Daily Market Charts and Analysis January 23, 2020

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

EURHUF

The pair will go up in the following days after it broke out from MAs 200 and 50’s trading range. European Central Bank (ECB) President Christine Lagarde is due to speak today regarding the central bank’s interest rate decision. Since 2016, the bloc’s interest rate for the single currency sits at zero (0) percent. However, pressures are mounting for the ECB to either cut rates or introduce a new monetary easing measure. This was amid the economic slowdown that the region is currently facing. The EU also faces threats of tariffs on EU cars from President Donald Trump. Despite this, all eyes will be at Hungary’s economy. Many analysts are worried that the eastern European country’s economy might have already peaked in 2019. In addition, the country faces pressure to commit on the new EU green deal. The Hungarian government says it will be needing $160 billion to be carbon free by 2050, the year that all EU-member states must be carbon free.

EURRUB

The pair will continue to move lower as MAs 200 and 50 continue to move apart. The EU is facing a divided union as the UK Parliament finally passes the Brexit deal. The news came a week and a day before Britain is set to leave the European Union. UK Prime Minister Boris Johnson officiate the deal by signing it into law. The passing of the deal comes after Johnson’s Conservative Party won the December 12 election. In addition, rising tension between Brussels and the Polish government threatens a “Polexit”. Aside from this, Serbia, a candidate of the EU membership is increasing its ties with Russia. The country was among the countries that the Russia-led Eurasian Economic Union (EEU) have a free trade agreement (FTA) with. Meanwhile, Belarus is a member state of the EEU. Belarus is among the few countries that have not asked for membership in the European Union but have a free trade agreement with the EU.

EURPLN

The pair will continue its downward movement as 50 MA poised to further go lower. The UK will finally leave the EU after the three (3) consecutive extensions. Not long before its withdrawal, however, another country threatens to leave the European Union. The Polish government warned that continuous meddling of Brussels on its domestic affairs and sovereignty might forced the country to leave the bloc. Poland is pointing to the ruling of the European Union that its law reducing the retirement age of the country’s judges is unconstitutional. In addition to this, the European Commission, the EU’s executive arm, asked the EU Court of Justice to suspend the Disciplinary Chamber appointed by the ruling PiS (Law and Justice) Party. On December 15, Poland’s Supreme Court ruled out that the chamber was not independent. The European Parliament, on the other hand, is calling EU-member states to act on Poland.

EURSEK

The pair will bounce back from 50 MA and move towards 200 MA. Sweden and other high-wage Nordic countries are at odds with the European Union. This was over the plan by the European Commission to introduce a minimum wage for all EU-member states to adopt. The move was the first for European Commission Ursula von der Leyen’s plan to introduce a common framework that will further unify the European Union. Recently, she also made an unprecedented move by giving the Visegrad member states high positions on her commission. European Central Bank President Christine Lagarde is due to speak today about the central bank’s interest rate policy. Just like Sweden, the ECB has a zero (0) percent interest rate. Increasing pressure for the ECB is increasing amid the economic slowdown in the region. Despite this, Lagarde is anticipated by analysts to retain the bloc’s current benchmark interest rate.