The resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down.
Rising Cases Of COVID Increase Uncertainty
Information is not investment advice
Midday Market View
European stock markets traded mixed early Thursday, with strong industrial data supporting the German market while the Bank of England kept monetary policy unchanged, offering up a more pessimistic outlook. In Germany, factory orders soared in June, climbing 27.9% data showed earlier Thursday, far above the 10% gain expected. The Bank of England maintained its key interest rate at 0.10% earlier Thursday, and kept its powder dry in terms of additional stimulus.
Midday Key Point
- UK July construction PMI 58.1 vs 57.0 expected.
- Tokyo governor repeats that must think about declaring state of emergency if virus situation worsens.
- China repeats that it will take strong countermeasures as it opposes US-Taiwan meeting.
- Dollar firms a little amid mixed markets in European morning trade.
The NZD/JPY pair is trading within the cloud. A failed attempt to move higher will push the market to exit the Kumo, confirming a bearish scenario.
The NZD/JPY pair is now poised to exit the Kumo. If that happens, the currency pair will enter into a new bearish sentiment.
The New Zealand dollar is rising for the sixth straight day, outperforming its major peers. What is the reason? Let’s find out!
The U.S. Commerce Department said it will issue an order Friday that will bar people in the United States from downloading Chinese-owned messaging app WeChat and video-sharing app TikTok starting on September 20.
Oil keeps rallying for the fourth day in a row after Goldman Sachs claimed that the oil market is in deficit and also because of the recent storm in the Gulf of Mexico, which led to the sharp decline of oil production. It is the best week for oil since June!