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!
USD / JPY
The pair breaks down from the uptrend channel support line, lowering the pair towards the previous low. Investors are expected to return to the Japanese yen after the government has lowered its 2021 GDP forecast. This is due to long-term blockades in some cities and will have a serious impact on Japan’s economic recovery. This is expected to stop the remarkable performance of the Nikkei 30, which hit a high for the first time in 30 years. Meanwhile, the Purchasing Managers Index (PMI) report was mixed on Thursday, February 18th. The manufacturing PMI reached the highest level of 50.6 points since January 2019. Meanwhile, service PMI has continued to shrink with a preliminary report of 45.8 points in February. Meanwhile, the National Consumer Price Index and the National Consumer Price Index both recorded a -0.6% drop from previous data in January. Inflation remains weak due to the negative consequences of the consumer price index. This, in turn, will delay Japan’s recovery from the pandemic.
NZD / CAD
The pair breaks out of the 0.92390 current resistor and reaches the 0.96000 target. New Zealand expects its Q4 2020 retail sales report to decline -0.5% quarter-on-quarter. Meanwhile, on Friday, February 19, Canada released a worse-than-expected result of -3.4% in the same report MoM. This means that New Zealand’s quarterly decline is far superior to its monthly decline from Canada. Canada’s figures also had the smallest decline in retail sales since the plunge between 25:00 in April 2020. Core retail sales were -4.1%. On the same day, North American countries also delivered a disappointing ADP Nonfarm Payrolls report. This number came in at -231,200, ending five months of continuous improvement. Another problem for Canadian dollar investors is the recent surge in bond prices. Long-term yields are rising beyond the prospect of deregulation due to continued vaccine deployment.
GBP / USD
The British pound will continue to move forward against the dollar in future sessions. Although the PMI report showed better data than expected, the composite and service figures from the PMI were 49.8 points and 49.7 points, respectively, still below the 50.0 point benchmark. Meanwhile, manufacturing PMI rose to 54.9 points, compared to the forecast of a decline to 53.2 points. Retail sales were -8.2% month-on-month. Meanwhile, the report decreased by -5.9% compared to January 2020. For core retail sales, the results were -8.8% and -3.8%, respectively. The main reason behind the weakness in retail sales was the increased infection of Brexit and the COVID-19 variant in the United Kingdom. The UK officially left the EU on January 1, 2021. Prior to the Brexit agreement between the UK and the EU, a new, more contagious strain of coronavirus led to a new blockade in the UK in December.
EUR / CAD
The pair goes back and retests the previous highs near the 1.50000 area. Five of Friday’s nine PMI reports have improved over previous results. However, most of these reports were below the 50.0 point benchmark. Service PMIs in the EU, Germany and France all fell, resulting in 44.7 points, 45.9 points and 43.6 points, respectively. The numbers are mixed, but the EUR will rise against the Canadian dollar as investors flock to the euro as the eurozone remains bearish. In addition to this, the continued support of the Government of Canada reduces the value of CAD. The reported 231,000 unemployment ended in five months with a continuous decline in unemployment. This resulted in the Minister of Employment, Labor Development and Disability Inclusion in passing an amendment to extend the period for which Canadians can receive unemployment benefits.
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February 22, 2021 Market News and Charts
https://www.financebrokerage.com/market-news-and-charts-for-february-22-2021/ February 22, 2021 Market News and Charts