Market News and Charts for October 30, 2018
FOREX MARKET NEWS – 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!
USD/SGD
The trade war between the United States and China had affected most of the Southeast Asian economies, particularly countries that consider China as their major trading partner. The tit-for-tat that started last August was now in its third month. China had already felt the impact of the trade war as China’s third-quarter GDP slipped to its 9-year low. Expect the pair to further go up in the short term.
EUR/TRY
The Turkish Lira had weakened tremendously after it has been subject to Trump’s tirade after a US Pastor has been detained for spying and planning to take down the government. Now, it seems that the US and Turkey have restored their relationship after the Turkish Government already freed the detained Pastor. Aside from that, the issue of killing the Saudi Arabia’s citizen and most vocal critic, Jamal Khashoggi, was given highlight restoring the cooperation between the Edrogan Tayyip ad Donald Trump.
GBP/AUD
The pair will bounce back as the Australian Prime Minister received a negative trust rating coming from its people due to a turmoil in the Australian Premiership with Australia having 7 Prime Ministers in 10 years. Aside from that, the country was embroiled in a tariff war between the United States and China. The United Kingdom, on the other hand, was near in reaching a negotiation deal with that European Union as it plans to leave the bloc on March 29, 2019. The final details of the negotiation will be reviewed by European Union member countries on November 13, 2018.
USD/CNH
The trade war between the United States and China was expected to last for 2 decades. The US Dollar continued to surge against the Chinese Yuan and we are expecting it will go further until the two countries will make negotiation to fix their issues, from export to South China Sea militarization. The movement was more stable compared to the recent month as the publicly listed companies in the US shows a disappointing earnings report. China had experienced its slowest growth in 9 years after data shows that China grows only 6.5% of their GDP in the third quarter.
