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The US dollar is having trouble recovering against the Czech koruna as the pair get stuck in a downtrend. Despite the US dollar receiving support from the novel coronavirus and the positive NFP results from last week, the Czech koruna still has the upper hand on the USDCZK pair. The recent interest rate decision of the Czech central bank last week is the main reason for the strength of bears in the sessions. Just recently, the Czech National Bank decided to defy forecasts and the recent results from the country’s economy by raising its monetary policy for the second month of the year. USDCZK bears were delighted and experts were baffled after the national bank tightened its interest rates from 2.00% prior to 2.25%. Meanwhile, in the United States, the January nonfarm payroll, which was released last Friday, showed excellent improvement, jumping from 147K to a staggering 225K, crushing forecasts of 160K prior.
Good news for the Canadian dollar came just last week as the country’s employment change and Ivey PMI for January countered the positive results from the US nonfarm payroll report. Unfortunately, the pair is still expected to continue its bullish run as the US dollar thrives in its current environment. The pair is widely expected to reach its resistance soon. The greenback has successfully recovered some of its major losses from the latter parts of 2019, running a strong rally against the Canadian dollar. Just last week, the Canadian Ivey PMI for January reportedly surged from 51.9% to 57.3%, easily topping forecasts of 53.3%. Meanwhile, the Canadian employment change hiked from -2.8K prior to 34.5K. On the other hand, the United States’ nonfarm payroll for January rose from 147K to 225K, exceeding projections of 160K. However, the country’s unemployment rate rose from 3.5% prior to 3.6%.
After an unfortunate plunge to record lows, the AUDCHF pair is looking for recovery. Bulls are working to pull the pair upward to its resistance by the first half of March, gradually working their way up against negative results from the Australian economy. Earlier last week, the December monthly retail sales figures from Australia dipped from 1.0% prior to -0.5%, sliding further from projections of -0.2%. Aside from that, the country’s trade balance for December unexpectedly contracted, falling from 5.518 billion Australian dollars to 5.223 billion. Fortunately for bulls, the Swiss economy is projected to show concerning signs of exhaustion and contraction from the month of January. Later today, Switzerland’s unemployment rate s.a. is scheduled to be released and experts are forecasting it to remain unmoved. Aside from that, the Swiss consumer price index for January, both monthly and annual growths, are expected to contract.
The New Zealand dollar is reeling in some strength from the quarter-over-quarter inflation expectations and is trying to prevent the Japanese yen from further gaining in sessions. However, the pair is widely expected to fall and reach its support levels by the latter part of the month. Still, bulls are hoping to receive support from the coming interest rate decision of the Reserve Bank of New Zealand due later tomorrow. Despite the forecasts on the RBNZ to leave its official monetary policy unmoved, bulls are still holding on to possible support from the official rate statement and press conference of the reserve bank. Meanwhile, the Japanese economy continues to show its robust nature in its latest reports. Just yesterday, the Japanese current account n.s.a. for December contracted from 1.437 trillion Japanese yen to 0.524 trillion Japanese yen, fortunately, it didn’t fall lower than the expected 0.417 trillion yen prior.
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