What Traders Need To Know Ahead Of The New York Market Session

 Trade in the main currency increased, bolstered by hopes for a global economic recovery following the publication of data from Asia which was upsetting when hesitation about the resurgence of the coronavirus outbreak around the world also weighed on market sentiment.


Japan has reported growth of 5% at the third rate this year, signaling that the world's third largest economy has triumphed over the edge of the Covid-19 pandemic.


Also adding to market confidence was the publication of Chinese data showing an increase in industrial spending at a faster rate than expected in October.


The Aussie dollar and New Zealand dollar capitalized on this positive report with an expectation to increase.


The China-endorsed Comprehensive Economic Cooperation Agreement (RCEP) signed by 15 Asia Pacific economies on Sunday is helping to boost sentiment towards Asian eyes, in the hope that trade, which has been hit by the US-China dispute, will improve.



Meanwhile, the US dollar continued to depreciate lower than most of the major currencies leading to the start of the European market session amidst market uncertainty over the US economy due to the continued increase in the Covid-19 case in that country.


Following the decline in the greenback dollar, the euro currency is trading steadily around the 1.1850 price level.


The currency of the pound is trying to hold on to trading permanently above the 1.3200 price level as the Brexit trade negotiations continue to catch the eye of markets that expect the two sides to reach an agreement before the final date.