Daily Market Charts and Analysis December 11, 2019

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Market Charts and Analysis

Here are the latest market charts and analysis for today. Check them out and know what’s happening in the market today.

USDHKD

The pair is still trading sideways below both the 50-day and 200-day moving averages, fluctuating within tight ranges. According to some news reports, there has been increased demand for the Hong Kong dollar cash, likely boosting its price against the dollar. Meanwhile, data shows that more than 10% of retailers in Hong Kong could shutter the business in the next six months. That means thousands of stores will close, with more than 5,600 jobs to disappear. This could be the country’s “worst ever” wave of store closure, amid ongoing protests that disrupt Hong Kong’s economy. The pro-democracy protests started in June, and the movement has thrown the country into a recession. Among the industries badly hit by the protests are tourism, retail, and hospitality. At the same time, the country’s economy has also hit hard by the US-China trade war, a structural slowdown by China, and weakening global demand, according to experts.

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USDSGD

The pair is attempting to pare some of its losses in the previous week, which has been largely in red for the pair following the confirmation of the death cross. It’s currently trading near its July lows. For fundamentals, economists from the private sector have increased their estimates of outlook for Singapore’s economy for 2019. This revision follows the report that growth in third quarter came slightly better than expected in the third quarter. It also buoyed some hoes for growth in the electronics-led manufacturing. The estimates now see gross domestic product to increase by 0.7% in 2019, higher than the 0.6% in the previous survey that was released in September. The data came from the latest quarterly poll of professional forecasters by the Monetary Authority of Singapore on Wednesday. Last month, the Ministry of Trade and Industry (MTI) announced that the economy is expected to grow by 0.5 to 1% this year.

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EURDKK

The pair is trading near 2016 highs, with the 50-day moving average acting as a support line for the sideways trend. Trading within a tight range, the pair is expected to continue moving sideways until a major mover comes, likely the upcoming meeting of the European Central Bank. Over in Denmark, recent data showed that annual inflation rate increased to 0.7% in November from 0.6% in the previous month, meeting market estimates and posting the highest reading since the month of May. The country’s trade surplus widened to 7.3 billion Danish kroner in October. Exports gained by 3.8% compared to the same period from a year earlier, backed by the 32.3% increase in the sales of chemicals and related products, tagging along with a 7.8% increase in live animals, beverages, food, and tobacco. Meanwhile, the euro has gained some relief after the surprise increase in German exports coming after the lackluster industrial data.

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EURTRY

The pair has traded in the green for much of last week, reaching levels above and outside the tight ranges of the 200-day and 50-day moving averages. However, the current uptrend now appears to be fizzling out, likely going for a reversal soon. For fundamentals, the EU-Turkey relationship is facing some simmering tensions again, coming after Turkey’s deals on maritime boundaries with the UN-backed government in Libra. Turkey claims waters around Cyprus and a number of Greek islands, and the deal was described by the US State Department as “provocative.” Then, the Republic of Cyprus petitioned the deal at The Hague to protect its sovereign offshore right. EU foreign ministers met last Monday to address the deal. No sanctions have been proposed so far. However, this could just be the first step in Greece’s diplomatic move. According to one analyst, any escalation to the eastern Mediterranean could lead to further breakdown in EU-Turkey ties.

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