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The stagnant figures and minimum improvements in Denmark’s economy are causing the Danish krone to weaken against the bloc’s single currency. The EURDKK has struggled to make big movements for months now. Still, the pair is expected to gradually inch its way upward in the coming sessions and would most likely reach its resistance by the end of the month. Actually, there are now scheduled reports from Denmark’s economy for today, while bulls are holding on and are waiting for the highly anticipated address of the European Central Bank head, Christine Lagarde, due later today. Signs are pointing to a more optimistic forecast to help shore up the group’s common currency in trading sessions. Aside from that, the ECB’s monetary policy announcement, due later this week, isn’t expected to cause the euro to collapse as projections for the interest rate to be left unmoved continues to make headwinds.
The Turkish lira is doubling its efforts to stand firm against the eurozone’s single currency despite Turkey’s central bank easing its monetary policy. The beloved lira pulled the euro lower during the first half of the month, unfortunately though, it’s still in trouble against the euro. The EURTRY pair is expected to rebound later this month, perhaps as soon as the European Central Bank announces its interest rate decision. The lira’s strength can be traced to the strong retail sales data and the big help from the Turkish Central Bank. Officials from Istanbul claim that the currency has been doing great, or even one of the best performers against other emerging markets. The confidence helped gave the lira a boost. Nevertheless, the pair is projected to climb to its resistance by the end of January or by the first few days of February. Incoming reports from the bloc’s economies are expected to back the euro in the coming sessions.
The buck is looking to reel the USDDKK pair higher in coming sessions as investors hold on to the impressive upward momentum. Bulls are gaining support from the good results from the US economy. The solid core retail sales data from December that was recently released boosted the pair’s upward energy. Aside from that, the unexpected drop in America’s initial jobless claims and the strong Philadelphia Fed Manufacturing index for January helped jump start the greenback. However, as of writing, bears are doing their best to cause the pair to steady. Unfortunately for them, the US dollar is on a roll. Add to that, the massive contraction in Denmark’s industrial production for November is making it even worse for the Danish krone. Recently, Statistics Denmark released the country’s industrial production results showing contraction from -0.5% to -5.2% on a month-over-month basis.
The odds are working well in favor of USDSEK bulls in sessions. The contrasting results from Sweden and the US economies are helping the pair gain altitude. The pair is widely expected to climb to its resistance by the first few days of February. Looking at it, Sweden’s economy is starting to sign of weakness, causing the Swedish krona to weaken along with it. The country’s retail sales figures caught the market off guard when it contracted, going against projections of stagnant results. Aside from that, Statistics Sweden recently reported an increase of 0.2% in the country’s registered unemployment rate, causing the number to tick up to 7.4% from 7.2%. Meanwhile, Sweden’s year-over-year consumer price index for December remained unmoved at 1.8%. Still, bears are hoping for support from another unemployment rate report from Statistics Sweden due later this week.