Today, the focus is on support for US airlines, Fed forecasts, as well as dangerous signals from the US labor market.
US airlines will receive $58 billion in support measures. Affects Boeing
The Fed talked about the recession and the need to overcome COVID-19 before the economic recovery begins. Affects USD
The number of initial applications for unemployment benefits in the United States doubled the forecasts of experts. Affects USD
The US Senate approved a $2 trillion economic stimulus package. Affects the S&P 500
Singapore will send a reserve of $30 billion to support the economy. Affects SGD
The base price index for personal consumption spending in the United States will be published. Experts predict the result to be 0.2%. If the real data is lower, USD may decline.
Basic dollar index
Yesterday, a report was published on the number of primary requests for unemployment benefits in the United States. The expected amount of applicants was 1.65 million, but the actual number almost doubled this prediction. Against this background, the US dollar continued to decline.
Asset analysis using the RSI indicator shows a continuation of the downtrend. The closest support level is at 99.60, but its reliability is in doubt.
A bearish divergence has formed on the chart of the currency pair. For this reason, a more likely scenario is the return of a downtrend.
We expect a decline in the quotes of the currency pair, as the asset chart failed to break through the resistance level of 78.00.
CAD/JPY on this day in history
- Since 2000, March 27th has been a trading day 15 times.
- On 47% of those days, the asset finished trading with growth.
- The maximum strengthening range was 0.77%.
- The downward trend was limited to 1.83%.