Hey traders! Below are the latest forex chart updates for Friday’s sessions. Learn from the provided analysis and apply the recommended positions to your next move. Good day and Good Luck!
The British pound is finally stabilizing against the New Zealand dollar and the trading pair is now expected to hold on to its bullish direction despite the minor headwinds faced by investors this Friday. It’s widely believed now that prices would eventually climb up towards their resistance level as the sterling brushes off the concerns around the Brexit deal with the European Union. As for the New Zealand dollar, it’s faced by woes regarding the upcoming elections in the country. Just recently, it was reported that Labour Party leader and current prime minister, Jacinda Ardern, has been challenged not to dissolve the West Coast DBH as she takes her campaign to Greymouth this Friday. The re-election as the leader of the antipodean nation has been monitored by critics and the outcome of the elections should have a massive impact on the direction and strength of the kiwi because it will determine the economic recovery route of the nation.
As evident on the chart, the Chinese yuan manages to force the USDCNH exchange rate to hold steady this Friday’s trading sessions. Despite that, the trading pair’s prices are still widely projected to continue its bullish route and gradually head on over to its resistance level in October. However, it’s worth noting that more experts are now getting convinced that Beijing is ready to let its currency strengthen against the US dollar. This raises speculations as to whether the yuan could actually become one of the biggest currencies in the coming months. On the other hand, the US dollar’s strength was strained by the latest news about Federal Reserve Chair Jerome Powell’s indication to aid or support small business and unemployed people in the United States. According to Powell, the US Congress should prioritize those groups if they were to reallocate the funds away from backstopping the central bank’s own emergency lending programs.
The Turkish lira is finally on track to redeem its losses against the US dollar thanks to an unexpected decision made by the Turkish central bank. The US dollar to Turkish lira exchange rate is poised to go down to its support level next month due to the surprise rate hike from Turkey’s central bank. So, earlier this week, the market was caught off guard when Turkey raised its interest rates for the first time in two years amidst the pandemic. Most experts were actually baffled with the news as the nation is also facing economic problems brought by the coronavirus pandemic and lockdowns. Yesterday, the central bank raised its official interest rates to about 10.25% and reports say that the move was made to reign in the inflation faced by the nation. This controversial move also helps the struggling Turkish lira which has been hammered by problems and is currently on the mercy of major currencies like the US dollar and the eurozone’s single currency.
The news about the moderate recession faced by the Danish economy has zapped the powers of bearish investors this week, allowing the US dollar to climb up in the trading sessions. The prices of the US dollar to Danish krone trading pair are forecasted to reach its resistance level next month due to the optimism faced by the greenback. See, earlier this week, Denmark’s central bank announced that the country’s economy is in a moderate recession. Looking at it, it’s not as severe as other nations but the news actually helped bullish investors regain their footing in the sessions. According to official reports, Denmark has enforced new restrictions to help contain the spread of the coronavirus in the country. The government, led by Prime Minister Mette Frederiksen, has lowered the limit of public gatherings to just 50 people form 100 and has ordered bars and restaurants to close early as the nation sees an increase in the daily number of new cases.
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