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 going up, as expected from the bullish cypher pattern which reached its completion early in November. The price has now broken above both the 50-day and 200-day moving average and treading towards multi-month highs. Over in Poland, the country’s GDP is expected to reach 4.3 percent this year, according to central bank. It may then reach 3.6% in 2020, and 3.3% in 2021. Based on the Monetary Policy Council’s assessment, the outlook for the economic conditions in Poland remains ideal, and the GDP growth, even with the expected decline, will proceed to go at a relatively high level in the coming quarters. In the same breath, there are still some uncertainties about the scale and persistence of the slowdown abroad and its impact on domestic economic activity. Meanwhile, the country’s freshly elected prime minister, Mateusz Morawiecki, laid out his plans for the new parliament just last week.
The pair has pulled back from recent slumps, attempting to pare back its recent losses after slipping below the 200-day moving average to a five-month low. The Swedish krona came under pressure after the release of the country’s economic data. The household lending figure and trade balance data failed to trigger much volatility in the forex market. According to the Swedish Consumer Agency, Sweden’s total lending households slipped to 4.8%. This compares to the previous reading of 5.0%. On a year-on-year basis, household lending figures gained 4,168 billion Swedish kronor in October. Meanwhile, the country’s October trade balance came in at -4.0 billion, compared to the 2.0 billion figure in the previous reading. The trade gap narrowed when compared to the reading in the same period last year. At the same time, business confidence rose from 94.5 to 96.9 in November.
The pair has been trading in the green for the previous sessions, with the euro apparently gaining traction against the Czech koruna after the death cross was confirmed on November 19. This move signals possible bearishness in the future in spite of the uptrend. For traders, this time may be a good one to take profits. Over in Czechia, the monthly minimum wage is set to rise by 1250 crowns to 14,600 crowns as of January, according to representatives of the Czech government coalition parties. The government still has to approve this. As for the economy, there has been a slowdown to 2.5% on a year-on-year basis during the third quarter. This figure slightly lagged behind the market and the national bank’s expectations of 2.7%. On the political side, the Czech intelligence service (BIS) issued in its annual report a warning against risks from Chinese and Russian intelligence trying to weaken Czech institutions, influencing politicians to act on their interest.
The pair stays near it record highs, hovering above the 50-day moving average. Price slipped in the red after days of rallying, however. For fundamentals, the Hungarian central bank said that the economy is not in a state of overheating, even as there are signs of overheating in some sectors. Hungary’s economy extended its gains in the third quarter, increasing 5% year-on-year, which is way above analysts’ predictions. Domestic growth has also decoupled with the weak European and German industrial performance largely due to the production of new car model, robust domestic demand, and increases in export capacity in the sector. According to MNB Governor Gyorgy Matolcsy, if the economy is overheating, inflation would not have been 2.8%. In October, headline inflation picked up, increasing to 2.9% from 2.8% in the previous month, beating forecasts. Tax-adjusted inflation number also climbed to 3.7% in October.