Charts and Market Updates January 13, 2020

Charts and Market Updates January 13, 2020

Good day traders! Check now the most recent charts and market updates for today’s session. Learn more about analysis and be updated on the current happenings in the market!

EURBRL

Both the Brazilian real and euro are struggling to gain altitude in sessions. The EURBRL pair has only made small moves since the last month of 2019. However, the pair is expected to make an uphill climb as the Brazilian real receives mix signals from Brazil’s economy. This is also despite the Central Bank of Brazil’s effort to support the currency in sessions. Just recently, Brazilian central bank head Robert Campos said that the back is monitoring the effects of the tension between Iran and the United States to the country’s inflation and currency. The central bank also calls local lenders to become more competitive in the country for them to reduce interest charges. This sparked talks about whether the Brazilian central bank will ease its interest rates. Meanwhile, the notable improvements in the bloc’s economy, especially in the industrial sector is helping bulls to maintain the momentum in sessions.

Charts

EURSEK

The disappointing results from Sweden’s economy are paving the way for EURSEK bulls to secure gains in sessions. The pair is widely expected to reach its resistance level by late-January despite the steep climb. Tomorrow, Sweden’s unemployment rate for December is scheduled to be released by SCB Statistics Sweden, and even though there are no forecasts in the market if the country’s unemployment hikes again it could mean trouble for the Swedish krona. Earlier last week, several reports from the country have shown signs of exhaustion, causing a domino effect and casting a bearish gloom for the SEK. The Swedish retail sales figures for November dropped from 3.5% to 1.3% on a year-over-year basis. While on a month-over-month basis, the country’s November retail sales dropped from 0.2% to -0.4%. Meanwhile, the gradual improvements in the bloc’s economies are supporting EURSEK bulls get away with gains in sessions.

Charts

USDTRY

The US dollar is destined to weaken against the Turkish lira. As the market finally feels relief and is turning their focus back on trade war news, the lira is overpowering the greenback. The pair is believed to reach its support later this month before February kicks off. The Turkish lira is seen dragging the US dollar despite the unfortunate November current account results from Turkey. Earlier today, the Central Bank of the Republic of Turkey issued the November current accounts of the country which dropped from $1.55 billion to -$0.52 billion, plunging lower from expectations of -$0.42 billion. Fortunately, tomorrow, the country’s annual industrial production report for November is scheduled to be released and is highly expected to jump from 3.8% to 6.2%. Then, later this week, the Turkish Central Bank is scheduled to announce its one-week repo rate which is expected to rise for January.

Charts

USDILS

The growing trade deficit of Israel is causing the Israeli shekel to slip even against the weakening US dollar in sessions. The bullish sentiment around the pair is expected to lift the pair up to its resistance by late January. The pair will have a tough and steep journey to reach its resistance, nevertheless, it’s still believed that it will hold on the bullish momentum through the second half of the month. Israel’s foreign trade deficit widened by 10.4% according to the country’s Central Bureau of Statistics earlier today. That means Israel’s foreign trade deficit rose to $23.74 billion just in 2019, this also comes despite the concerning drop in the country’s exports. Israeli exports, which totals about a whopping 30% of the country’s economic activity, dropped by 4.2% last year. Exporters have struggled because of the strong Israeli shekel and are hoping that USDILS bulls would balance the currency again.

Charts

Comments Rating 0 (0 reviews)