Market News and Charts for November 1, 2018
FOREX MARKETS – 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/MXN
Mexico was the first country that was hit by Donald Trump’s trade war. This was due to Mexicans entering the United States illegally to seek better opportunities. The dispute between the two countries ended last October with the ratification of USMCA (United States, Mexico, Canada) from NAFTA (North American Free Trade Agreement). Now, Mexico was facing another turmoil within its economy as the incoming president, López Obrador orders the suspension of the $13 Billion Airport that was meant to be a business hub to attract foreign investors.
USD/SAR
The United States Dollar weakens against the Saudi Riyal as Trump inaction with the killing of a Saudi Citizen and US Resident Jamal Khashoggi leads the investors to think that Trump was unwilling to impose sanctions to pressure the Kingdom. Saudi Arabia was the first country that Trump visited after he wins the US presidential election. It is also reported that Trump’s son-in-law Jared Kushner was closed to Prince Mohammad bin Salman (MBS), the kingdom’s de facto leader.
USD/RUB
Investors are waiting for a signal to buy or to sell the pair. We expect the price to continue to go up as uncertainty over the relation between the US and Russia are still dim. The United States was planning to quit the INF (Intermediate-Range Nuclear Forces) Treaty, which will make Europe vulnerable to Russian threats. Condemnation against the US for its plan was already building up for NATO (North Atlantic Treaty Organization) members in the European Union.
GBP/USD
The Great Britain Pound was down sharply in the past few days as uncertainty over the future of the United Kingdom becomes a major concern. We expect a bounce back for the pair as the US Indices continue to decline amid the disappointing earnings report of public companies. The future of the US Dollar will be revealed today as Apple, US biggest company in terms of market capitalization, was due to release its earnings report.
