US Unemployment Claims Finally Fall Below 800K - Forex ...

Venezuela is fine

Good afternoon economists, please stop claiming that Venezuela is in trouble. The news is making their situation seem much worse than it really is. There is no evidence to support Venezuela being in trouble, and their economy is perfectly fine.
The first thing people usually point out is Venezula's incredibly high inflation rate. Most people apparently don't realize that inflation remains constant in the long run, and the only thing that matters is price level. I don't know about you guys, but I'm totally fine with spending thousands of dollars for a candy bar as long as I'm getting paid lots more. Also, just take a look at the Phillips Curve. The Phillips Curve shows the relationship between inflation and unemployment, which is especially useful when talking about Venezuela's high inflation rate. The Phillips Curve says that high inflation correlates with low unemployment, which means that Venezuela is at practically 0% unemployment (almost impossible for most countries). Also what's the worst that could happen if Venezuela continues with super high inflation? Venezuela obtains the world record for highest inflation, beating Zimbabwe's record? I don't see a problem here.
The next "problem" people think Venezuela has is its leadership. Many claim that Maduro is a horrible leader, but they forget about the past. The United States has had a lot of arguably bad presidents, but we are still thriving debt and all. Politics is slow unlike the pure speed of economics.
Another thing people point out is how poor Venezuela is. Admittedly, Venezuela isn't super wealthy, and they could use some help. This is where the FOREX market comes in (Foreign Exchange Market if you're not an enlightened economist like myself). The FOREX graphs relate the value of the currencies of two nations, and can help us fix Venezuela's problem. When more people purchase the goods of a nation, the value of that nation's currency is increased due to an increase in demand for that nation's currency. Of course this would devalue the other nation's currency since they're supplying more, but it's not an issue. All we need to do to make Venezuela wealthy is for a nation we don't care about (maybe Mexico, Britain, or Germany (ok probably Germany since they're used to taking L's in the world wars.)), and have them purchase tons of Venezuelan goods. The act of purchasing Venezuelan goods increases the value of the bolivar (Venezuela's currency), and decreases the value of a currency that isn't the USD. This would make Venezuela extremely wealthy, and they would no longer have a problem of being poor.
The graphs don't lie; Venezuela is perfectly fine.
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Weekly Forex & Crypto Analysis by PrimeXBT

Weekly Forex & Crypto Analysis by PrimeXBT
The week has started and was led by the only title and header around all economic news which is “US-China trade wars”.
US-China trade wars in general had its effect on all markets, including cryptocurrency. The United States wants to tighten cryptocurrency use and claimed that it’s been used by smugglers and drug-dealers and pointed out that most of the transactions are made in China.
This week BTC tried to break $10500 on Monday, August 26th and was rejected, the price then was floating between $10400-10300 and continued the correction down to $10027. Uncertainty in the BTC has ended when the price hit $10400 again and showed a massive drop to $9366. We will point out several reasons of this week’s drop. The drop could be a result of an update in the US when rumors on crypto-currency taxation became real. Several notes sent by the IRS to crypto-currency holders pushed some investors to get rid of the BTC and led to a major sell.
The Wright and Kleiman case brings another reason to worry about. If Kleiman family surely inherited billions of $ worth of Bitcoin, then they should declare IRS the quantity and pay state taxes. Most probably, when these BTC’s received if they exist, the Kleiman family will sell them, which will result another drop-down of BTC.
CME Exchange’s futures contracts for Bitcoin is expiring today, though the Exchange showed a record-high $515M daily trading volume in May, futures expiry date gave extra-strength to sellers.
The price by the time published is traded at $9608 per BTC, from the technical point of view the price still has to find greater grounds for another massive jump.
https://preview.redd.it/8f0tliwapnj31.png?width=1468&format=png&auto=webp&s=64a5214d8a583bd7b7f3dcdd5f3de63290697050
Though we can see that a double-bottom pattern in 1-hour chart and most likely BTC will test $9750
https://preview.redd.it/vib20xqcpnj31.png?width=1468&format=png&auto=webp&s=06b1a9de59c8c76ecc447b5e2b0a8d506a79c12b
CME Exchange will continue to offer Bitcoin futures which is a positive sign for the cryptocurrency and announcement of the release of ICE-backed Bakkt Bitcoin futures in September 23 could be that pump to get the price above $10K.

