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After seeing consecutive gains this November, the Danish krone finally dragged the US dollar lower in sessions and has recovered some of its losses from the USDDKK pair. The krone is bound to drag the buck to its support as Danish krone traders were given a boost from reports about the Danish economy’s recovery. The economic recovery of Denmark is turning out much more upbeat than prior expectations. The Danish economy has been revised significantly higher for the years 2016 to 2018. In the annual revision of its national accounts, the Statistics Office of Denmark concluded that the country’s gross domestic product has now expanded 1.5% greater measured in volumes. The Danish economy also grew by 0.3% from July to September meeting expectations and is a promising continuation of the second quarter’s growth of 0.9%. However, the speed of its growth for the third quarter is still below its long-running average of 0.42%.
The upswing movement of the GBPUSD appears rather lackluster as the pair struggles to gain traction and move away from levels between 1.2800 and 1.2900 this week. In fact, both the greenback and the pound are somehow stagnant in recent sessions. The pound sterling, despite receiving weights from the slowing British retail sales data, is bound to gradually pull the greenback upwards in coming sessions. The UK retail sales report for last month’s performance showed slightly upsetting figures as consumer spending in the United Kingdom declined by 0.1%. But as said earlier, the pound will continue to bright the buck higher, that is because of the difference in their economic performance. The United Kingdom’s gross domestic product for the third quarter of the year came at 0.3%, making an impressive comeback from the second quarter’s contraction of 0.2%. Meanwhile, the US economy remained stagnant from its second-quarter rate.
Since mid-October, the eurozone’s single currency struggled to gain altitude against the Turkish lira in sessions. However, the direction of the pair will soon change as the Euro received support from the rebound of the German economy. The powerhouse of Europe narrowly escaped a technical recession in the third quarter as reports show figures of a 0.1% expansion in the manufacturing-heavy country. And due to several factors, the Turkish lira started to weaken after the United States President pushed the Turkish President Tayyip Erdogan to stir away from purchasing the controversial Russian missile defense system or the S-4000s – which the US President called a serious hindrance towards their bilateral relationship. Another reason for the Turkish lira’s downbeat performance is the increase in the country’s unemployment rate. Reaching its highest record since March, Turkey’s unemployment rose to 14%.
Pinned by trade optimism, the Canadian dollar continues to falter against the single currency in sessions. That, plus the pressure and negativity around the Canadian economy and comeback of Berlin’s economy, the biggest economy in the Eurozone, means a good sign for EURCAD bulls. Yesterday in Ottawa, the Canadian Parliament’s watchdog for its budget warn the government that the rougher the economic state of Canada gets, the deeper the budget deficit for the federal government. The parliamentary budget office didn’t cite nor say the certainty of how deep the deficit will go. In their report on Tuesday, the budget watchdog slashed its expectations for the country’s economic growth prior to its forecasts back in June. This is due to the faltering Canadian exports which have been greatly affected by the US-China trade conflict and by the heightening protectionism of countries across the globe.