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After a steep drop against the Japanese yen, the Australian dollar is looking to fight all odds and lift the pair higher to its resistance level. With that determination by bulls, the AUDJPY pair is expected to peak to its resistance by the middle half of the month. Clearly, the safe-haven appeal of the Japanese yen isn’t working against the Australian dollar. Looking at the bigger picture, the Japanese yen should have had the upper hand because of the novel coronavirus that is heavily pressuring investors. However, instead, the risk appetite of bulls is prevailing, clearing the floor for the Australian dollar to outrun the yen. So, in terms of economic performance, the Australian economy recently recorded a drop in the country’s monthly December retail sales report. Just recently, the Australian Bureau of Statistics released the retail sales figures showing it fall from 1.0% to -0.5% on a month-over-month basis.
The dull figures from the Canadian economy are countered by more important reports such as the December trade balance and monthly RMPI results. This allows the Canadian dollar to gradually overtake and advance against the British pound in the forex scene. That is also despite the impressive consecutive improvements from the British economy such as the January manufacturing, construction, composite, and services PMIs. Perhaps the improving sentiment whether the Bank of Canada will ease its monetary policy this 2020 is helping buoy the Canadian dollar in sessions against the pound. Not to mention that some investors have become more optimistic about their stance against the coronavirus and its effect on economies. Another thing worth mentioning is the recent events in Twitter wherein there were comments about the European Union trying to play hard to get with the United Kingdom involving the MiFID’s rewriting.
The US dollar is thriving in the foreign exchange market. The buck is widely anticipated to pull the Danish krone higher to its resistance by the middle half of February. This means that bears must brace themselves and prepare for an upward rally because bulls appear to be determined. Recent reports from the United States economy showing great figures are helping the buck run away against the Danish krone. Then, on top of that, the glowing safe-haven appeal of the krone is making it even better for traders. Just yesterday, the American ADP nonfarm employment change for January unexpected surged, it climbed from 199K prior to a staggering 291K, crushing forecasts of 156K slowdown. Aside from that, the country’s January composite PMI, services PMI, and non-manufacturing reports all showed impressive growth. Meanwhile, weak results from Denmark’s unemployment rate and retail sales reports are weighing on the Danish krone.
The eurozone’s common currency is in trouble against the Czech koruna. The EURCZK pair is projected to continue its downward run as the Czech koruna continues to dominate over the euro. The mixed results from the group’s economies barely help the euro in sessions. It appears that bears are still holding on to their momentum as they continue to gradually pull the pair lower to its support levels and the pair is currently sitting on its lowest level since January 2013. Oddly enough, the Czech Republic’s economy isn’t doing as well as experts and traders would have wanted. The recent report from the Czech economy is the annual December retail sales figures released yesterday showing growth from 2.9% prior to 4.8%, which is still lower than the projected 5.3% outcome. Later today, the Czech National Bank is scheduled to announce their monetary policy decision and it is widely expected that it will leave it unchanged for February.
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