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The greenback has successfully forced the Norwegian krone to its highest level and it’s still expected to floor its gas pedals to gain more altitude. If the buck continues to hold its momentum for the USDNOK pair, it will eventually peak to its resistance level by the end of the month or perhaps by the first few days of March. Attempts of the Norwegian krone to recover are appearing futile despite the greenback slightly slowing down in the forex market against other major currencies. Later today, the Norwegian krone isn’t expecting colorful figures to come out as its unemployment rate for December is widely expected to remain unmoved at 4.0%. However, bears are still hoping for support tomorrow from Norway’s monthly January core retail sales results which are projected to bounce back from contraction to about 1.1%. Meanwhile, the US dollar received a boost from the positive S&P/CS HPI composite – 20 n.s.a. for December.
The Swedish krona is exerting its all-out effort to prevent the US dollar from rallying in sessions. This prevented the USDSEK pair from gaining more altitude. However, that won’t be the case for long as the Swedish krona is weakening due to the intense pressure brought by the negativity around Sweden’s economy. The Swedish consumer price index, CPI at constant interest rates (CPIF) all contracted for the month of January, causing the krona to falter and lose its downward momentum against the US dollar. Earlier this month, the monthly January CPI alarmingly dropped from 0.4% to -1.4%, tumbling even further from projections of -1.1%. Meanwhile, the CPIF of Sweden for January also dropped from 0.4% to -1.5%. Aside from that, the Swedish capacity utilization for the fourth quarter of the year 2019 collapsed from 0.5% to -2.1%. Fortunately for bears, hindrances are ahead for the greenback, giving hope for the krona in sessions.
The Czech koruna is in danger. The US dollar is looking to push it to its resistance and recover its major losses from its fall from the last quarter of the year 2019. In fact, the year 2020 has been good to the greenback, it has been thriving on the events has steadily held its upward momentum against the Czech koruna, forming an uptrend run for the USDCZK pair. And things are still looking brighter for the greenback as more reports that are coming later today, and this week is expected to produce improvements that will further give the greenback energy to gain in sessions. However, positive data from the Czech Republic’s economy is also making it difficult for the greenback. Just recently, official reports from the country showed that the Czech producer price index for January jumped from 0.1% to 1.3% on a month-over-month basis. While the Czech producer price index also for the same month rose from 2.1% to 2.4% on a year-over-year basis.
The Danish krone reeled in the greenback after the USDDKK pair momentarily touched its resistance level. However, all is not lost for the greenback as it looks to regain composure and force the pair to reach its resistance once again. And this time, the positive results from the United States economy is backing the greenback. Not to mention, the safe-haven appeal of the beloved buck is also helping bulls to regain their confidence. Meanwhile, the positive retail sales result from Denmark that were just recently released made a less significant impact on the performance of the Danish krone thanks to the concerns of bears about the expected drop in the country’s GDP. Later this week, the Danish gross domestic product is scheduled to be released and it’s already widely believed that it will ease down from 0.4% to 0.3% on a quarter-over-quarter basis. This makes it hard for the Danish krone to rely on economic activity for support.