Market News and Charts for October 14, 2020

USD/TRY.

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AUD/NZD.

The Chinese yuan continues to drag the United States dollar in the trading sessions as investors brace themselves for the upcoming United States governmental elections due next month. The political uncertainties, blended with economic concerns, have bombarded the US dollar, permitting the Chinese yuan to take benefit of it in the foreign exchange markets. Thanks to the report, the lira further deteriorated versus the safe-haven appeal of the US dollar. The Australian dollar dips again against its neighbor, the New Zealand dollar this Wednesdays trading sessions. If this is real, it would further damage the economic recovery of the nation, enabling other currencies like the New Zealand dollar to overpower the Australian dollar

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EUR/NZD.

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USD/CNH.

As the variety of coronavirus cases in Europe increases, the euro would most likely stay vulnerable against the New Zealand dollar. It is believed that the Brexit issues, increasing number of cases, and economies woes in the eurozone would cause the single currency to plummet versus significant currencies in the forex market. The euro to New Zealand dollar exchange rate ought to be up to its resistance level by the latter part of the month. Simply just recently, the European Union consented to pay more than 1 billion euros to biopharmaceutical company, Gilead for six months-worth of supply for its antiviral drug remdesivir. Undoubtedly, leaders in the bloc are getting more and more alarmed about the increasing number of cases in the area and are putting in more effort to finally include it without shutting down its economies. The news about the EUs contract comes shortly prior to Gilead released the outcomes of its most significant trial vaccine for the coronavirus.

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Hey traders! Below are the most current forex chart updates for Wednesdays sessions. Gain from the offered analysis and apply the advised positions to your next relocation. Great day and Good Luck!

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The Turkish lira is pinned on its floor against the US dollar. Taking a look at the chart, it appears that the bullish belief for the exchange rate wont wane anytime quickly. The rates must continue to slowly value in the coming trading sessions. The Turkish lira has led the losses in the emerging market currencies in the previous weeks and the efforts of the nations reserve bank arent assisting the struggling currency. Previously today, it was reported that the Central Bank of the Republic of Turkey raised the renumeration rates on the needed lira reserves by about 200 basis points on all banks. The choice comes as an additional backdoor tightening up action that rolls back measures that it has actually initially embraced to ease the effect of the coronavirus on the nation. Thanks to the report, the lira further deteriorated versus the safe-haven appeal of the US dollar. The exchange rate is at its all-time high and its still anticipated to reach 8.20000 soon.

The Chinese yuan continues to drag the United States dollar in the trading sessions as investors brace themselves for the upcoming US presidential elections due next month. The political uncertainties, mixed with financial issues, have actually bombarded the US dollar, allowing the Chinese yuan to take advantage of it in the foreign exchange markets. Thankfully for bears, it seems that the US dollar is significantly weaker.