AUD/USD: Australia has simplified transactions with BTC
The Australian currency is showing upward momentum in an attempt to recover from Thursday's bearish sentiment that sent the pair to a local low on October 24. The instrument AUD/USD is around 0.6350, developing strengthening, but the sustainability of the bulls is questionable, as there is no significant stimulus for the asset.
Moderate pressure on the pair are weak macroeconomic data from Australia according to which the AiG October construction activity showed a decline to 43.3 points from the previous 46.5 points and retail sales for Q3 collapsed to 0.2% from 1.4% previously, twice failing market expectations. Meanwhile, the Australian financial government has eliminated the tax barrier for payment transactions with BTC, when paid in the role of legal foreign money, the token will now be entirely under the national jurisdiction of digital assets. In addition, the clarification letter states that this decision has nothing to do with a similar policy in El Salvador, and the use of cryptocurrency in the country as a full-fledged means of payment is not possible. Investors welcomed such regulatory innovation, stressing that such steps of the national regulator will have a positive impact on strengthening the position of digital instruments.
- Resistance levels: 0.6345, 0.6400, 0.6450 and 0.6520.
- Support levels: 0.6271, 0.6200, 0.6140, 0.6100.
Read more: AUDUSD: analysis, signals, forecast for today and quotes
USD/CAD: correctional moods in the pair
In the trading session of the Asia-Pacific region the instrument USD/CAD is under the active pressure, moving away from the local peak of October 21 reached earlier, and at the moment of writing the article is testing the level of 1.3660.
Investors are waiting for Canadian and U.S. jobs data for October, which will be released on Friday. Thus, experts do not see the preconditions for fundamental changes in the key results, thus indicating that only the analysis of the further steps on the monetary parameters of the national regulators in two countries can have an impact on the trading instrument. It should be reminded that at the last meeting of the Bank of Canada, contrary to market expectations, the interest rate growth rate was slowed down, showing a correction of only 0.50% against forecasts of correction to 0.75%, but the manager of the Canadian regulator declared a commitment to "hawk" methods for further overcoming the record inflation, which reached 6.9% in September. Experts' expectations point to a likely strengthening of employment to 10.0K, which would be less than half of what it was in September.
- Resistance levels: 1.3700, 1.3759, 1.3807 and 1.3853.
- Support levels: 1.3650, 1.3600, 1.3550, 1.3500.
EUR/GBP: British regulator has supported the pound
The single currency of Europe is trading multidirectional dynamics against the British pound, testing the level of 0.8720, a local high of October 25. The statement of the British regulator on further plans and also toughening of the monetary policy contributed to a confident uptrend.
Earlier the Bank of England had raised its key index by 0.75%, which allowed the target to reach 3.0% - the highest increase since 1989. However officials already do not deny the fact of the economic recession in the country that can last at least until 2024, and maybe even longer as the department is dominated by the mood of "hawks". Recall, the index of consumer prices for goods and services by the end of this year is expected at 11.0%. At the same time the mood of domestic political uncertainty remains the same in the UK as the strategy announced by the elected head of the government to cut costs from the Kingdom and strengthen the tax burden to make up for the deficit in the treasury which has already reached $57.3 billion has brought a new wave of discontent from the population and business representatives.
- Resistance levels: 0.8740, 0.8777, 0.8817 and 0.8864.
- Support levels: 0.8692, 0.8645, 0.8606, 0.8569.
USD/CHF: Switzerland has recorded an economic slowdown
The Swiss national currency is developing a weak trend against the U.S. dollar, and if it holds the initiative, the pair USD/CHF may reach its yearly peak by the end of afternoon trading. At the moment the instrument is held in parity.
Economic data from Switzerland shows continued tension in the national economy amid a decline in business activity. Thus, according to information from procure.ch, the value for October in the manufacturing sector decreased from the previous 57.1 points to 54.9 points, consumer confidence for Q4 remained in the negative position at -38.0 points. On a like-for-like basis, price pressures gained 0.1% and the annual rate was 3.0% from the previous 3.3%.
- Resistance levels: 1.0145, 1.0300.
- Support levels: 1.0020, 0.9850.
Read more: USD/CHF: forex signals, online trading forecasts for today, characteristics & features