Market News and Charts for November 04, 2020

The main bank more than doubled its 2021 forecast from 1.6% to 3.6%. Experts are now expecting Q3 2020 to broaden by 18.4% from a decline of 28.1% in the second quarter.

US GDP for the third quarter of the fiscal year leapt by 33.1% from a depression of 31.4% in Q2. In Germany, the economy broadened by 8.2% from a 9.8% decrease. Japan is anticipated to grow by 18.4% on an annualized basis compared to its 2nd quarter 2020 economic contraction of 28.1%

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USD/CAD.

This, in turn, had actually prompted the Bank of Japan (BOJ) to cut their 2020 outlook from -4.7% decline to -5.5%. The central bank more than doubled its 2021 forecast from 1.6% to 3.6%. Analysts are now anticipating Q3 2020 to broaden by 18.4% from a decrease of 28.1% in the second quarter.

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The pair will continue to move lower in the list below days towards its March-May low. The EU member states and the EU bloc published disappointing Composite and Services PMI reports on Wednesday, November 04. The figures for the European Union were 50.0 points and 46.9 points, Germany at 55.0 points and 49.5 points, and France for 47.5 points and 46.5 points, respectively. The coronavirus hit economy of Italy taped 49.2 points and 46.7 points. This means that just 2 out of 8 reports turned out to be positive, which contrasted with the better-than-expected Manufacturing PMI results recently. As soon as again, the revival of COVID-19 might likewise threaten the advances made in Q3 as many European countries started to impose constraints. Regardless of losing its edge as a safe house versus the US dollar and the Japanese yen, the Swiss franc will still advance against the single currency as financiers warn of a more extreme economy in Q4.

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EUR/JPY.

EUR/GBP.

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EUR/CHF.

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The set broke out from an uptrend channel support line, sending the pair lower. Amongst all the EU member states who posted their Composite and Services PMI reports on Wednesday, November 04, only the United Kingdom posted positive figures for both reports. The numbers were 52.1 points and 51.4 points, respectively. Investors were seen bullish on the British pound ahead of the official withdrawal of the UK from the bloc on January 01, 2021. This was in spite of the high opportunity of the UK leaving the bloc without an offer. Economists anticipated that a no deal Brexit could result in the UK losing around $25 billion in 2021 or practically two times than its yearly contribution to the EU budget plan in 2018. Despite being the 2nd biggest contributor to the spending plan, nevertheless, the UK only gets a partial of this amount for its own economy. This implies that a no-deal Brexit will be useful for the UK in the long run.

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