Market News and Charts for November 03, 2020

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The pair will break down from a significant support line, sending the pair lower towards an essential assistance line. South Africas recent reports were blended with a lower trade surplus and a high Manufacturing PMI report. Trade balance report on Friday, October 30, showed the countrys surplus for September adding $33.51 billion, lower than the previous months $38.70 billion. The production sector has been expanding with 60.9 points against the previous record of 58.5 points. On the other hand, figures from the US newest reports were better-than-expected. Investors are likewise looking forward to the result of the US election today, November 03. Experts anticipated that a win for Joe Biden will be helpful for South Africa as the nation thinks about China as one of its largest trading partners. Biden is expected to be more accommodating to China while it will be more hesitant of Russias growing influence. The reverse holds true for Trump.

USD/CHF.

Below are the newest forex chart updates for Tuesdays sessions. Excellent day and Good Luck!

USD/RUB.

The set will continue to move higher in the following days towards the $86.000 resistance level. While the current report suggesting a possible win for Biden benefits the South African rand, it doesnt succeed for the Russian ruble. The recent reports from Russia show a lagging economy amidst the COVID-19 pandemic. While a lot of nations who released their Markit Manufacturing PMI reports ended up favorable, Russias report was still listed below the 50 points benchmark. Mondays result showed a decline to 46.9 points from 48.9 points in September. One factor for the sluggish growth of Russia compared to other developing economies was the sanctions imposed by the United States for Russias annexation of Crimea. The west might further separate the country after its refusal to its nonrenewable fuel source intakes. Despite the overall sentiment in the Russian economy, investors must be mindful up until the election outcomes are released.

USD/ZAR.

The US dollar is anticipated to rally versus the Swiss franc as the nation faces a second wave of coronavirus cases. Retail sales for the month of September just grew by 0.3% compared to the 4.0% boost in August. Its consumer price index (CPI) YoY declined by 0.6% and its month-over-month figure for the exact same report was stagnant at zero percent development.

s in the coming months.

USD/CZK.

The set will continue its uptrend movement and will retest a significant resistance line in the coming days. Much like Germany, Czechia likewise published a better-than-expected result for Q3 GDP but lower compared to its Q2 data. The figure for the third quarter came in at 6.2% against the previous quarters -8.7%. Another concern by financiers on Czechia was the narrowing spending plan deficit at -$ 274.0 billion. The deficit in September was $252.7 billion. On the other hand, the United States recorded its greatest quarterly data on Thursday, October 29. In the third quarter, the US economy broadened by 33.1% which is greater than the contraction in Q2 at -31.4%. Sales for Q3 also increased by 25.5% while GDP cost index was up by 3.7%. The positive figures from the US reports are expected to continue in the final and fourth quarter of 2020. The anticipated Black Friday, Cyber Monday, Thanksgiving, Christmas, and New Year occasions are expected to drive the United States economy in Q4

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South Africas current reports were mixed with a lower trade surplus and a high Manufacturing PMI report. While a lot of countries who published their Markit Manufacturing PMI reports turned out positive, Russias report was still below the 50 points standard. Retail sales for the month of September just grew by 0.3% compared to the 4.0% boost in August. The figure for the 3rd quarter came in at 6.2% versus the previous quarters -8.7%. In the 3rd quarter, the US economy broadened by 33.1% which is greater than the contraction in Q2 at -31.4%.

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