Market News and Charts for May 12, 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 reverse back towards its previous low after it failed to breakout from its current resistance line. Investors are waiting for April reports to guide them on their investment decisions. Analysts warned that the disappointing results from the first quarter were just the start of a more painful economic data in the coming months. Economies around the globe continue with their lockdown to prevent a second wave of the coronavirus. However, company revenues are bleeding. In Europe, Italy was among the countries hit the most by the pandemic. Yesterday, Italy published its lowest industrial production report in history. The report went down by 28.4% for the month of April. A part of the reason for the staggering decline was the financial unresponsiveness of the European Union. Meanwhile, Japan’s current account report was overflowing due to the fiscal stimulus presented by Japan to help businesses cope up with the coronavirus.


The pair will break down from the “Triangle” formation, sending the pair lower towards a major support line. US President Donald Trump is under scrutiny following his decision to reopen the country’s economy this month. The decision came amid the staggering jobless claims, which is expected to reach 40 million this week, and an unemployment report in the country which is currently 14.7% of the US total workforce. Despite this, the US proved that it is willing to do everything to back up its economy. The US government and the Federal Reserve unleashed a record-breaking fiscal stimulus of $2 trillion each to help businesses cope up with the pandemic. In addition to this, the government is now preparing its fourth phase of stimulus to further support the economy. However, analysts warned that the measures being undertaken by the government only have a short-term effect and once stimulus runs out the US economy will be in trouble.

Market News, Market News and Charts for May 12, 2020


The pair will break out from the “Widening Falling Wedge” pattern resistance line. New Zealand Prime Minister Jacinda Ardern spoke yesterday about the country’s transition to reopening its economy. Ardern said almost all businesses in the country will reopen in the next 10 days along with schools. This was following the country’s successful combat against the coronavirus. The US is also among the countries planning to reopen its economy in the coming days. However, analysts warned that the inability of the country to flatten the curve might spark a second wave of coronavirus. The plan by US President Donald Trump was cheered by the market but worries linger among economists and health experts about the implications of premature lifting of the lockdown. New Zealand was able to close cases to 1,500 with only 21 deaths while the US has the largest number of confirmed cases at 1.4 million and deaths at 81,000.

Market News, Market News and Charts for May 12, 2020


The pair will fail to break out from its current resistance line, sending the pair lower towards its previous low. Federal Treasurer Josh Frydenberg is set to deliver the country’s budget report yesterday but declined to do so due to the coronavirus. He said the government will delay the report for April as they want to have the full grasp of the pandemic first before releasing the data. Despite this, he released the figure for March which made investors worried. Deficit for March went up to $22 billion or 10 billion higher than the forecast made in December 2019. This is now the biggest monthly budget deficit in the country’s history. Analysts warned that this is just the beginning following the delayed announcement of April’s budget report. On the other hand, Japan was able to downplay some concerns among investors about the country’s economic health. This was following the unveiling of the country’s largest fiscal stimulus to date at $555 billion. Market News, Market News and Charts for May 12, 2020

Comments Rating 0 (0 reviews)

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!

You might also like

Leave a Reply


Subscribe to Our Newsletters

Have the best of Finance Brokerage News delivered directly to your mailbox. Subscribe now to receive the latest market news.