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The bloc’s single currency had a steep decline against the Norwegian krone throughout December. EURNOK bulls had no luck in propping the pair in sessions, and despite signs of improvement in the group’s economies, the euro is still struggling. The EURNOK pair is still widely expected to hit its support levels soon, which would also erase the 2019 gains of the bloc’s common currency. The Norwegian krone continues to rise amid the upbeat loan growth figures from the country. Norway’s annual general public’s domestic loan debt climbed 5.6% to NOK 6,022 billion in November. It’s as the same pace as from last month but it gave the krone a boost because it went slightly beyond expectations of 5.5% growth. Aside from that, not much can be reported from Norway’s economy. The last result came on January 3, the Norwegian unemployment rate for October which came in also slightly lower than expectations, slipping from 3.9% prior to 3.8%.
Despite the unfavorable and dull results from the eurozone’s economies today, the single currency appears to be determined to regain its major losses against the Hungarian forint. And despite the steep uphill climb ahead, EURHUF bulls remain driven to pull the pair higher in the coming trading sessions. Hungary’s economy has produced worrisome figures, while the bloc’s economies have met expectations of marginal improvements. Hungary’s quarterly unemployment rate for November remained unmoved at 3.5%. However, the Hungarian annual retail sales for November jumped from 6.2% to 7.3%. Earlier today, Eurostat released the Eurozone’s Consumer Price Index or CPI for December which reached expectations of 1.3% improvement from 1.0% prior on a year-over-year basis. The Eurostat also released the December core CPI which was projected to remain stagnant and unsurprisingly came out unmoved.
It’s difficult to find the clear directional driver of the Russian ruble in trading sessions as there is a clear lack of economic reports from the country. The EURRUB pair is fairly quiet in the market and has been trading subtly in the past few sessions. It’s as if any news from the pair has been overshadowed by greater events such as the tension between the United States and Iran. Still, it is believed that the pair will gradually hit its support levels soon, perhaps in the second half of the month. The first and only report release from Russia recently is the Russian CFTC RUB speculative positions which dipped from 30.3K to 29.2K. Russia is currently celebrating its Christmas day today. The Euro, on the other hand, recently received support from strong results in its economy yesterday. But today is a different story. Most figures from the eurozone’s economies came out as projected.
EURPLN bulls are ignoring the strong December CPI from Poland and fight to get gains in today’s trading. Unfortunately, the pair is still widely anticipated to hit its support in late January. Tomorrow, the Polish central bank is scheduled to announce their interest rate decision which is highly believed to be left unmoved this January. Recently, Poland’s manufacturing PMI for December rose from 46.70% to 48.00%, surprising the market who only expected an improvement of 46.80% prior. The notable improvement gave bears to lower the pair in recent trading sessions. Then earlier today, the Polish Central Statistical Office reported a big improvement in the country’s month-over-month and year-over-year consumer price index. First, the monthly CPI rose from 0.1% to 0.8%, exceeding expectations of improvement of 0.4%. Then, the annual CPI rose from 2.6% to 3.4%, again, surpassing projections of only 2.9% growth.
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