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!
EURSEK
The Swedish krona is on the back foot against the euro as bulls remain unstoppable despite the rising number of cases and death from the deadly novel coronavirus. The euro to Swedish krona pair is expected to reach its resistance level before the month ends, peaking to its strongest levels since 2009. Looking at it, economic figures from the members of the bloc aren’t the main factor for the continuous surge of the EURSEK pair. In fact, it was just recently reported that Berlin’s ZEW economic sentiment for the month of March collapsed to -49.5% from 8.7% prior. Actually, the rise in Sweden’s unemployment rate is preventing the Swedish krona from regaining its footing against the euro. Late last week, it was reported that Sweden’s unemployment rate jumped from 7.5% to around 8.2% in the month of February.
EURNOK
Investors of the single currency are steadfast and are running on adrenaline, defying the alarming result produced by the bloc’s economies. The EURNOK is running on other fundamentals aside from economic activities. Bulls are looking to push the pair to its highest level before the month of April starts. However, as of the moment, the single currency is seen steadying. That is because of the devastating results from the economic activity of Germany, the powerhouse of the bloc. Earlier today it was reported that Germany’s ZEW economic sentiment for March crashed from 8.7% to just -49.5%. On top of that, other results from other countries in the eurozone have also shown negative and alarming results. It’s worth noting that the oil-vulnerable-krone is continuing to weaken because of the relatively low oil prices.
USDPLN
The US dollar remains resiliently strong against the Polish zloty despite the massive emergency economic stimulus released by the US Fed. The economic stimulus from Poland reported recently are straining the strength of the zloty in the foreign exchange market. Thus, it’s believed that the pair would eventually reach its resistance by the latter half of the month. Perhaps bulls are able to force the pair even higher thanks to the collaborative efforts of major central banks across the globe which countered the negative impact of the aggressive rate cut from the US Fed. The Polish central bank’s management board said earlier this week that it will have large-scale purchases of treasury bonds on the local secondary market. Reservation requirements and rate cuts are also called by the policymakers to support the economy amidst the pandemic.
USDHUF
The Hungarian forint is in deep trouble against the beloved greenback. The economic stimulus from the United States Federal Reserve barely fazed bulls in trading sessions. If the upward momentum continues, the pair could actually climb up to its resistance in the near-term trading. Also, it’s worth noting that the pair is currently trading at its highest level and is still looking to raise it even higher thanks to the support that the buck and the American economy has been recently receiving. Perhaps the heightening concerns of investors about the spread of COVID-19 in Europe and Hungary have prevented bears from regaining their composure in sessions. In fact, forint traders are feeling the effect of the virus to the country and its economy as Europe has just recently been declared as the epicenter of the rapidly spreading virus.