Now let’s move to Forex market

The pair to watch this week and the next week is EURUSD.
Economy of Germany which EU's locomotive and other countries are cars, has showed a slight 0.1% decrease in the second quarter of 2019 related to the previous quarter. We can never deny the fact that the EU union with all its economy and power of its currency is completely dependent to the economic well-being of Germany. If the third quarter of this year doesn't show mercy to Germany's economy or Germany doesn't change policies to not only stabilize but improve the economy, the EU should prepare well for recession.
Not only economic state of Germany but rumors and news and overall hype over Brexit and Italy's economic crisis are considered to be a sinker of Euro against USD. For Euro to gain power and for EURUSD to show an uptrend again, firstly all rumors and preparations on recession should be reduced to nothing and EU states should do the needful to prevent the new economic crisis.
This week’s economic data from Germany was not positive, IFO Business Climate was below forecasted 95.1 and 94.3 was announced, German GDP was -0.1. These were news which weakened the European currency, although the worst scenario was yet to come. Thursday, August 29 Germany made an announced on the unemployment, and the number was four times higher than on the previous unemployment change, 4K. Since the announcement EURUSD was showing downwards movement and plummeted to 1.0990
If no signs of progress are shown next week, especially if the German Manufacturing PMI numbers don’t show positive, the price will continue downtrend to 1.0950 and find the next support at 1.0850
https://preview.redd.it/cso52ruepnj31.png?width=1468&format=png&auto=webp&s=21e4bdfed18b0bcce872b8714efa4d5d8fdc8b71
The political tension between EU and UK, US and China last week showed us more-or-less unpredictable movements in US, China, HK, EU, UK stock market indices. Since the “trade-war” begun and US applying higher tariffs on Chinese goods and China taking counter-action the only gainers of these back-to-back pokes were Gold and Silver. Gold showed one more time that it’s the most trusted asset to invest. The price hit $1555 highs this week and is now showing signs of short-term correction being traded at $1526. Major Investment institutions such as UBS and Citigroup look positive on Golds new summit ascents. Mainly UBS has stated that the next week the price could reach $1600.
From the technical point we can see that the price is trying to break the barrier at 1530, and is still unlucky.
https://preview.redd.it/huvtsyugpnj31.png?width=1468&format=png&auto=webp&s=9ccae0383301cabe7b0b479bde81b72cee5aa81c
This could mean that if the support at $1520 is broken, the correction will continue to $1515 and $1507.
If the downtrend is impulsive the price will reach $1494, where it will find support and another upwards move shall be expected.
https://preview.redd.it/oyzz33oipnj31.png?width=1468&format=png&auto=webp&s=1ae2f71cb0fece2770bcff716bd59d39e7a9245d
At the other hand, confirmation of Gold’s uptrend move will be breaking of resistance at $1530 where the price shall face a mile-stone of resistances at 1545-1563-1571.
From the Global prospective we should follow the upcoming Manufacturing PMI’s announcements of Germany and the US, US Non-Farm payrolls and Unemployment rates. Pay a very close attention to announcements of these three states Australia, UK and Canada, as well. Report prepared by analysts from PrimeXBT.
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Forex.Today: Another Crazy Jobless Claims? - Live Forex Trading Strategies - Thursday 2 April 2020 Forex.Today: - Live Forex Trading - Wild Weekly Jobless Claims Live - Thursday 16 April 2020 Live Forex Trading, trading news US Unemployment Claims ... Live Forex Trading - Wild Weekly Jobless Claims Live ... How To Trade Forex High Impact News In 2020 Market Crash (Destroy Forex Fundamentals) How To Trade Forex News Using Forex Factory (High Impact News Trading) LIVE TRADING - US Jobless Claims (Unemployment Compensation Claims) Hits A Record High

The US dollar suffered in the foreign exchange markets on Thursday after much-anticipated joblessness claims for the US were released. Over 3m Americans are understood to have claimed unemployment benefits last week alone the figures showed. The unemployment claims surged during the lock-down months in the US, as they did everywhere else. At some point in March, jobless claims jumped to above 6 million weekly. The unemployment rate surged above 20%, with more than 40 million unemployed people at the peak. US Forex Brokers; Payment Methods › PayPal Forex Brokers; Skrill Forex Brokers; Western Union Forex Brokers; MoneyGram Forex Brokers; NETELLER Forex Brokers; Perfect Money Forex Brokers; WebMoney Forex Brokers; Trading Conditions › High Leverage Brokers; CFD Brokers; Scalping Brokers; Execution Brokers; Guaranteed Stop Loss; News Trading Brokers; Low Spreads; Forex Trading Platforms ... Pandemic Unemployment Assistance Claims in the United States averaged 675.92 Thousand from 2020 until 2020, reaching an all time high of 1352.18 Thousand in May of 2020 and a record low of 31.95 ... Forex Rates. Forex News. Technical Analysis. Economic Calendar. List of content . Forex Rates: Forex News: Technical Analysis: US unemployment claims worse than expected. 2020-10-08 12:43:38 GMT (Economies.com) At 12:30 GMT, the US economy released the unemployment claims reading, at 0.840 million in the week ending October 3, worse than forecasts of 0.820 million, vs. 0.849 million in the ... US economy grew in Q3 but the crisis isn't over New York (CNN Business)In a sign that the labor market is slowly continuing to improve, 751,000 Americans filed for first-time unemployment benefits ... With a risk off moment similar to the ‘sell everything’ moment witnessed last month, the US dollar was the outperformer in the FX market in the rush to liquidity, and in turn taking EUR/USD ...

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Forex.Today: Another Crazy Jobless Claims? - Live Forex Trading Strategies - Thursday 2 April 2020

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