Market News and Charts for November 22, 2019
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 pair is expected to continue moving higher in the following days and go back to the uptrend channel. The U.S. government today, November 22, is due to publish reports for its Purchasing Managers Index (PMI). The report covers the first and second week of November. In the previous reports, data showed disappointing figures. For the Manufacturing PMI, data showed a year-to-date (YTD) high of 51.3, which is well above the 50.00 expansionary digits. However, the report failed to tap analysts 51.5 forecast. At the same time, its Markit Composite and Service PMI were below the first two weeks of October and failed to meet analysts’ expectations. The same thing is expected to happen once the U.S. government releases the updated reports today. In other news, New Zealand Foreign Minister will travel to the United States to discuss trade talks, which will further boost the strength of the New Zealand dollar.
The pair is expected to bounce back from a major support line, which will send the pair higher. U.S. President Donald Trump was able to secure support from the nationalist and secular religious groups in Israel. This was amid the possibility of Benjamin Netanyahu’s 10-year reign as prime minister will about to end. Israel was divided in politics over nationalist Netanyahu and religious Gantz. This resulted to Netanyahu failing to form a coalition government between his Likud Party and the leading Blue and White Party of Benny Gantz. Despite this, Israeli’s support to the United States was at its all-time high. 250 rabbis, including Israel chief rabbis, sent a letter thanking President Trump for his recognition of Judea and Samaria as Israel’s territory. This was after the president recognized Gaza Strip, Golan Heights, and theWest Bank as Israel’s territory. Trump’s son-in-law, Jared Kushner, is a Jew.
The pair will continue to move lower in the following days after it failed to breakout from a resistance line. A wall has been built between the east and west Europe. The Visegard group is turning away from the Germano-Franco led European Union to pursue their own interest. The group gained popularity after they defied the EU rules and accused them of discriminating small EU countries. In the recent months, the group had increased their ties with the United States as threats of a new era of Cold War erupts. This was following the withdrawal of the United States and Russia from the INF (Intermediate-range Nuclear Forces) treaty. Czech Republic is one of the fastest growing economies in the European Union along with the other V4 nations. The United States, on the other hand, is slowing an economic slowdown. Either the U.S. will end the largest economic expansion in the U.S. history, or it will lower its interest rate.
The pair is expected to continue moving higher in the following days after it broke out from an uptrend channel resistance line. The OECD (Organization for Economic Co-operation and Development) reaffirmed its outlook for the New Zealand economy. The OECD group said New Zealand is in good shape amid global headwinds. This was in contrast with its neighbor, Australia, who is still flirting with recession. The two (2) economies has been greatly affected by the ongoing trade war between the United States and China. Aside from this, the shift in New Zealand’s domestic and foreign policy has proved to be effective to NZ economy. Meanwhile, Canada was still at odds with the United States over trade deals. Unlike New Zealand, however, Canada was not able to move away from its reliance on the U.S. economy. Meanwhile, New Zealand is expected to discuss trade agreements once its foreign minister visits Washington.
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