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Norway is currently celebrating a holiday today – St. Stephen’s Day, and the country’s market is closed. However, that doesn’t stop the USDNOK from tumbling down in sessions. Post-Christmas isn’t good for bulls as the pair continues to descend and is widely expected to hit its support levels soon, despite the poor results in Norway’s economic activity. Just recently, the NAV Norway Labor and Welfare released the December showing that the countries’ unemployment change ticked up to 76.68k from 76.67 prior. Actually, the pair’s decline is beating odds, as the US dollar should have been rallying thanks to trade war progress. On Tuesday, United States President Donald Trump said that officials from the US and China will have an official signing ceremony soon, perhaps as early as next week. Trump said that the agreement is already done and is undergoing translations or “technical scrub” as US Treasury Secretary Steven Mnuchin called it.
After a rough uphill climb in the third quarter of the year, the pair has lost a significant deal in its gains in the last quarter as the Danish krone fights its way downward. Denmark’s market is currently closed as the country celebrates the second Christmas day. Still, the pair is expected to bounce off its support despite poor quarterly gross domestic product growth results from Denmark. The pair will not continue to decline as Washington and Beijing are closing in on signing the first phase of the trade agreement in early January. This could actually go both ways, if both parties fail to reach their promise of the first week of January, the pair could plummet even further. And if both sides really have a signing ceremony, the pair could climb potentially climb higher. But for now, as officials only let out promises and there are no actual full details about its signing, the pair is destined to reach its resistance.
The EURDKK pair is struggling to find a clear direction and it’s failing to gain momentum, either downward or upward. But the pair is expected to eventually and gradually go down as the Danish krone looks to minimize some of its losses from this year against the bloc’s single currency. The krone is taking advantage of the euro as mixed data from the eurozone confuse traders. The bloc’s consumer price confidence index, the Italian monthly PPI, and the French monthly consumer spending are just some who produced weak figures. And its countered by the positive results from the French monthly consumer spending report, December Italian consumer confidence index, and German import price index. Earlier this week, Berlin’s import price index for November was released by Destatis, the Federal Statistical Office of Germany. The monthly import index rose from -0.5% to 0.5% last month, beating forecasts of 0.4% growth.
EURTRY bulls successfully lifted the pair this month, and although the pair’s ascend may have cooled down in recent sessions, it’s still widely anticipated to climb up to its resistance soon. It’s possible that the EURTRY pair will have another steep uphill rally soon, which will lead it to its resistance in early January. The pair did it before Christmas, and it’s possible that it could do it again as euro traders take advantage of the weak results in Turkey’s economic report. Just recently, the monthly Turkish retail sales report showed an alarming contraction from 0.8% to -0.2%. Then, the country’s consumer confidence for December also dropped from 59.9% to 58.8% in December. Then, Turkey’s government debt stock rose from 1,260.7 billion to 1,274.2 billion last month. And earlier today, the Turkish Statistical Institute issued the monthly capacity utilization report showing contraction by 0.2% from 77.2% to 77.0% in December.