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Daily Market Charts and Analysis December 17, 2019

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.


The pair is trading in the green snow after losing some huge percentages in the previous sessions. With a solid support line, it’s possible that it will continue going up in the short term. Between the European Union and Norway, the fishing quota for North Sea cod has been cut by 40% but set above the scientific advice of the International Council for the Exploration of the Sea (ICES). The quota for fishery was put at 17,679 metric tons for 2020 following the negotiations between the EU and Norway that finished on Friday. This was 40% lower than last year’s 29,437 tons. The acceptance of the quota was grudging, while some described the quota as “fraught.” According to Norway’s minister for fisheries and seafood, Harald Nesvik, 2020 will be “a demanding year for Norwegian fishermen.” Meanwhile, UK Fisheries Secretary Fergus Ewing reportedly said the results were “disappointing.”



The pair has slipped below the 50-day moving average, going down to the lower portions of the daily chart. Bearish are driving the prices down toward the 200-day moving average. This week, the Hungarian central bank, along with the Czechia, will be releasing their monetary policy decisions before the year ends. The accommodative stance is expected to remain, and new inflation forecasts will likely have little effect on the future of the policy. So far, the Hungarian economy has been resilient to global economic slowdown, expanding 5% year-on-year during the third quarter. Contributions of net exports became positive, which meant strong performance of the vehicle manufacturing industry thanks to the production of new car models. At present, the main drivers are the investments and consumptions, expanding 4.2% year-on-year and 16.1% year-on-year respectively. At present, a moderate slowdown of growth can be expected.



The RUB has been gaining against the euro, breaking below its trading ranges and below the 50-day moving average. Recently, Bank of Russia Governor Elvira Nabiullina signalled that she may take a pause after implementing five consecutive interest rate cuts, likely halting the rally of Russian assets this year. According to Nabiullina, the chance of more cuts “remain the same, but they might come later.” The bank lowered its benchmark interest rate by 25 basis points to 6.25%, putting the total reduction this year to 150 basis points. On the political front, EU sanctions that target Moscow’s finance, energy, and defence industries will remain in place until mid-2020, a decision coming after Russian and Ukrainian leaders met in Paris to find a solution to the Ukraine conflict. The sanctions were first put in place after Russia annexed Ukraine’s Crimean Peninsula and supported a separatist insurgency in the eastern part of the country.



The pair has fallen back to its July lows after recently breaking above the 50-day and 200-day moving averages, pulling back only slightly to regain the losses. Earlier this month, Poland’s central bank extended its longest pause in interest rates as scrutiny intensifies during an unexpected slowdown in economic growth that came with accelerating inflation. These contradictory signals clouded the case for changing the interest rates in any direction. They also shifted the focus from global slowdown to domestic factors. With the inadequate clarity of these factors, the Monetary Policy Council in Warsaw left the benchmark unchanged at 1.5%, a record-low, as expected. The 10-member Council has rejected motions to cut rates for three months now. Governor Adam Glapinski has pledged to keep rates unchanged until 2020. He has repeated last month that if borrowing costs did change, the direction would be lower than higher.



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