Hey trader!The following is the latest Forex chart update For the Monday session. Learn from the analysis provided and apply the recommended positions for your next move. Have a nice day and good luck!
British pound / yen
The pair will continue to rise towards the 160.000 price range the next day. The FTSE 100 shrank to 6,716.55 on the first trading day of the week as UK coronavirus regulations were gradually relaxed. Almost half of the country or 32 million British people are allowed to gather in parks and other public areas after the first injection of the vaccine. Nonetheless, analysts are worried that this could lead to a surge again, especially that vaccine jabs are not 100% effective. In addition to pessimism, there are more stringent loans from commercial banks, which will affect the outlook for the UK to recover from the pandemic. Central bank consumer credit reports are still down $ -246 million. Meanwhile, mortgage approvals fell by just 87,700. The January figure was 98,900 individuals and businesses. BOE Andrew Bailey said he expects the UK economy to recover by the end of 2021.
CAD / JPY
The pair will continue the rally towards 92.500. The Bank of Japan gave a dovish signal at a recent meeting after the central bank refused to buy 6 trillion yen of ETFs annually to further support the economy. In addition, the Bank of Japan is preparing for future interest rate cuts, even though most economies have begun to raise interest rates to curb inflation. February’s core CPI fell -0.4% year-on-year, further narrowing the gap with the 2.0% inflation target. The current benchmark interest rate is -0.10%, which is one of the few countries with negative interest rates. Weak readings from the report on Monday, March 29, will also have a negative impact on the Japanese yen in future sessions. Retail sales are expected to shrink -2.8% year-on-year. If the actual numbers approach expectations, they will be the sharpest decline in the last five months. The United States also reported a low unemployment rate of 684,000, while Japan is expected to record a high unemployment rate of 3.0%.
GBP / CHF
The GBPCHF pair will continue to trade on the uptrend channel. The franc will continue to weaken against the pound sterling after the Swiss National Bank (SNB) failed to support prices by reaffirming the -0.75% interest rate on Thursday, March 25. The central bank claimed that the local currency of Switzerland was still highly overvalued. .. Meanwhile, the housing market has shown stability in recent reports. Home prices in 2020 rose 1.34% quarter-on-quarter and home prices rose 1.09%, after falling -1.15% in the previous year. This is because other asset classes have become more attractive than local currencies and stock markets as the economy fell -2.9% last year. The National Economic Secretariat (SECO) expects strong growth of 3.0% this year and 3.1% growth the following year. Swiss authorities have put a total of € 59 billion into the market to support the economy.
EUR / AUD
The pair breaks down from the 1.52688 support area and reaches the 1.46000 main support line. An improving business environment and consumer confidence will lift the European market. In contrast, the demand for safe currencies, including the euro, will decline. All reports from Germany, the EU’s largest economy on Friday, March 26, were all better than expected. The Ifo Business Climate Index, Current Assessment, and Business Expectations all scored up to 96.6 points, 93.0 points, and 100.4 points, respectively. Italy, one of the most infected countries in the block, also exceeded the 100-point benchmark. Business sentiment in March was 101.2 points and 100.9 points. Meanwhile, business expectations posted a result of 100.4 points. The EU-UK vaccine line is also keeping investors away. The EU threatens to block AstraZeneca’s exports to the UK if the UK does not respect the Brexit agreement.
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March 29, 2021 Market News and Charts
https://www.financebrokerage.com/market-news-and-charts-for-march-29-2021/ March 29, 2021 Market News and Charts