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The single currency to Swedish krona pair has form a downward pattern that started back in October. The pair is nearing to its resistance and is expected to crash to its yearly lows before the year ends. Among all Nordic currencies – like the Danish krone and Norwegian krone – the Swedish krona is the only currency that has successfully dragged the beloved euro downward in the latter half of the year. Bulls will have a tough time propping up the EURSEK pair as the Swedish central bank becomes increasingly more apparent to its negative interest rates, a move which will further reinforce the Swedish krone in sessions. This could mean that be bank will finally heighten its monetary policy after half a decade of pursuing it. Investors are very much expecting the Sveriges Riksbank to raise its benchmark rates to zero (0) from -0.5% in its coming interest rate announcement this week.
EURCZK bulls finally received some breathing space today thanks to the pleasantly surprising upsurge in Berlin’s IFO business climate index report for December. The pair’s descend finally took a pause this Wednesday, courtesy of Germany. But still, the Czech koruna is still widely expected to continue falling and eventually reach its support levels in early January. Economic performance isn’t the main fundamental for this pair, as the Czech koruna keeps brushing the dull figures from its economy. Earlier today, the German IFO Institute for Economic Research reported a big increase in its business climate index from 95.1% to 96.3 in December. The impressive hike crushed expectations of only 95.5 growth prior. Later today, the Czech central bank is scheduled to deliver its interest rate decision to the market. And it is widely expected that the bank will retain its current benchmark rates at 2.00%.
The USDPLN is aiming to start 2020 with good yearly gains. The pair is expected to climb up to its resistance by early January. The last-minute clutch of USDPLN bulls to buoy the USDPLN upward comes in despite positive economic activity results from Poland. Although, tomorrow, the Polish National Bank’s meeting minutes are scheduled to be released and traders aren’t expecting any major information that could shock the Polish zloty. So, in the meantime, investors are looking at the positive US building permits released earlier which gave the US dollar a much-needed boost. The December US building permits climbed to 1.482 million from 1.461 million. The good results crushed expectations of contraction to 1.410 million. On top of that, the Bureau of Labor Statistics also issues a report on job openings, which rose from 18-month lows in October. The JOLTs survey found an increase from 7.032 million job openings to 7.267 million.
USDHUF bulls should be ready as traders expect a steady uphill climb from the pair to reach its resistance by mid-January. After a devastating drop after it reached its resistance back in late November, the US dollar had a tough time recovering from it. Now, considering that, investors are doubtful whether the pair can actually break its resistance once it reaches it or whether it will plummet again. Yesterday’s interest rate decision from the Hungarian central bank failed to buoy forint despite holding onto its current rates at 0.90%. In fact, the decision of the HNB’s monetary policy committee actually weakened the forint. However, the Hungarian National Bank also raised its projections for its 2020 gross domestic product growth from 3.3% to 3.7%. In its post-meeting statement, the most dovish bank of Central Europe said that it would extend its program of buying corporate bonds to help local companies.
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