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Investors weren’t impressed by the recent core consumer price index reading from the United States, resulting in a drop by the USDRUB pair in today’s trading. However, its widely believed that the greenback will immediately recover and push the Russian ruble higher. The pair is projected to peak at its resistance by the latter half of the month. The Russian ruble is still under intense pressure as investors remained very worried about the proliferation of the deadly coronavirus, now called covid-19. Fears heightened when news broke out about patients with coronavirus and possible cases are quarantined in Russian hospitals. Geographically speaking, China is a very close neighbor of Russia, which raises the stakes of the virus reaching the northern country and spreading across it. It was recently reported that the 2 Russian nationals escaped the coronavirus quarantine, with one jumping out from a window.
The USDILS pair is still down for a bearish run in sessions. The pair is expected to drop to its support levels before the month of February ends. Bulls are worried about the strength of the US dollar against the Israeli shekel who has held a firm grip on the downward momentum of the pair. To make matters even worse for bulls, the Israeli shekel is expecting further support to come from the country’s consumer price index for January which is scheduled to be released later this Valentine’s day. Love isn’t definitely in the air for the greenback as investors do not appear satisfied or delighted with the recently released core consumer price index from the United States. Perhaps the very minimal improvements weren’t enough to buoy hopes and prevent the pair from further contracting. On top of that, upcoming data from the core retail sales, export price index, import price index, and retail control reports are all expected to show lackluster figures later.
Despite the negativity around the US dollar and the health of the US economy, the USDTRY remains on a bullish track in the foreign exchange scene. The pair is anticipated to climb to its resistance before February ends. However, bears aren’t giving up and are wishing that the upcoming reports from the United States’ economy will show negative figures and will eventually weigh on the USDTRY pair. The Turkish lira remains on the defensive against the US dollar despite strong economic results that should have backed it up in the first place. Perhaps the recent massive drop from Turkey’s current account for December prevented the Turkish lira from recomposing itself against the buck. Earlier today, the Central Bank of the Republic of Turkey reported that the country’s trade balance fell from -0.52 billion US dollars to an alarming -2.80 billion US dollars for the last month of 2019.
The US dollar is fighting all odds thrown against it and is hustling to pull its pairing with the Romanian leu higher in sessions. The pair is widely believed to peak to its resistance by the end of the month thanks to Romania’s central bank. Earlier this week, the Romanian central bank eased its annual inflation forecasts this 2020. The market’s sentiment immediately turned bullish for the USDRON pair as hints of no upcoming interest rate hikes spread. Aside from the adjusted expectations of the central bank, Governor Mugur Isarescu said that the bank is currently satisfied with the official interest rates of the bank and believes that it might be enough to bring prices in the market down. During their last policy meeting, the Romanian central bank left its rates unmoved at 2.50% just as expected, causing the Romanian leu to weaken against the buck. The central bank governor said that the rates are still adequately helping them control inflation.
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