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Despite the Polish zloty hustling hard to prevent he greenback from pulling the USDPLN pair upward, its efforts will be futile in coming sessions as the fundamentals produced by the Polish economy are expected to slow down bears. Its widely expected that once the US dollar regains its composure against the zloty, the pair will gradually ascend higher to its resistance by the middle half of March. Bears are concerned about the recent performance of the Polish economy, particularly the alarming jump of the country’s unemployment rate. The Polish unemployment rate reportedly jumped from 5.2% to 5.5% for the first month of the new decade. Good news for bulls, more lackluster results are projected to come from Poland, which will give the beloved greenback the upper hand. Later tomorrow, the yearly and quarterly gross domestic product results of Poland is scheduled to be released, and, unfortunately, both are expected to show contractions.
As of writing, the US dollar is seen losing momentum against the Hungarian forint after it momentarily peaked to its resistance in previous sessions. Bulls weren’t able to break the resistance line resulting in some losses for the greenback. However, the US dollar is looking to break it and peak to its resistance by the middle half of next month. Bulls are looking to take advantage of the poor results of Hungary’s economic activities that were recently reported. Earlier this week, the Hungarian National Bank announced that it has decided to leave its official interest rates at 0.90% as expected, a move that definitely did not give the Hungarian forint a boost. Aside from that, the annual gross wages for December dropped from 13.9% to 13.1% according to official data. To top things off, the fourth quarter gross domestic product results from Hungary reported fell from 5.0% to 4.5% on a year-over-year basis, further weakening the forint.
A steep fall towards its support levels is ahead of the USDRON pair as bulls struggle to support the beloved greenback in trading sessions. The Romanian leu is looking to retrieve back some of its major loses against the US dollar after a strong surge to its resistance this February. In fact, after the pair touched its resistance levels, it came immediately tumbling down as bulls fail to regain momentum. Looking at the bigger picture, the Romanian leu is running low in fundamentals from its economic activities that could fuel the USDRON bears’ gas tanks. The last report that came from Romania was back in the middle half of the month, the Romanian gross domestic product growth which showed great improvement, jumping from 3.0% to 4.3% on a year-over-year basis. Meanwhile, the positive results from the US new home sales for the month of January failed to help the US dollar get back up to its feet after its release yesterday.
The Russian ruble is in for a tough ride against the US dollar. Bulls are eyeing their goals to reach the resistance line of the pair, pushing it higher and higher. Luckily for them, the positive results coming from the US economy are backing them up. Yesterday, the US new home sales for January reportedly jumped from 708K to a whopping 764K, exceedingly well beyond forecasts of 710K prior. To make matters even sweeter for the greenback, the continuing jobless claims from the United States is expected to go down in its report due later today. While the core durable goods orders and other more reports are also projected to show promising figures. The gradual improvements in the Russian economy are, unfortunately, not enough to give bears the strength to prevent the USDRUB pair from gaining further. Perhaps the drop on the GBP monthly for December from Russia countered the retail sales growth.