Hey trader!The following is the latest Forex chart update For the session on Monday. Learn from the analysis provided and apply the recommended positions for your next move. Have a nice day and good luck!
NZD / CAD
The pair will continue to rise towards the 0.95000 resistance area the next day. The Canadian government continues to have a budget deficit. According to a report on Friday, January 29, the budget balance for November was down 23.22 billion from the previous month’s data of -216.620 billion. Meanwhile, GDP data increased 0.7% compared to the 0.4% result in October. Despite bright data on GDP, growth is still slow compared to the numbers five months ago. Analysts expect Canada’s poor performance to continue in future reports. Signs of weakness were already seen in the December building permit report. On Thursday, January 28, the reported figures were -4.1% compared to the previous month’s 12.9% data. In other news, the Canadian economy suffered the most rapid economic contraction in history. GDP growth in 2020 decreased by -5.1%.
GBP / USD
The pair does not get out of the current resistance wire and lowers the pair. The British pound will experience some weaknesses in future sessions against the dollar. This followed a report by Bank of England (BOE) Governor Andrew Bailey writing in a letter whether banks and builders could tolerate negative interest rates. The central bank governor argued that the economy could grow by lowering lending rates below the 0.10% benchmark. The Bank of England is likely to be pressured to do so, as consumer credit is expected to decline for the third straight month. In a report on Monday, February 1, analysts expect data to decline by -110 billion. In other news, Finance Minister Rishi Sunak aims to increase capital gains and corporate taxes to cover the financial costs caused by the coronavirus pandemic. The corporate tax proposal is 24%. These efforts are expected to raise approximately £ 400 billion for the UK economy.
EUR / CAD
The pair trades lower and revisits its previous lows at 1.50877 from June. The EU and its member states have the same or lower figures in the Purchasing Managers Index (PMI) report. This means that analysts should expect disappointing numbers in their report on Monday, February 1st. The EU block and France are expected to maintain results of 54.7 points and 51.5 points in the latest PMI report. Germany, Italy and Spain, on the other hand, are projected to record low numbers of 57.0 points, 52.4 points and 50.9 points, respectively. For the EU’s largest economy retail sales report, all data were in the red. December’s growth slowed to 1.5% annually, the lowest since March. The MoM report, on the other hand, has shrunk to the lowest level since it was first launched in 1994. The published result was -9.6%. Another catalyst for the weakness of a single currency was the delay in vaccine delivery in the first quarter.
NZD / JPY
The pair is expected to break out of the current resistance line and reach the 80.000 price range. The Government of Japan is considering expanding the state of emergency, which could further delay the recovery of the world’s third-largest economy. This policy by Prime Minister Yoshihide Suga helped Tokyo curve the case of COVID-19, but at the expense of the economy. Industrial production in December shrank -1.6% from the previous 0.5% result. On the other hand, the household confidence interval in January dropped from 31.8 points to 29.6 points. On an annual basis, this represents a -9.0% decrease. Negative results for construction orders have continued for four consecutive months. The figures in the report on Friday, January 29, showed a decrease of -1.3%. In other news, Finance Minister Taro Aso and Deputy Prime Minister will hold their first talks with Treasury Secretary Janet Yellen on Monday, February 1.
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February 1, 2021 Market News and Charts
https://www.financebrokerage.com/market-news-and-charts-for-february-01-2021/ February 1, 2021 Market News and Charts