than its peers, or -12.4% on an annualized basis. Fortunately, the meeting will come after Prime Minister Jacinda Arden lifted all lockdown restrictions outside Auckland. Schools and businesses were told to continue at “Covid-normal” levels with caution. The state left locked has a third of the country’s five million population, but was still only kept shut for only 15 days from the announcement yesterday. It looks like the kiwi dollar is still the safer currency of the two since it had managed to contain its domestic outbreak while the United States continues to wear its crown as the country with the most coronavirus cases in the world.

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AUDJPY

Out of the 1,1014 tests held daily, Japan dipped below three-digit counts for new daily coronavirus cases today. The progress is projected to help the Japanese yen, alongside risk aversion in the financial markets, as the new prime minister Suga Yoshihide continues his busy weeks continuing his predecessor’s mission. The Bank of Japan had left its fiscal stimulus package unchanged only one day after Yoshihide Suga took over as the country’s prime minister. Its key interest rate is still at negative territory at -0.1 percent, as well. The central bank seemed to have immense faith for Suga because it had upgraded its economic assessment for the first time since the coronavirus hit its economy earlier in the year. The gradually resuming economy is projected to help the Japanese increase against risk-oriented markets like the Aussie, which is also having trouble with its own employment figures and fiscal stimulus to help its economy.

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AUDUSD

It looks like the pair’s months-long reign is about to break down. Risk aversion in the market is projected to prop up the US dollar and make the Aussie suffer. Australia’s economic activity is suffering no thanks to surveys claiming that although its unemployment figure is falling, those without work are still struggling to find a job. People who wanted to work more hours than they did remain steady at 11.2 percent, while its total hours worked rate is down 5.1 percent in comparison to August 2019. Interest futures are still in the clouds in Australia in comparison to the Federal Reserve’s recent reports, which had assured markets of where the Federal government wants to go for the next three years from now. Markets are also expecting updates from the Reserve Bank of Australia that calls for negative interest rates, another fiscal stimulus, another bump to a higher unemployment rate, and a deeper economic decline by the end of this year.

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