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With the outstanding performance of the Israeli economy, the USDILS continues to dive in trading sessions. Earlier this week, the country’s Central Bureau of Statistics, or CBS, released the quarterly economic report showing strong figures from Israel’s third quarter performance. The published report revealed that the gross domestic product, or GDP, of the country leaped from just 0.8% in the second quarter to 4.1% on an annual basis. Israel’s GDP per capita also recovered after a 0.9% drop from the second quarter to an increase of 2.1% in the third quarter. And lastly, the business sector’s GDP recuperated from nearly a 1% drop in the second quarter to an increase of 5% from July to September. The impressive figures keep the Israeli shekel in trading sessions. Although what seems to be its greatest asset now could be its downfall somehow. See, the success in its economic performance all came from the boom in car sales.
Despite Mexican President Andres Lopez Obrador saying that the country and its economy is doing just fine in the beginning of the month, the Mexican peso is obviously not doing well. Although the pair is expected to slow down, it’s still bound to reach its resistance as the last month of the year approaches. The Mexican economy hasn’t seen significant growth since President Lopez Obrador sat in power last year. According to Mexico’s National Institute of Statistics and Geography, the country’s gross domestic product is entering the negative territories and has recently recorded a contraction of 0.4% on an annual basis after the third quarter. In fact, the last time that the Mexican economy reached figures that low was ten years ago, in the last quarter of 2009. Wherein that time, the country was hit by the global economic recession, of course, as the neighboring country of the US, it was affected tragically.
The EURPLN is set to climb its resistance level near December as the single currency continues to pressure the Polish zloty in sessions. Even though the zloty is refusing to back down without giving the euro a fight it still won’t have enough strength to push the pair downward. Poland’s economy won’t be greatly affected or won’t take detrimental hits from the global economic slowdown. Euro traders are still tuning into the release of the official minutes of the previous meeting of the European Central Bank, although no shocking details are expected from the minutes, traders are hoping for signs that could give the single currency a boost. Aside from that, the ECB’s Vice President Luis de Guindos is due to give a speech later today. The market is still waiting for hints about the possible direction of the central bank’s monetary policy. Just last week, an ECB board member said that the euro needs to interact with a single fiscal policy.
November hasn’t been good for the Brazilian real. Unfortunately for BRL bulls, the single currency has firmly pinned the real on a tough spot in trading sessions as the EURBRL trading pair continued to jump up. It is expected that the pair will continue its upward rally in sessions as the Brazilian Central Bank is suspected to unleash another rate cut before the year ends. The country’s economy is doing well but at the cost of its own currency’s strength as the real continues to have a hard time finding direction and stability in forex markets. The combination of good GDP growth forecasts and the declining inflation is weighing in on real traders. Just last month, the Brazilian Minister of Economy Paulo Guedes said that the country’s gross domestic product is expected to expand double the current levels next year. Locals are enraged about the real’s weakness in forex sessions, demanding that the government should also focus on the currency.