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Despite the economic problem faced by Australia, the Australian dollar remained strong against the New Zealand dollar in sessions. However, today, the Australian dollar is slowing down. Still, the pair is expected to climb to its resistance by the end of the month. The pair’s bearish direction today comes against strong results from the Australian economy and contraction in New Zealand’s electronic card retail sales data for December. The recent trade deal between the United States and China also did very little to support the Australian dollar in today’s trading. Fortunately, as the air gets clearer between the two economic giants, the Australian dollar is expected to benefit from it, thus causing the AUDNZD to ascend in the coming sessions. The signing of the Sino-US trade deal made headlines yesterday on the market, raising the focus on assets such as the Australian dollar in the foreign exchange market.
Despite the discouraging results recorded by both Brazil and the United Kingdom’s economy, GBPBRL bulls remain unstoppable. The pair is anticipated to climb in the coming sessions and eventually reach its resistance by the end of the month. However, as more investors worry whether the Bank of England will ease its monetary policy, the pair will not have an easy uphill rally. Yesterday, investors were rattled by the disappointing results from Britain’s Core CPI, Core PPI, and Core RPI reports. This is one of the conditions of some policy makers from the Bank of England; that if the country’s economy doesn’t recover, they will be willing to cut rates by the end of the month. But until then and before that, the GBPBRL remains on track to rally until the said announcement of the BoE. Meanwhile, the weak November retail sales figures released by Brazil is weighing heavily on the real’s back.
The US-China phase one trade pact inked yesterday in Washington is causing the US dollar to falter against the Romanian leu, with its safe-haven appeal gradually losing its appeal. The trade agreement is making the US dollar to move cautiously in sessions. Bears are projected to pull the USDRON lower in the coming sessions, causing it to extend lower to its support by the latter half of the month. The strong CPI results from Romania is also making it difficult for the USDRON to rally in the forex market. Earlier this week, the Romanian National Institute of Statistics issued the country’s consumer price index for December which grew from 3.8% to 4.0% on a year-over-year basis, topping expectations of a 3.9% turn out. USDRON bulls are still expecting some hope from the US core retail sales and manufacturing index scheduled to be released later today. But if those reports fail to show promising digits, the pair would, of course, continue its bearish run.
As the eurozone continues to pump out more neutral and negative results from its economies, the EURCZK pair will also continue its downhill run. This is also despite the weak results from the Czech Republic’s economy. The pair is currently trading on its lowest range since December 2012 and bears are looking to reel it even lower in the coming sessions. Still, the euro is giving its best not to have another drop against the Czech koruna. The bloc’s biggest economy, Germany, fails to give the euro a boost as it produces stagnant figures in recent reports from its economy. Berlin’s monthly and annual consumer price index and harmonized index of consumer prices reports all remained unmoved as predicted for December. Meanwhile, EURCZK traders are still waiting for the Czech Republic’s December PPI and the speech of the big boss of the European Central Bank, Christine Lagarde, due later this Thursday.
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