Market News and Charts for April 30, 2020
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!
After bouncing off its support area on the previous sessions, the EURDKK pair is heading upward again. The pair is seen fluctuating from the negative to positive territories amidst the pandemic as the euro gets caught in the wave of negativity regarding the region’s outlook. However, as major countries across Europe venture to reopen their economy once again amidst the pandemic, the euro has started to regain its footing the forex market. The Danish krone is feeling the pressure of the pandemic as its economy is projected to hit one of its hardest crashes yet. According to domestic news, over 25,000 companies in the country have applied for aid amidst the devastating pandemic. However, it’s balanced out by the unemployment rate of the country which has slightly fallen according to official data from the country. The Danish Finance Ministry expects the gross domestic product of the country to collapse between 3% to as high as 7%.
The Turkish lira remains on the edge of its seat against the euro as bullish investors drive the pair towards its resistance. The pair is already currently trading on levels last seen in September 2018, and the euro is still widely expected to take it to August 2018 highs. The Turkish lira has steadied against the euro in the past few sessions, however, as of today, the euro has sent the pair upwards again. The reason for this is the renewed confidence of investors ahead of crucial eurozone data. Also, the Turkish lira is hoping to get some strength as the country’s government works on measures on how to reopen the economy amidst the impending threat of the pandemic and a possibility for a second wave. The Turkish government has a tough balancing act ahead as it deals with severe headaches from the pandemic, the Turkish lira, and the country’s damaged economy. The country wants to reopen its economy by late May while working on ways to minimize risks.
The Australian dollar slips against the British pound today. However, considering the fundamentals that are backing the Aussie, it’s widely expected to regain the momentum once again and force the pair lower to its support area. The British pound has failed to prevent the Australian dollar from recovering some of its losses this April. And considering that China, Australia’s biggest trading partner, is once again back up on its feet, the outlook of the Australian dollar and the country’s economy is looking better. Bearish investors are taking advantage of the situation as Britain remains on lockdown. Although news reports already cite that the recovered British Prime Minister Boris Johnson is now working on ways how to gradually lift the restrictions on the country. But as long as the United Kingdom remains on its strict stay-at-home policies, the pair will continue to extend lower in the trading sessions.
Bullish investors of the GBPCAD pair are resisting as hopes for the British economy is reignited. However, the pair is expected to continue its bearish path and reach its support level because of the stabilizing crude market. The United Kingdom’s Prime Minister recently urged his people to remain patient when it comes to easing the lockdown restrictions as its crucial to avoid another wave of the coronavirus. The British government is meticulously working on measures on how to gradually ease the lockdown and at the same time minimize all possible risks of contracting the virus once again. The summer months are approaching for Britain and its critical that the government doesn’t prematurely lift the restriction as it will cause an unmanageable crisis. This uncertainty will give sufficient wiggle room for bears to reel in the pair. Moreover, the upcoming GDP report from Canada isn’t expected to have a major impact as it’s for the month of February.
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. Subscribe now and receive FREE updates on the market today!