Here are the latest market charts and analysis for today. Check them out and know what’s happening in the market today.
It’s a quiet day for the eurozone’s economic calendar. Although Brexit talks could leave the single currency at a disadvantage, progress seen in surrounding economies should benefit it instead. Another pharmaceutical giant Moderna just announced that its coronavirus vaccine had shown 94.5 percent efficiency in preventing the disease. Now that three companies are on their way to approval, the coronavirus is projected to contribute less effects to the foreign exchange market in the longer-term. Nowadays, however, Russia remains as the country more affected by its economic byproducts. In a country of about 145 million people, Russia reported a record 22,778 new daily coronavirus cases, and more people have been opening temporary clinics to make up for it. The pair’s 50-day moving average will therefore remain above its 200-day moving average until the vaccines could be distributed worldwide, prompting new drivers for the pair.
After Poland experienced some of its biggest protests in decades for the past few months, the country joined Hungary in opposing the European Union’s rule of law that pulls away subsidies if they were to violate democratic standards. Any delays for the seven-year budget set to begin on January 1 will be detrimental to economies involved, but Poland will most likely experience most of the damages. The 1.8 trillion-euro long-term budget, on top of the 750 billion-euro post-coronavirus budget, had been finalized in July, raising unforeseen complications toward the zloty more than the euro currency. The pair’s 50-day moving average will continue its ascent above its 200-day moving average, showing possibly high volatility for the pair for the next months, as well. Brexit will likely take effect in the latter part of the year as the December 31 deadliest deadline approaches, which will show great uncertainty for the single currency in the long-term.
Sweden is rapidly approaching the unavoidable. Its government moved to reduce the size of public gatherings as the coronavirus reaches uncontrollable highs. The new measure will take place on November 24, which will lower the limit on gatherings from 50 people allowed in the earlier outbreak. More than 6,000 people died of the disease since it began spreading across the world. Open gatherings are now limited to a maximum of 8 people. The pair’s 50-day moving average, which is under its 200-day moving average, will most likely affect more of the pair’s track. In the meantime, EURSEK traders are expected to watch how the European Central Bank’s meeting will turn out later today. If the bank confirms any need for more monetary policy alterations or if major economies make moves to assist the collective economy, the euro currency will likely experience a gradual fall against the krone throughout the rest of the year.
An economy once praised is now in longer agony. The Czech government is asking the Parliament to approve a plan to re-extend a state of emergency until December 20. The country of 10.7 million remains as the hardest-hit by the second surge of coronavirus infections with few signs of slowing since November 4, but the uncertainty around its recovery – or lack thereof – will likely be the bigger driver of both currencies. The pair’s 50-day moving average remains above its 200-day moving average, indicating that the pair is likely to go up in the near-term as risk aversion begins taking over the market once again. Meanwhile, the market is expected to make the most of the eurozone’s recent economic growth while it attempts to buoy through November. The recent progress in coronavirus vaccines could likely change the game for economic activity in the bloc, which could benefit the euro currency so long as it holds on through the year.