Market News and Charts for October 01, 2020

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Hey traders! Below are the latest forex chart updates for Thursday’s sessions. Learn from the provided analysis and apply the recommended positions to your next move. Good day and Good Luck!

 

USD/HUF

The Hungarian forint takes advantage of the uncertainties faced by the US dollar and brings the trading pair lower. It is now widely believed that the pair’s prices would go down lower in the coming sessions, hitting its lower support levels in October. The Hungarian forint is fueled by the recent reports about the National Bank of Hungary’s recommendations to support the government’s effort on the battle against the coronavirus pandemic and its impact on the economy. According to the news, the NBH is set to publish a detailed recommendation letter later this week. National Bank of Hungary deputy governor Barnabas Virag said that the nation needs to have a plan that is very much sustainable in order to ensure the automatic recovery of the economy in the long run. On the other hand, the US dollar is bombarded by the recent intense debate between the two feuding presidential candidates, Donald Trump and Joe Biden.

Market News, Market News and Charts for October 01, 2020

USD/MXN

The Mexican peso breaks out against the US dollar and brings the prices of the USDMXN trading pair lower this Thursday’s sessions. Most experts are projecting that the exchange rate will eventually to its support level again. A number of emerging market currencies, including the Mexican peso, floored the US dollar following the chaotic debate between presidential candidates, Donald Trump and Joe Biden. Looking at the bigger picture, the Mexican peso isn’t actually that strong considering the fact that there are no significant fundamentals that could support its cause. So, the main contributing factor for the exchange rate’s downside is the uncertainties that cloud the greenback. Just recently, the two candidates have met face to face and the debate mostly received negative reactions from the public. According to some critics, the debate was a mess because the two presidential candidates didn’t want to back down from each other.

Market News, Market News and Charts for October 01, 2020

Market News, Market News and Charts for October 01, 2020

USD/NOK

The Norwegian krone’s rally slightly eases this Thursday’s trading session, but the pair remains on bearish territories. The USDNOK exchange rate is bound to fall down to its lower support level as the greenback encounters numerous problems ahead of the crucial nonfarm payroll report this Friday and the corporate earnings season. As for the Norwegian krone, the optimism in the crude market following the weekly inventory report has helped the currencies linked to oil prices. The three consecutive weeks of crude inventory drops have allowed oil prices and the connected currencies to thrive in the foreign exchange market. Meanwhile, Norway is finally relaxing some of its national coronavirus restrictions, but the authorities are still urging local officials to remain vigilant and tighten the restrictions to areas where the virus has spread. The order will take effect exactly on October 12, allowing some activities and businesses to resume operations.

Market News, Market News and Charts for October 01, 2020

Market News, Market News and Charts for October 01, 2020

USD/PLN

The Polish zloty has had a rollercoaster week against the US dollar as it takes advantage of the messy problems faced by bullish investors. It is widely forecasted that the pair’s prices would eventually plummet to its support line as the US dollar lacks the strength and enough fundamentals to help it hold on to its gains. So, earlier this week, the two candidates for the US presidential elections met to have their face to face debate, and it didn’t go out as pleasant as investors would have wanted. The two leaders have sparked controversies and audiences around the world had a huge reaction from the event. Reporters, critics, and commentators have slammed the tone and the tactics of the two candidates from the debate. An international newspaper outlet even said that the loser from the debate was clearly the United States and not the two politicians. After that disappointing disarray, Polish zloty saw an opening to bring the buck down. Market News, Market News and Charts for October 01, 2020

Market News, Market News and Charts for October 01, 2020

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