Daily Market Charts and Analysis August 28, 2019


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 bullishly up the daily charts, having broken and crossed the 50-day moving average line. In the previous session, however, the pair showed a slight pullback and might continue to retrace its steps back to a support line near the 50-day MA. The Hungarian forint is near recent lows as the National Bank of Hungary (NBH) left its interest rates unchanged at 0.9%, as the markets expected. This comes on the backdrop of slowing domestic inflation, a worsening euro zone economic outlook, and global monetary easing. The NBH reaffirmed its accommodative monetary stance, citing downside risks to the longer-term inflation because of the lower-than-expected underlying inflation data domestically and worsening external economic climate.  The next discussion of its new quarterly inflation report and economic forecasts will be held during its next rate meeting in September.



The pair whipsawed in the recent months as the euro climbed from recent lows and slowly climbed up multi-month highs. The 50-day moving average is looking ready to approach the 200-day moving average, indicating that sentiment may become more bullish in the near-to-medium term. Over in Russia, the Economy Ministry is blaming the Central Bank for the country’s slowing inflation rate as it tries to revive growth. According to the ministry’s report on Monday, consumer-price growth in Russia is seen to slow well below the 4% target, with the retail demand stalling. Russian President Vladimir Putin described the country’s economic growth as insufficient, instructing the head of the central bank and top government officials to find ways to improve real incomes growth. Putin’s comments come ahead of the central bank’s board meeting where we expect the bank to cut the key rate.



The pair is pursuing an upward trend, recently whipsawing but still recording higher highs and higher lows. The 50-day MA is just a stone’s throw away from crossing the 200-day MA to confirm a golden cross and a bullish run for the euro against the Polish Zloty. In Poland, the government gave the go signal for a plan to get rid of its budge deficit for the first time since 1990, according to Prime Minister Mateusz Morawiecki. This move is seen to bolster support for its social spending plans ahead of a national election on October 13. Thanks to robust economic growth and better tax collection, Poland’s deficits are kept low in recent years. Last year, the deficit came in at 10.4 billion zlotys, or $2.65 billion. The plan is to cut that deficit to zero in 2020. During the last election, the opposition criticized the social spending programs and claimed they were not affordable.



The euro is also stronger against the Swedish krona, with the pair treading the upper portions of the daily charts and reaching multi-month highs. The 50-day moving average still remains above the 200-day counterpart, indicating a bullish near-term for the pair. The pair is currently trading above a solid support line. Over in Sweden, the country still has a yield curve that’s below zero. The country is now exploring whether to lock in historically low borrowing costs for as long as 100 years, similar to Austria. According to Debt Office Director General Hans Lindblad, the concept of locking in record low interest rates for the long term was interesting and “worth looking into.” According to him, the agency will first analyze “several aspects” such as the plan’s effects on its funding patterns. They will also whether there was a demand. The country has the smallest debt burdens in Europe.


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