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Things aren’t looking good for the Hungarian forint in the foreign exchange scene. Bulls have successfully peaked at their highest and strongest performance for the USDHUF pairs. And the uphill climb isn’t expected to end there. Its widely believed that the US dollar still has plenty of gas in its tank to push the Hungarian forint even further to reach its resistance. The greenback’s confidence received a hefty boost from the excellent figures produced by the American economy yesterday. The US building permits for the month of January spiked to 1.551 million from 1.420 million prior. Experts and traders were indeed baffled as growth to about 1.450 million projected prior. Meanwhile, the unfortunate drop in Hungary’s fourth quarter gross domestic product report slowed down the forint, leaving space for the buck to maneuver. It was previously reported that Hungary’s GDP dropped from 5.0% to 4.5% on a year-over-year basis.
The USDNOK pair is in for an upward rally. The pair is widely projected to climb to its resistance by the first few days of March. Still, its worth to note that the Norwegian krone is hustling hard to prevent a steep uphill run for the USDNOK pair, suggesting that the road to its resistance won’t be given to bulls that easily. The greenback also rejoices in a series of strong results produced by the US economy. Just yesterday, it was reported that the building permits for January in the United States leaped high, supporting the buck in the nick of time and preventing the Norwegian krone from getting momentum. Bears are actually relying on the support they previously acquired from the core consumer price index and producer price index of Norway. But that data has already been overpowered by more prominent reports from the United States, making it difficult for the Norwegian krone to recompose itself against the buck.
The US dollar fortifies itself against the Polish zloty and is working hard to peak to its strongest performance against it. However, bears are also exerting effort to prevent the US dollar from pushing the pair even higher. The pair is currently trading on levels last seen last year during the first few days of October. The USDPLN pair is widely expected to tick up to its resistance by the beginning of March as bulls remain determined. Yesterday, bulls received splendid news from the US economy which recorded way-stronger figures than expected in the building permits, core producer price index, housing starts, and producer price index reports. The US January PPP unexpectedly jumped from 0.2% to 0.5%, surprising traders and experts who expected it to slip to 0.1%. Meanwhile, the US building permits for the same month surged to 1.551 million, crushing the forecasted 1.420 million improvements.
The US dollar placed the Swedish krona in a very tough predicament. The USDSEK pair has seen a massive surge since the beginning of the decade, working its way upward to reach its resistance once again. Bulls are focus on pushing the pair even higher and are harnessing strength from the US economy. And unfortunately for bears, it’s going to be a really hard battle to prevent the US dollar from climbing even further. The alarming drop in Sweden’s consumer price index for January and the CPIF results of the country also drained the remaining fighting power of the Swedish krona. And with those factors, it’s projected that the pair will eventually hit its resistance by the end of the month or if not, by the beginning of March. Sweden recently recorded a drop in its CPI for January; official reports from the country showed that the CPI dropped from 1.3% from 1.8% on a year-over-year basis.