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The bloc’s single currency is in for a tough ride these coming trading sessions. EURCHF bears are holding tight and are working hard to pull the pair lower in the second half of the month. The pair just recently reached its lowest level since late-April 2017 and is still expected to drop lower as the Swiss franc continues to press its foot on the gas pedal. Last year as a rough ride for the euro as the safe-haven currency doubles its efforts to pull the pair downwards, erasing all its 2018 gains. Brexit related concerns are playing a big factor in the drop of the EURCHF pair. And with the recent tension in the Middle East, the safe-haven charms of the Swiss franc continue to overpower the eurozone’s currency. Meanwhile, the mixed results from the bloc’s economies aren’t making it better for the single currency. Most reports even show negative results rather than progress, making it harder for EURCHF bulls to regain their composure in sessions.
The Australian dollar is in a treat for its pair up with the Japanese yen as the odds work against the safe-haven currency. This is good news for the Aussie after it took damages from the raging bushfires across Australia. So, after an intense escalation of tension between Washington and Tehran, the two rivals are appearing to pull back. This means, the safe-haven appeal of the Japanese yen also eases, causing it to collapse against the Australian dollar. To make it even harder for the JPY, next week, the first phase of the trade deal between the United States and China will finally be inked. Actually, so much has happened between Iran and America which stole the focus on trade war-related news. And as the Middle East conflict starts calming down, the trade war will again be the talk of the town. This means bad for Japanese yen, as it will further reduce the currency’s safe-haven glow in sessions as investors look more and more optimistic.
Now that trade war-related news is starting to get back and be the focus on the market, the USDCNH pair holds on its bearish momentum. Things aren’t looking clear for the greenback against the Chinese yuan in sessions as investors worry that the safe-haven appeal of the beloved buck will depreciate following the monumental signing ceremony between Chinese and US officials next week. The good trade balance results, manufacturing PMI data, and non-farm employment change from the United States even failed to give USDCNH a lift. The pair is widely expected to extend down to its support levels by the latter half of the month. However, bulls are still hoping that the nonfarm payroll report for the last month of the year will give the greenback much-needed support against the Chinese yuan in sessions. Unfortunately, things still don’t look good for the buck as the NFP report is expected to contract rather than rise.
In the pairing between two major safe-haven currencies, America’s greenback is believed to be triumphant against the Japanese yen. The USDJPY pair is expected to rise to its strongest level since June 2019. Bulls are working hard to lift the pair higher and possibly reach its resistance by the end of the month. One of the major contributing factors of the USDJPY pair’s uphill climb will be the improving sentiment around the United States and China’s protracted trade war. The prolonged tension between the globe’s two biggest economies is about to ease as top tier officials from the People’s Republic of China are expected to fly to Washington for the official signing agreement with US officials. This will very much drain the strength of the Japanese yen and prevent it from resisting against the greenback. Lastly, the dull figures produced by the Japanese economy isn’t also helping the JPY against the USD.
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