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More new good news in the United States is helping the dollar lift against most of its currency rivals this session and possibly in medium-term, as well. USDHUF is testing pre-coronavirus resistance levels with better than expected economic figures resulting from loosening lockdown policies in the country. The greenback-forint pair began surging out of 316.00 levels since its surge in early March, and then met a highly volatile era until it began descending back in early May after Hungarian economists announced their prediction for Hungary’s 2020 economic fall of 7% in the country while the US claimed to be on the way to recovery. The current focus also revolves around GDP with several sources expecting the US to see a better economy in May against April on its announcement tomorrow. In the meantime, manufacturing PMI and its higher Markit composite figures will buoy the USD against HUF, near-term.
After the greenback surged against the Mexican peso in early March, it hasn’t looked back since. The USDMXN pair saw a continuous bear market in the full month of May, but now it’s set to see its late April support again in the near-term. Upcoming figures for the Mexican economy are mostly expected to render negativity in the upcoming sessions right when it was starting to fall back down into 21.500 territories for the past few weeks. While the market expects economic activity to improve in April both in a yearly and monthly basis on April, its retail sales might push its currency down against the greenback, largely due to more recent good news from the United States, in addition to the recent oil conflict that blacklisted Mexico’s Libre Abrodo to export oil into the country. Although, the US crude oil inventories will raise engagement for the commodity over the currency. Any news involving this is going to affect the course for the USDMXN pair.
Norway is currently reducing its oil production by the end of the year led by the slump in oil prices. One of the largest exporters of ol announced the annual licensing round for oil and gas exploration on less explored areas in the Artic Barents Sea, which could help the Norwegian krone lift against the dollar especially after the country announced worse figures for its crude oil inventories earlier this month. The pair is expected to stabilize towards late January levels, which began to skyrocket mid-March and then fell back to a bear market near-April. Norway’s recent announcement is going to help its currency tread against the dollar as long as the US continues to store non-used oil barrels they can’t export, and when protests continue in the country to disrupt transportation. Moreover, the US economy is now officially in a recession, which is highly unusual for one of the biggest and richest economies in the world to an anticipated 6.5% GDP fall by the end of 2020.
The Polish government announced that the country might experienced the shallowest economic decline for the year of 2020. World Bank forecasts that Polish GDP would shrink by 4.2% by this year. Prime Minister Mateusz Morawiecki emphasized the efforts of his government’s anti-crisis response that mitigated the economic fallout of the pandemic with confidence, saying that the European country’s recession will remain minimal. State finances are in better shape despite the challenges presented by the pandemic while VAT inflows stood at 10.65 million PLN in May. Moreover, the country expects to see economic growth in the fourth quarter of this year. As Poland remains confident towards its economy despite fears of another wave in the autumn, Morawiecki said that the government was prepared to combat the economic effects based on rapid reaction and a primary focus on stringent sanitation.
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