Currency analysis of US dollar and RMB - rather
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US Dollar-China Yuan May Fall To 6.50 by End of 2021, Westpac SaysThe price of the US dollar has weakened in the market. Experts are talking about a number of reasons.
Asia is showing very positive economic data, with increasing optimism, although the Covid cases are increasing in the region very fast. As experts are saying, one of the major reasons why the price of the USD is dropping is the current situation in the country. Joe Biden was recently named as the president-elect Flood Essay the country, however, the statements made by the current president of the country, Donald Trump is showing that the power transition process will not be smooth at all.
The Dollar Index, which tracks the national currency of the USA against a basket of six other currencies is also down 0.
USD/TRY should offer many trading opportunities this week
Recently, the data from Japan indicate that the country is out of recession, and the country is showing that the economy is recovering gradually from the damage it got because of the coronavirus pandemic. The ongoing events around the world have a huge influence on the prices of currency pairs, which is why it is very important for traders to understand the basics of the market while focusing on other factors as well. As can be seen from the chart, the price of the currency pair has been increasing steadily starting in July.
One of the major reasons behind the changes was the increasing number of Covid cases in Russia as well as around the world. The price of the currency pair has increased and decreased several times over the last few months.
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Recently, at the end of October, mainly because of the US presidential elections, the price of the currency pair started decreasing. However, it went up again several times. As you can see from the chart, the price of the currency pair is now down again. Experts are saying that one of source major reasons because of this is the presidential elections of the United States. Joe Biden, former Vice President of the country has been elected as the President. The current events in the country have sparked protests in the country and the result of the current situation can very easily be seen on the market already.
Prices of USD/RUB
The price of the USD is down with other currency pairs as well. Although the number of Covid cases is increasing around the world, the current ongoing political events in the United States seem to be having a much bigger influence on the changes in the market. Some of the best FX brokers in the United Doollar have reported that the market has changed a lot since the USA elections, which should not come as a surprise at all.
The ongoing events in the USA have always had a huge influence on the Forex trading market, and since this market is so liquid, traders should make sure to keep up with the ongoing events around the world. The chart above shows that the national currency of Russia has remained significantly undervalued for several weeks.]
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