Market News and Charts for October 18, 2018
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!
Switzerland, not being part of the European Union was not affected on the current turmoil within the Union. But being part of the region, it may be contaminated with the risk alleviating from the Brexit Negotiation and the rift between Germany, France, and Italy. Canada on the other hand was already safe from the rhetoric of Donald Trump after replacing NAFTA to USMCA. Expect the Canadian Dollar to go up in the short term.
The New Zealand Dollar was still on a downward spiral as its largest trading partner, China, was in a trade war with the United Staes. The United States Dollar was the Safe Haven currency for any global uncertainty, while the Japanese Yen was the Safe Haven currency for Asia.
China was New Zealand’s biggest trading partner and it poses as a big threat considering the current economic condition. China was in a tit-for-tat trade war with the United States. Any tariff impose by the United States to China will channel to Chian’s trading partner as well. Expect a long term downtrend for the pair.
The pair will drop down in the short term following the triangle formation, but no catalyst can be seen in hindsight whether the price will go up or down in long term as uncertainty was still the major concern with regards to the Brexit Negotiation. This will determine on whether the United Kingdom will stay in the single market and customs or it will seek out another trading partner as it set apart itself from the European Union which will greatly affect its economy.
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