Market News and Charts for March 10, 2020
Hey traders! Below are the latest forex chart updates for Tuesday’s sessions. Learn from the provided analysis and apply the recommended positions to your next move. Good day and Good Luck!
The pair will continue its steep decline in the following days towards a critical support line. Yesterday, March 09, the crude oil prices collapsed after it dropped by 25%. The decline in prices was amid the failure by the Saudi-led OPEC and Russia to agree on production cuts. The disagreement prompted the second-largest oil producer to increase its supply of crude oil. Meanwhile, the American economy will suffer from supply uncertainty. The United States is the largest producer and consumer of crude oil products. Following the drop in crude oil was the slump in US indices. The S&P 500, NASDAQ 100, and the Dow Jones Industrial Average indices slide by 7% in yesterday’s trading. The increasing cases of coronavirus around the world are also weighing on US indices. In other news, the World Health Organization (WHO) praised Singapore’s handling of the coronavirus outbreak.
The pair will head towards its previous low after it failed to sustain its strength. Hong Kong unveiled its budget for 2020 to 2021, which made HKD investors and traders happy. 2019 has been the most challenging year for the city-state. The country felt pressured by the two largest economies, the US and China, to take sides between them. Following the signing of the phase one trade deal, however, Hong Kong is taking some breathe and recovering from the recent economic slump. The budget presented by Financial Secretary Paul Chain will support SMEs (Small-Medium Enterprises). Under the budget was a 100% government-guaranteed low-interest rate loan to SMEs. Singapore will also reduce profit taxes for the year to prop up its economy. More than 141,000 taxpayers will benefit from the tax cut on businesses. The United States, on the other hand, will need to devise new economic and monetary policies amid the spread of COVID-19.
The pair will break down from a support line, sending it lower to the nearest support line. The single currency will experience a short-term weakness in sessions due to the data published by member states. Germany’s trade balance of $18.5 billion beat expectations of $15.4 billion. However, the figure was lower from its previous data of $19.0 billion. At the same time, Germany’s exports were stagnant in February with zero percent growth. The EU’s economic powerhouse also got the same percentage growth for its fourth quarter of 2019 growth. France and Italy, on the other hand, recorded a negative GDP growth last month. The disappointing figures infected the reports published by the second and third-largest economies in the EU. France Industrial Production grew slower at 1.2% than the 1.8% forecast by analysts. The same is true for Italy, where it grew -2.7% compared to -0.5% expected. Another EU-member state, Denmark, posted positive figures.
The pair will break out from a resistance line, sending it further higher towards its September 2018 high. Turkey is losing allies from the west and the east. In the second half of 2019, the United States and Turkey parted ways after Ankara purchased a Russian missile defense system. Analysts said the purchase of the S-400 would not be fit for the US-made F-35 fighter jets. At the same time, a NATO member using an enemy’s equipment will compromise their defense sharing agreement. The move by Turkey, however, strengthened its relationship with Russia. Turkey is also applying to become a member of the European Union. However, many EU member states who are NATO members grew skeptical of the country. Turkey has been a candidate for full membership since December 1999 or more than 20 years to date. Just this year, Turkey and Russia disagreed with the killing of a Turkish soldier by the Assad government.
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!