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EURCHF is slowly slipping in trading sessions thanks to the intense tension between Tehran and Washington and against good results from the eurozone’s economy. Bears are working their magic as they take the recent news from the Middle East as fuel to push the pair lower despite the bloc’s strengthening economy. Perhaps the strong results from the group’s economies are supporting the euro and preventing it from falling further against the Swiss franc. The German-heavy reliant euro is holding on tight to the positive figures from Berlin – the November retail sales, December composite PMI, and services PMI – so it won’t plunge against the Swiss franc. Berlin’s monthly retail sales for November jumped from -1.3% to 2.1%, exceeding expectations of 1.1% growth. Then, the December German composite PMI rose to 50.2% from 49.4%. And lastly, the German services PMI, which was initially expected to remain unmoved, rose from 52.9% from 52.0%.
The Canadian dollar continues to overpower the Australian dollar despite the lack of economic reports from both parties. It isn’t helping that Australia is currently in a dire situation as the country suffers from rampant wildfires. The ravaging bushfires across Australia are erasing all the gains of the Australian dollar. But prior to the current bearish momentum of the pair, the AUDCAD closed its 2019 on levels last seen in September 2019. Sadly, Canberra’s economy is on the line all because of the bushfires. Australian citizens and its wildlife have been greatly affected by the devastating catastrophe. The country’s services are already responding to the crisis and its orders have been widespread throughout the country. Even other countries, organizations, and figures have extended their help to fight for Australia and its wildlife. The costly damages will cause an unfortunate ripple in the country’s health.
The good results from Britain’s December composite and services PMI, the GBPNZD pair has successfully regained its losses from its last drop. The United Kingdom’s December composite PMI rose from 48.5% to 49.3%, traders were caught off guard as experts were only expecting an improvement of 0.1% in the report. Then, the UK December services PMI went up to 50.0% from 49.1%. And like the composite PMI, experts were also only expecting an improvement of 0.1%. Bulls are expected to hold on and continue to upward momentum as the New Zealand dollar remains vulnerable to the bushfire disaster in Australia and the rising tension between the United States and Iran. Unfortunately for the NZD, the tension between the two powerhouses appears that it won’t end any time soon. Aside from that, the kiwi clearly lacks support from its economy as there are no important reports scheduled from New Zealand.
The good results from the eurozone and the negativity surrounding the kiwi is allowing EURNZD bulls to have a good upswing momentum. The pair is widely expected to reach its resistance in the near-term trading. Bulls are hoping to finally break the resistance to fully recover the single currency’s losses against the New Zealand dollar. The bloc’s euro is supported by various reports from its economies. First, the strong December Italian services PMI grew from 50.4% to 51.1%. Then, the December Spanish services PMI also rose from 53.2% prior to 54.9%. The whole Eurozone’s Markit composite PMI for December also jumped from 50.6% to 50.9%. While the bloc’s December services PMI climbed from 52.4% to 52.8%. Traders were delighted because all the said reports were expected to either remain unmoved or show only little improvement, thus giving the EURNZD strength to rally.