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 in the green, gathering upward momentum after breaking above both the 50- and 200-day moving average. The pair has experienced a downtrend after its late-August highs, using both the moving averages as support and resistance lines in the process. Mexican President Andres Manuel Lopez Obrador has called for the US House Democrats to ratify the US-Mexico-Canada trade deal, which is considered a key driver for Mexico’s softening economy. Obrador has claimed that the country has met its commitments in relation to labor issues. Over the weekend, Obrador conceded that economic growth has not met his expectations. But he also said that wealth has been now more fairly distributed after a year of his presidency. Opinion polls have also put him high despite problems in the country. The Mexican president is facing issues such as mounting violence, which has caused his government some friction with Washington.
The pair is trading near historic highs above the 50-day moving average, although recently its ranges have been tight. Recently, Norway’s central bank said that it would maintain a constant interest rate following its September 2019 hike, with sights focused on the country’s economic activity. The September hike saw key rates add 25 basis points to become 1.5%. Central bank governor Olsen appeared optimistic that the policy rate would stay “unchanged” at the current level in October because of the upturn in economy. The move shifted the focus to the increased international uncertainties that drove the underlying inflation to move as predicted by the Bank’s Executive Board. During that time, the concerns were justified given that the US-China trade deal was dragging on. Then, in early November, the Norwegian krone weakened more than expected, but the bank held on and didn’t change its monetary policy unless there’s spiraling inflation.
Trading in the red, the pair just recently dropped from its recent highs, though it’s still above the 50-day moving average, indicating that traders are reluctant to go full-blown bearish on the pair. Recently, Poland’s CPI reading confirmed a return to the central bank’s inflation target. The final reading showed a year-on-year growth of 2.5% in October, just below the September reading of 2.6%. The growth form indicated that the core inflation stabilized at 2.4% year-over-year. Afterwards, GDP growth slowed down in the third quarter to 3.9% year-over-year from 4.6%, with consumption and investment decelerating. However, net exports put in a strong contribution. Household spending appears to be the key growth engine in the quarter, increasing 3.9% year-over-year, but falling 4.4% from second quarter. Investment growth decelerated to 4.7% year-over-year from a high of 14.3% in the first quarter.
The pair is still trading near historic lows below the 50-day and 200-day moving average, staying within tight ranges after plunging in the middle of November. US President Donald Trump spoke over the weekend with Israeli Prime Minister Benjamin Netanyahu and the topic was Iran and other issues, according to a White House statement. Relationships between the US and Iran have soured since last year after Trump pulled out of Iran’s 2015 nuclear deal with world powers, re-imposing sanctions on the country afterward. Meanwhile, an Iranian general has warned that the country’s missile arsenals are aimed at 21 American military bases in the Middle East and the country is ready for “the greatest war against the greatest enemy.” During a speech on November 29, General Allahnoor Noorollahi claimed that Tehran could also destroy Tel Aviv. Noorollahi is a top adviser to the commander of Islamic Revolutionary Guard Corps Officers College.