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Despite the fall of the EURNOK pair on the latter half of January to the first half of February, bulls managed to regain composure and hold their upward momentum in sessions. The pair is looking hot on track to reach its resistance by the first week of March. However, the answer to the question of whether it will be able to break through its resistance level is uncertain. Looking at the pair, it still has enough to climb upwards considering the figures produced by the Norwegian economy in recent reports. Just yesterday, official results from Norway shows that the country’s core retail sales report for January failed to reach its projected growth of 1.1% and just came in at 0.5% from -2.1% prior. Perhaps the biggest contributing factor to the Norwegian krone’s weakness is the consecutive drops seen by oil prices which are heavily weighed on by the ongoing fight of China against the deadly 2019 novel coronavirus.
The mixed results reported yesterday from the Swedish economy did not even have an effect on the Swedish krona’s strength. And the expected drop on Sweden’s economy isn’t helping the case of EURSEK bears to prevent the pair from climbing even higher to its resistance. With the strong momentum held by bulls, the pair is widely believed to touch its resistance by the first few days of March. Yesterday, Sweden’s monthly retail sales results for January reportedly jumped from -0.9% prior to 0.9%. However, it was countered by the country’s monthly producer price index for January which was expected to improve from -0.5% to 0.0% but actually came in weaker-than-expected at -1.0%. As for the bloc’s beloved single currency, hope came in after the head of the European Central Bank, Christine Lagarde, said that COVID-19 has yet to cause a so-called “long-lasting shock” to the bloc and its current stage does not yet need a response from the ECB.
After falling to its lowest levels since 2012, the EURCZK has bounced hard as the single currency eyes the redemption of some of its major losses against the Czech koruna. Bulls are working hard to force the pair higher and overpower bears. After peaking to its strongest level in years, the pair is infected by a virus, and it’s not the novel coronavirus, its sensitivity of the koruna to the mood of the global market. The positive producer price index reported from the Czech Republic earlier this week barely supported the rally of the koruna in forex sessions. The monthly producer price index of the country for January jumped from 0.1% to 1.3%, surprising experts who expected an improvement to 0.4%. However, perhaps the turning point for the EURCZK pair was the drop in the Czech Republic’s gross domestic product that was reported earlier this month. Since then, bulls have been successfully holding on to their momentum.
After trading narrowly sideways for months, the Danish krone pulled the single currency lower, but bulls had other things on their minds and immediately grabbed hold of the direction of the pair. Now, it’s widely expected that the EURDKK pair will climb to its resistance especially after Christine Lagarde, the head of the European Central Bank expressed a rather optimistic view on the impact of the novel coronavirus. The momentum is expected to last in the near-term trading despite the line up of economic reports from the eurozone with predictions of stagnant or contractions. Later today, the German unemployment report is scheduled to be released and experts projected that it would remain stagnant at 5.0%. Aside from that, the French CPI results which have already been issued presented dull and negative results. But the recent reports that have been released failed to push the EURDKK lower in sessions.
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