Daily Market Charts and Analysis February 11, 2021

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

USDILS

Israel’s Health Minister Yuli Edelstein introduced the “Green Pass” on Wednesday, February 10. The pass will be available to individuals who already took the COVID-19 vaccine shots. These people will then be able to do leisure activities at hotels, gyms, and other facilities. Around 40% of the Israeli population, or 9 million people were already inoculated against coronavirus. The Green Pass will be available starting February 23. Prior to this, Fitch Ratings reinstated its A+ rating with Israel in January. The government’s 76% debt-to-GDP ratio in 2020 is likely to hit its peak in 2023 at 80%. Despite this, the country’s central bank supports the government measures by buying treasury bonds.

The cybersecurity sector is currently the best performer in Israel as the work-from-home set-up has forced businesses to strengthen their network security. In 2020 alone, cybersecurity-related IPOs surged by 70% to 2.9 billion. However, the trade deficit is likely to force the government to unleash more stimulus. 50 MA currently holds prices, a bullish indicator.

USDSEK

The Swedish central bank kept its benchmark interest rate at zero percent while the unemployment rate remained at 8.8% of Sweden’s workforce. While the economy is considered stable, local and institutional investors are dumping Swedish stocks for krona and bonds. The massive quantitative easing (QE) of the European Central Bank (EBC) is also adding attractiveness to the Swedish krona. As for the United States, the House of Senate recently passed President Joe Biden’s $1.96 trillion stimulus proposal. Meanwhile, House Speaker Nancy Pelosi says that the economic aid will be ready by March. A new report also showed that the newly elected American leader had his first phone call with Chinese President Xi Jinping to discuss trades, human rights, and territorial conflicts. But analysts believe that Biden will take a softer stance towards China’s economy. Prices currently trade below the 50 MA, while the MACD indicator recently formed a bearish crossover.

USDZAR

Business confidence in South Africa plunged to a 35-year record low in 2020. The figure came in at 86.5 points last year against the 92.6 points result in 2019. Meanwhile, the monthly report for the month of January picked up to 94.5 points, which was the highest recorded figure since February 2019 with 95.1 points. On the other hand, Business Confidence had its worst monthly performance in May 2020 with 70.1 points. However, investors and analysts are expecting bleak data for the upcoming months after Africa’s most industrialized economy temporarily halted its COVID-19 vaccine rollout. Recent reports showed AstraZeneca’s vaccine shots were not potent enough to counter South Africa’s COVID-19 variant. This means that recovery will take some time. The USDZAR is expected to continue falling after it broke down from the 50-day MA. Meanwhile, the MACD line, Signal line, and Histogram were in the bearish territory since January 19.

USDRUB

Russia’s economy will experience some relief with the oil price hitting the 60.00 benchmarks for both Crude and Brent. Oil contributes 30% to Russia’s total exports, while the government was heavily reliant on black gold for its budget, which accounts for roughly 70% of the entire federal budget. However, the western powers – the US, the UK, and the EU – are preparing for joint response against Russia’s detaining of anti-Putin critic Alexei Navalny.

Analysts are expecting sanctions on Russian oil exports, which could have the same effect during the 2014 sanction after its annexation of Crimea. During that time, oil was trading at 100.00 per barrel and after the economic sanction, prices tumbled below 50.00. Prices are trading between the 50-day and 200-day moving averages (MAs) and the two (2) recent candles showing a Doji pattern. This means prices are about to reverse, from a heavy selling pressure since February 03 to a rally.